Bye To Let

[rootsnall]

Surely someone on here will buy it, how much?

Totally unmodernised terrace in a rough part of town, had 2 offers in the 80Ks fall through 6ish months back. Looking at recent auctions of similar properties I reckon I'd be lucky to get 60K.

[Bagpuss]

Totally unmodernised terrace in a rough part of town, had 2 offers in the 80Ks fall through 6ish months back. Looking at recent auctions of similar properties I reckon I'd be lucky to get 60K.

Which town is this?

[Sockpuppet]

WHS!

I am looking at houses. For £150k property I am thinking that £130k offer. £100k mortgage is the way to go.

People are still deluding themselves that they can ask any price and it will get paid or that putting £10k on the price people will only drop it down £10k so they get the same.

By deluding I mean they are still asking for "offers over £x". Buyers market. If I was a seller I would be worried.

I am a FTB with hefty deposit, mortgage approved and ready to exchange within a month. I'm not going to give that position up without a fight.

[sasguru]

WHS!

I am looking at houses. For £150k property I am thinking that £130k offer. £100k mortgage is the way to go.

People are still deluding themselves that they can ask any price and it will get paid or that putting £10k on the price people will only drop it down £10k so they get the same.

I am a FTB with hefty deposit, mortgage approved and ready to exchange within a month. I'm not going to give that position up without a fight.

The only stronger buyer is a cash buyer

[rootsnall]

Which town is this?

A rough northern one ! It's the location near a council estate and the fact it needs central heating, new kitchen, new bathroom, etc etc that makes it so cheap. I inherited it and was too lazy to get it flogged asap and I'm now lumbered.

[PAH]

Even Beany's programme last night, 2 overconfident smug ladies looking to make 110k on two terrace houses, after overspending they were still looking for a similar margin by raising the price i.e. looking for 250k each. Six months later only 1 sold for 210k.

Yeah, saw that. They also had about 20 BTL properties, all mortgaged up to the hilt, which I suppose is more a liability now unless they're all rented out at a decent margin above the mortgage/running costs.

There's going to be a lot of amateurs coming unstuck, but true experienced professionals can make money out of property regardless of the market conditions.

[PAH]

A rough northern one ! It's the location near a council estate and the fact it needs central heating, new kitchen, new bathroom, etc etc that makes it so cheap. I inherited it and was too lazy to get it flogged asap and I'm now lumbered.

You're only lumbered if you need to sell it anytime soon. Maybe better to keep hold of it as a long term investment, unless you think the area may go even worse and they start boarding up whole streets ready for demolition.

I helped a mate renovate a similar sounding property he inherited. Though it already had central heating, but everything else needed modernising. Did it on a shoe-string, as it was in a bad area so will always have a low ceiling price, and made a decent profit selling when the market was still rising.

[Sockpuppet]

The only stronger buyer is a cash buyer

Or a contractor asking for a small mortgage.

[DimPrawn]

A rough northern one ! It's the location near a council estate and the fact it needs central heating, new kitchen, new bathroom, etc etc that makes it so cheap. I inherited it and was too lazy to get it flogged asap and I'm now lumbered.

So it cost you nowt and any selling price is profit?

Greedy money grabber.

[rootsnall]

true experienced professionals can make money out of property regardless of the market conditions.

Everyone struggles to make money in a falling market. The couple of builders I know who have done well long term have been selling stuff for the past couple of years and buying nothing. They won't start buying until they can pick up distressed sales for cash and then they just sit on them and rent them out until the next boom starts. You need deep pockets and the patience to sit it out.