House Buying Woes...:(

wesley said:
quick question to the OP, why would the house sold to you for 22% below the market value?
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A lot of houses nowadays are sold through "leads" where they contact a company for a quick sale, at an arranged price, without having to put it on the market and wait it out (That might have been quicker for them in this case!!)

They basically contacted someone's company, expaining thier situation (Couple in thier 60's, the man had a heart attack a few months ago and wants to move closer to nottingham centre (Must have a gunshot wound criteria he needs to fill or something)) but wants to stop driving, hence contacting the guy we got offered the lead from for a quick sale at a price he arranged.

And yeah, reading the thread back, i can see how it would look "very dodgy" from many points of view.
 
jamief said:
A joint income of £28k and you're wanting to build a "portfolio" of buy to lets, given the current housing market? I think you need to re-think your goals.
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Don't be ridiculous property will never ever go down. :rolleyes:

The Labour Government has created a boom and more boom economy built on the sound fundamentals of debt. FTB's will need to save at least £1 million pounds in ten years just to get a studio flat.

All this talk of crash is ridiculous, they simply wont let it happen. Just like the promised the US credit crunch wouldn't effect us and that Northern Rock would be such an easy sale with it's sound mortgage portfolio.

On a more serious note I think you are really taking a massive risk trying to be a BTL investor unless you have a lot money to invest.
 
brid said:
funny that ... since i could easily buy a house, but choose not to ...... Ironically, it could be argued the OP couldnt either, since he's essentially on just ABOVE minimum wage but wants to buy a 200 grand house!
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If only you'd bought a house 5 years ago when you started all this 'nay saying' eh. :D
 
Im glad i didnt!

My life has been infinately more interesting without a pile of bricks and mortar making my decisions for me :)

Im glad to have been priced out, although i do wonder quite what the situation will be like when the inevitable wife and kids come along ....
 
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