House Repossessions
#1
House Repossessions
I hear that there has been a huge rise in the amount of homes repossessed this year due to personal debt.
a) Where can you buy these houses?
b) Are they generally worth it? ie: sold at low prices
a) Where can you buy these houses?
b) Are they generally worth it? ie: sold at low prices
#5
Originally Posted by stevebt
due to a still low mortgage rate i cant see how this year can be any worse than last year ???
As I said, it's personal debt, leading people to be unable to pay their mortgage because they are overcommitted.
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Kiwi,
My understanding is they are passed to property auctioneers to sell.
The mortgage companies say we need to sell for as close to x (being the outstanding mortgage value) as possible. All the Mortgage companies care about is recovering their loans, not selling the house for its full value.
If you buy a repossessed house, is there a way to find out if the address is blacklisted?
Darren
My understanding is they are passed to property auctioneers to sell.
The mortgage companies say we need to sell for as close to x (being the outstanding mortgage value) as possible. All the Mortgage companies care about is recovering their loans, not selling the house for its full value.
If you buy a repossessed house, is there a way to find out if the address is blacklisted?
Darren
#7
The lender is obliged to try and get as close to market value as possible. The ones that come up at auction are usually ones that they can't sell in the normal fashion.
Darren - if you do buy one notify experian and equifax. Addresses don't really get blacklisted any more - your credit history is attached to your name and DOB, so if you are applying for credit, you get asked addresses and dates for the last 6 years so they can work out if the credit problems are yours or someone elses
Darren - if you do buy one notify experian and equifax. Addresses don't really get blacklisted any more - your credit history is attached to your name and DOB, so if you are applying for credit, you get asked addresses and dates for the last 6 years so they can work out if the credit problems are yours or someone elses
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#8
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lol.... I heard about this yesterday, although I heard that there wasnt more repossesions just more chance of getting repossessed as people are struggling to pay their bills.... Was quite suprised actually since we've not seen any rise in interest rates, and presuming it stays that way theres not going to be that much movement in the house market like many are hoping for.
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Originally Posted by davegtt
Was quite suprised actually since we've not seen any rise in interest rates, and presuming it stays that way theres not going to be that much movement in the house market like many are hoping for.
a) many have borrowed too much leaving them with little leaway.
b) petrol, electricity, gas etc has risen in price significantly.
c) council tax continuing to rise rapidly
d) inflation is currently very high, and interest rates will have to rise to counter this sooner or later.
e) rising unemployment- cant pay any mortgage with no income
There seems to be a lot of people out there who think the only thing that'll put further pressure on the housing market is a massive rise in interest rates, but this isnt the only factor affecting the market.
#10
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I understand that a lot of mortgage companies start off proceedings to kick start things but the actual repossessions are still way down on the number in the early 90s. dl
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Mortgage interest rates have risen from around 5% a couple of years ago to around 6.5% today. The real reason for the increase in repossessions (or threatened repossessions) is that quite a few fixed rates of 3.5%-4% are coming to an end. If someone borrowed at 3.5% and suddenly finds that their interest rate goes up to 6.5%, they're going to notice!
#12
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No but a rise in interest rates effects everyone by a reasonable amount... Yeah petrols gone up but come on... not exactly costing you another £50 a month in fuel unless your doing alot of miles, Council tax isnt rising rapidly... been what 9months now since we've seen a rise, yes we may see another at the end of the year but it shouldnt be crippling.... I know what your saying but all these facts are only effecting a small amount of people... and with queues of people desperate to get a house (i.e. you lot all waiting for the repossesions) when it happens there will be that many people buying nobody will be dropping prices heavily IMO.....
Guess we'll have to wait and see (but Ive been waiting for the last 5 years for PSL's predictions to come right, when it finally happens (see Im not saying it wont) he think hes Nostradamus, silly old fart.)
Guess we'll have to wait and see (but Ive been waiting for the last 5 years for PSL's predictions to come right, when it finally happens (see Im not saying it wont) he think hes Nostradamus, silly old fart.)
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Originally Posted by davegtt
Yeah petrols gone up but come on... not exactly costing you another £50 a month in fuel unless your doing alot of miles
- BP Ultimate 87p / L
- Optimax 79p / L
10/2005
- BP Ultimate 100p / L
- Optimax 99p /L
Approx 14%-25% increase over 2 years.
You only need to be spending £200 a month (1000 miles for a scoob) for it to now be costing you an extra £50 a month.
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p.s. which nutters are still paying £1 a litre? and why is nobody moaning like they was 2 months ago? I love petrol prices, so funny, wonder how far they'll rise til someone notices
#16
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Originally Posted by davegtt
Well sell the darn scoob and buy a renault clio save you £150 a month then
#17
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lol.. well sorrrreeee....
Not saying YOU should ditch the scoob but those who are feeling the pinch in petrol are probably those driving something like a scoob. I myself do spend a good £50 a month more on fuel but thats because I dont get far on my tank of fuel. the "average person" though would have to be doing a fair amount of mileage to spend £50 more though IMO.... the average car says does 35mpg to spend £250 a month your doing 1750 miles a month, Id say thats more than the average person??? I know I dont cover that many miles, probably lucky to cover 1000 a month and thats when Im travelling all over on Saturdays to follow the footy team
Not saying YOU should ditch the scoob but those who are feeling the pinch in petrol are probably those driving something like a scoob. I myself do spend a good £50 a month more on fuel but thats because I dont get far on my tank of fuel. the "average person" though would have to be doing a fair amount of mileage to spend £50 more though IMO.... the average car says does 35mpg to spend £250 a month your doing 1750 miles a month, Id say thats more than the average person??? I know I dont cover that many miles, probably lucky to cover 1000 a month and thats when Im travelling all over on Saturdays to follow the footy team
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Are auctioned houses worth buying ? - Yes, if you plan to live in it - if you are looking for something to 'develop' or let out, dont bother. Most of the good stuff where money can be made never gets to the auctions, its generally the tat that is left where there is little money to be made on it as an investment.
Also, remember that a large percentage of houses that get repossessed are in pretty crappy areas, as people who live there are generally the worst at managing debt, dont have savings to cover themselves, and are the first ones to get in trouble.
Also, remember that a large percentage of houses that get repossessed are in pretty crappy areas, as people who live there are generally the worst at managing debt, dont have savings to cover themselves, and are the first ones to get in trouble.
#19
I am surprised that PSL has not contributed yet to tell us all how he loves to buy the repo's up so he can swank about all his money and demonstrate the NL mantra of making cash any way you can out of other's misfortunes, even by giving so called charity lectures!
Les
Les
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