Buying property *cash*

[Bagpuss]

I've seen a few of those adds in the local paper i.e. the companies that will buy your house at up to 90% of market value!

[DimPrawn]

I've seen a few of those adds in the local paper i.e. the companies that will buy your house at up to 90% of market value!

Up to 90% actually means about 60%.

It's EASY money.

[d000hg]

That's hilarious, in your mind every stupid person is a Labour voter and vice versa? Do you live in a cartoon?

If you buy below current value you had better sell quickly before prices drop further and catch you up. Sounds risky. Why not do the exact same thing when prices are starting to rise again or have at least stopped moving for a couple of months?

[DimPrawn]

That's hilarious, in your mind every stupid person is a Labour voter and vice versa? Do you live in a cartoon?

If you buy below current value you had better sell quickly before prices drop further and catch you up. Sounds risky. Why not do the exact same thing when prices are starting to rise again or have at least stopped moving for a couple of months?

Your advice is as worthless as your logic.

Buy when it's rising again? Yes, that's when people accept 50% of the asking price.

[Ravello]

Do I go in now at say 20-30% below current asking price or wait another 12 months or so to clean up?

Buy now or wait?

What's the point in asking for people's opinions then having a pop at them when they give it? If you're so certain it's easy money and now is the right time go for it and let us know how you get on.

[oracleslave]

What's the point in asking for people's opinions then having a pop at them when they give it? If you're so certain it's easy money and now is the right time go for it and let us know how you get on.

It's all hypothetical posturing anyway. The man is a pauper and delusional dreamer.

[minsky1]

But nothings selling and no ones buying, but valuations are stuck at the peak.


Tempted to buy a load of cheap 2 and 3 bed houses cash at auction, give them only a spring clean and put them straight back onto the open market at £20K higher than the auction price.

Got to be a way of making serious easy money at the moment, since the real cheap property is at auction and that is only open to cash buyers.

Be very careful about buying at auction. Its true there could be plenty cheapness, but most of the worthwhile stuff i've seen going through are still failing to reach reserve. Most that sell need remedial or in most cases structural work. Its true there are lots of "mortgagee in posession" sales though.

Only when the mortgagees re-assess their reserve and hence expectations will it be worthwhile.....

Though the punter has defaulted, the mortgagees still have to act in their best interest and hold out for the most optimistic valuation. When their surveyor-donkeyboys come to their senses and re-assess their view, things will change and big money will start to get written off at auction.

If you are tempted, make sure you get a full structural before even turning up at the auction.

[PAH]

If you are tempted, make sure you get a full structural before even turning up at the auction.

You've hit on one of the scams DimPrawn is dying to fall for.

Those 'donkeyboy' surveyors rake in the fees for doing many many surveys for both the mortgage companies and the auction goers. They ensure the valuations are unrealisticly high, so the mortgage company puts a high reserve on them.

So all that happens is the properties remain unsold, reserve not met, and hundreds of fools have shelled out on a useless survey.

All for it to be re-repeated at the next auction.

So, the real money is in being a surveyor!

[bogeyman]

Do I go in now at say 20-30% below current asking price or wait another 12 months or so to clean up?

Buy now or wait?

Igloos are good value at the moment. I know you don't believe in all that global warming crap so you can be confident in your investment.

You 'clean up'? Are you employed as a zoo keeper now then?

Anyway - I thought you had 'retired'

[DimPrawn]

Igloos are good value at the moment. I know you don't believe in all that global warming crap so you can be confident in your investment.

You 'clean up'? Are you employed as a zoo keeper now then?

Anyway - I thought you had 'retired'

I would reply, but its gone 7.00pm and I never post after 7.00pm.

HTH