It’s such a bitter taste of defeat as I stare out my window each morning

sabretoothtigger

Its conspicuous consumption perhaps. A clue should have been rents for a similar place, if its not that expensive to rent then the property is not that much of a bargain

Theres probably a graph out there that might help illustrate, number of years rental to housing prices. Obviously something like a ratio of 10 makes buying outright a screaming bargain but I assume the boom was marked by something opposite to that


http://www.globalpropertyguide.com/North-America/United-States/Price-History

BleepinHell

tod123 wrote: »

http://www.irishtimes.com/newspaper/property/2010/1014/1224281058402.html

Must be awful for them

She should get out. Walk away go bankrupt. throw the debt back at the !!!!!! who caused the problem.

The stigma only lasts for a few years. If at all.

Sibley

Yes. We're going to see two houses next week. Both asking between 14 - 20% under peak price.

I don't quite get all this "dream house" rubbish, though. Sounds a bit like a bricks version of a knight in shining armour

Good luck with your viewings.

I'm not against anyone getting a bargain. Just as long as it's not my place.:)

neverdespairgirl

Sibley wrote: »

Good luck with your viewings.

I'm not against anyone getting a bargain. Just as long as it's not my place.:)

You're place is in Maidstone, isn't it? About 55 miles too far (-:

daviecol

Yes this is the view from a TEN bedroomed house for sale on the Isle of Bute (incidentally the most beautiful place I've been to in the uk) for £195,000.

Who on earth in their right mind would spend such a fortune on a characterless place overlooking an industrial development when you can find something like that ^^^^^^^^^^^^^^ after searching online for one minute?

Well I'll tell you..........somebody who's tried to make a fast buck that's who. She's heard they were developing the area so she's borrowed some cash and bagged herself part of the development thinking once it's complete it'll double in value and she can sell and make a profit.

She might as well have gone into the casino with her borrowed money and put it on red and hoped for the best. It's called gambling love, and you lost.

Cleaver

BleepinHell wrote: »

She should get out. Walk away go bankrupt. throw the debt back at the !!!!!! who caused the problem.

Wouldn't that mean her debt hitting her square in her own face?

Aberdeenangarse

Cleaver wrote: »

Wouldn't that mean her debt hitting her square in her own face?

I'd like to hit her around the face with a wet fish!

http://www.youtube.com/watch?v=IhJQp-q1Y1s

dopester

BleepinHell wrote: »

She should get out. Walk away go bankrupt. throw the debt back at the !!!!!! who caused the problem.

The stigma only lasts for a few years. If at all.

She caused the problem. She is guilty. She is dripping in guilt. Oozing it.

Charging in head first, full of ignorance, ignoring those who asked for caution - well into 2008 to buy, after strains and crisis had already hit many a financial insititution. Individual free choice. Sorry, but you can't blame the lenders for everything

The lenders kept their side of the bargain - borrowers should keep their side of the deal. Even if other borrowers have not done so, thus put pressure on correcting values. Or if the lenders are not giving new entrants the same deal as in the past (easy mortgages at ever larger amounts).

Also, she's in Ireland which doesn't have the same bankruptcy laws as UK, but there is currently a campaign going on over there to "make it easy" - although she could come over to UK and apply for bankruptcy (I think). Yet she's probably got the income, from her well-paid job, to meet her mortgage repayment obligations. I want her to pay the debt she was so happy to take on.

Cleaver

dopester wrote: »

She caused the problem. She is guilty. She is dripping in guilt. Oozing it.

Charging in head first, full of ignorance, ignoring those who asked for caution - well into 2008 to buy, after strains and crisis had already hit many a financial insititution. Individual free choice. Sorry, but you can't blame the lenders for everything

The lenders kept their side of the bargain - borrowers should keep their side of the deal.

We bought in late-2009 and were both fully aware that we were buying in to a very unstable market and that the future might see downward prices. We thought carefully about it, negotiated hard and didn't overstretch ourselves. If prices fall then we'll take that on the chin, but we're here for the long(ish) term so hopefully won't really be affected. We'd always be responsible for our debts as this was our decision to buy a house, no one else's.

However, our house was probably the cost of about half of her decking area by the sound of it, so we're not talking similar figure. Human emotion is a funny thing; half of me feels quite sorry for her, the other half thinks she's an idiot. I guess that's how most would probably feel.

dopester

Cleaver wrote: »

We bought in late-2009 and were both fully aware that we were buying in to a very unstable market and that the future might see downward prices. We thought carefully about it, negotiated hard and didn't overstretch ourselves. If prices fall then we'll take that on the chin, but we're here for the long(ish) term so hopefully won't really be affected. We'd always be responsible for our debts as this was our decision to buy a house, no one else's.

And a very nice house it is Cleaver. I was most impressed, and wouldn't mind a similar type of house for myself when I come to buy.

Furthermore you negotiated a substantial discount on the asking price, rather than just paying what a vendor (developer in her case) asked for, to give yourself a buffer against any falls.

Exactly as you say about that Irish journalist. Partly sorry for her but mostly.. it's your own responsibility. Neighbour to her bought at same time and they threw in the €40K car parking space after some negotiation. She didn't even get that and apparently had to pay/borrow extra for it.