Someone upstairs doesnt like me...

[milanbenes]

hmmm,

let's consider the facts

sub-prime mortgage lenders in the US are collapsing, markets are beginning to panic

the media in the UK continues to pump out material that house prices are rising and new mortgage applications are up year on year

and then, right at the sharp end, in the market place, with first hand experience, Socker says...

'Well I managed to negotiate £16,000 out of the developer. Although I am getting that "just walk away" feeling.

The house was originally on the market for £186,000 and didnt sell. I've just asked for a 100% mortgage at £160,000.',



well Gentlemen, for me, if the Developer is willing to drop the price by 10% this is a clear message that things ain't cooking in his kitchen

if the market was as good as the media says, the developer would tell Socker to sling his hook and the Developer would accept a higher than advertised price offer from one of the hundreds of people waving their mortgage cash at him

to conclude, reading the tea leaves, the Developer is the weather vane, he is the one in the know and if he is willing to drop his price by ten percent then things ain't very good

Milan.

[EqualOpportunities]

Well I managed to negotiate £16,000 out of the developer. Although I am getting that "just walk away" feeling.

The house was originally on the market for £186,000 and didnt sell. I've just asked for a 100% mortgage at £160,000.

Thats a hell of a drop in price.

Where is it?

[boredsenseless]

I think you've just save yourself 14K as everyone else says.

Look at the facts

1) House grossly overvalued
2) Flood-plain
3) 100% mortgage

All three of these are in more sane economic times a barrier to accessing a lending facility, its only in the last 10 years that any of these activities have become acceptable.

Run away, save the cash

[Euro-commuter]

The valuation on the house I was buying came through @ £15,000 below the asking price.

Developer not wanting to budge, the mortgage company not wanting to budge and me up tulip creek without a paddle.

Apparently the "valuer" didnt enter the property and asked the neighbours if he could look round thiers instead. ******* muppet.

Oh well....good bye to £995 in combined valuation fees and deposit.

I've just had a drive-by valuation done. Before they went, the valuer asked me the purchase price. Guess what the valuation was?

If your valuation is below, maybe you should be concerned. Maybe the valuer is right.

[BoredBloke]

Look at the facts

1) House grossly overvalued
2) Flood-plain
3) 100% mortgage

If you are buying it knowing this then you need your head testing. Surely the insurance alone is going to be painful if it is on a flood plain. Buy a house on a hill and wait for global warming to give you a sea view!

Also, how much of a discount did you get? 186 - 160 was 26 last time I checked.

[milanbenes]

ultimately Socker,

you should do the contractor thang and only take mortgages
in moderation if at all

Milan.

[threaded]

ultimately Socker,

you should do the contractor thang and only take mortgages
in moderation if at all

Milan.

So true. In the days of MIRAS and inflation it made sense, as the gov effectively bought your house for you. But nowadays a contractor should be paying cash.

[freakydancer]

You'll just have to keep kipping in the big rig then.

Keep on truckin'