would you buy now or wait,i can bank 1k a month at the mo,but ive seen a house 30k cheaper than it was a repo,what would you do,anyone bought a repo before?also i build new trucks and can see it slowing down,ie builders buy most of them,what would you do

 

i've just bought now.

all depends what you intend to do with the property.

and if you intend to weather the housing slum storm.

houses are still selling regardless of what you hear.

i got 25k off the asking price

 

this is the million dollar question and in the current climate im afraid i dont think ANYONE can really tell you what you want to know.

 

live in it mate,if i couldnt aford to then rent it,its taken the gamble,did you nock them 25k mate

 

I'd wait minimum 6 months, failing that offer 20% less on a few and see if one bites.
Next to nothings selling, and for good reason.
Imagine owing 200k on a house, and in a few months it's worth 150k.

 

estate agents seem to have plenty still going on around here,but think its people moven,rather than 1st time buyers

 

yes i offered 25k below the asking price, and they accepted, unforunately for some people, they have to move regardless of what the market is doing, be it personal circumstances or for health or money reasons.

also depends on your financial situation, if your going to have a very high LTV, then personally its risky just incase something happens and you need to sell in the next 3-4 years, i think prices wont drop too much more personally, maybe another 10% max.

All just my opinion of course.

 

I am in a position where I will have just over 30k deposit to put down on a house to buy to let in April.

It'll be my first property.

I'm not in it for the short term to make some money. Looking to buy one and then save another deposit whilst the property I have bought is being rented out.

I too would love to know whether people reckon that it's nearly bottomed out or will it shoot up soon.

Come on Estate agents and those in the know

 

slightly educated answer - i work for Nationwide and we are predicting it will get worse before it gets better -

if you're in it for the short term then i would say no, but if your in it for the long haul then i dont see why you shouldnt buy it, particulary if its a house you really like and its in the right area

 

I'm out- stopped looking and walked away..

I'll have another pop in March/April time....

 

what did you nock the 25k off mate,was it a 200k house or 100k etc,good saven though,cliff sounds like you have the right plan

 

as said i think it will get slightly worse say another 10% drop, but i cant see the market crashing.

you would be suprised how this slum has spurred on 1st time buyers to get on the ladder, it may be a waiting game, but when do you say "buy"

 

went to nationwide today for a mortage seemed pretty good and helpfull

 

it was a 200k house, got it for 175

so technically saved another 2k aswell from stamp duty.

25k, off a 250 or 300k house isnt that much in this market, i had to knock 60k off my current house

but now decided to rent it out, rental market is very strong at the moment, as everyone wants to wait 6-12 months before buying and if you've already sold or relocating then renting is a good option.

Anyone want to rent a modern 5 bed house?

 

yeah; we've got good rates at the mo

remember you can reserve a rate as well with nationwide i believe its upto 6 months but it could be 3 months

 

i think it all depends on what you want

do you want the house to live in for a while?

can you ride out the storm?

is it what you want for the future?

or are you looking to make a few bucks in a few years?

if you are unsure about any of these things, walk away

if it's the right house for you and your family for the next 20 years then go for it

 

the intrest rate is said to drop 1% buy xmas which makes me think wait

 

If longish term and your stable job wise and it's not to your limit then buy it.

The thing you need to avoid is buying a place and needing to sell in the short term, as you stand a VERY good chance of being in neg equity.

People are dropping their prices, but do you homework, my mate just dropped 25k off his house (125k - 100k) but will go no lower.

If the seller is asking a price that was current 6 months back, then offer a much lower offer and stick to your guns. If the seller, like my mate, has dropped a huge amount to get it gone, then make an offer, but expect not to get huge amounts off.

Just make sure you have researched what is selling for what in the area so you can be confident of your offer.

The best time to buy IMO is when the banks start lending and lending at a decent rate, as first time buyers will be back in the game and the housing market will start to rise again as demand grows, but who knows when that will be - no one.

 

me and the mrs bought our house in march but it needed a new bathroom, new heating system all through the house inc bolier and new oil tank. it also needed decorating through the whole house. we got it about 20-30k cheaper than it was worth. lucky really as we'd struggle to break even if we sold it now. my mate bought one just before me and he's already lost 30k on his about 8months. if i could wait till they drop'd and as soon as they start to rise get in there and buy one. coz yout gonna make money on it

 

trickyone,with no answer i guess if i bought in the long run id still of got a cheap house

 

Steve, I am in a similar boat, but it don't matter if your staying put, and in years to come, they will go back up.

 

exactly, one thing you can always garuntee.

house prices will rise
taxes will rise
see levels will rise
death will occur.

 

oh yeah i fully agree they more than likely will go back up i hope they do i wanna make money on me house.

 

true,so if i bought id make,not that im after moven out,when i buy,every pound i lend i pay bk 2.31 so when i bank a grand its worth over 2k off a house the way i see it

 

its a buyers market at the mo

but I am waiting till after xmas to buy my 4th house. I know its a risk as my gut says it will pick up after xmas, my head says lots of people willfuck it after xmas and the priices willfall some more.

The reason I say this, is people are realy tighting up and this xmas will make or break the infation.

but buying now is a fucking good bet, you will get 20% of most big prices houses

 

may wait till after xmas i think

 

All depends really, i got on the ladder about a month ago. I knocked just over 12% off asking price. As first time buyer i struggled with mortgage and that was with more than 10% deposit. Though now im finally on the ladder i went interest only to start as im totally renovating the house. However every .5% drop in interest rates im saving £48 a month so im still going to pay the same but start repayment while im still doing the house up! So atm im quite happy as interested rate are forcast to go down agian so im actually paying back on my mortgage on what i budgeted for just interest!! JAck pot so when i stop spending on house i can then pay even more of mortgage a month etc.

But trouble is Mortgage are even harder to get now being a first time buyer, i got there just in time. (even though was still a lot worse than a year ago). Just make sure you get a tracker that actually moves down when itnerest rates go down as i think the new abbey one doesnt they are coonts!!!!

 

im looking around but im in no rush
i can just wait to see what the market goes like as im in a good position

 

yeah tru rhys they are,being a 1st buyer,confuses me that many diff mortages,they offered me a 3yr fixed,but the rates gona drop so unsure what to do

 

there are loads of different types mate, Mine is a 5 year term capped tracker, so will follow the rates down, but wont go over 7% should they sky rocket.

Mine stays .25% above the bank of england iirc.

Fixed rate gives you the security of knowing what you will be paying for the next number of years, but if the rate drops, your stuck paying a higher rate, but, if the rates rise, your on a winner, swings and round abouts mate.

A tracker will follow the rate, but if they shoot up, then they will follow and could leave you skint or in trouble. iirc

 

shop around for mortgage my first house was 119000 valued at 135000 3 years ago borrowed 55000 for 10 years pay back £1.31 for every £1 i borrowed. fixed at 5.25 % for 5 years. no early repayment charge. took some time to get best deal though.

 

Can you make over-payments on mortgages? Random question but I havn't really looked into them much

 

NO ONE can say what is going to happen mate. Im sick of hearing all the experts tbh...its your decision. Weigh up you options and decide wether or not to go for it!

 

Hows the building trade going Lee? Heard it from a number of my brothers mates who are in various trades say they suffer first in the down-turn, which makes sense really.

 

Depends on the mortgage itself. Some allow overpayments up to £XXX pounds a year free of charge, some then charge fees and some have minimum overpayments too.

For example with mine i can make overpayments up to 10% of the outstanding balance each year without a charge as long as the individual payments are more than £1000.

 

looking through some paperwork yesterday i found a letter from about 2 years ago which offered me a mortgage of 125% of the value of the property or 5.9 times my annual salary
the letter i got yesterday said i could remortgage if it was less than 60% of the vaule of the property

most mortgages will let you overpay by 10% without a penalty per year, then you get hit with 3% or so if you overpay, so unless you have a big windfall and can take the hit of 3% it's better to save up the cash and, when you remortgage, pay the lump sum off in one hit and get the mortgage down a bit too
£17k is 10% for me this year, might do it, might nt, recent rate cuts have seen the mortgage drop by £150 a month over the year so i'm happy

 

We are busy mate and are still pricing jobs so for us its same as usual but then i hear of others with no work on

 

I bought my house in 2006 and it was a repo, got it at around £14k less than its market value in 2004- I payed as much as we could afford for it in a sealed bid as we really wanted it and it was a bargain in the right area for us to live in, so even with the down turn and loss in value we could be about even again. I would expect another year of downturn on property prices yet before it levels out and then climbs/SOARS. Anybody holding out through this could be onto a winner.

I you really want the house as its in the right location etc etc then buy it, if your after a quick buck it probably isnt happening for you in the next year. If your not that precious over it hold out untill middle of next year with a low cheeky offer

 

lots of experts apprearing on this thread, maby the bank of england would be interested in hiring you?

 

Or mystic meg has found a new job after predicting the lottery numbers