Saxton Mee making Redundancies

[Sheffy2008 10]

That just isnt right. What if you took a 100% mortgage on a property for sale at 85k. The property needed updating which you do and it is then worth 125k. Guess what you are not in negative equity:loopy:

 

 

Negative equity in Yorkshire:

 

Here's what's coming our way, soon.

 

This one sold for 99k in 2005

http://www.houseprices.co.uk/e.php?q=12+flat+4+stead+street+shipley&n=10

and September 2008 for 35k

http://www.eigroup.co.uk/onlineauctions/lotpub.asp?a=10601&l=511781

 

 

Thats a 65% loss.

 

6 months into the housing crash, just 4 years to go.

 

 

 

 

......

[GrannyGranny 10]

Definate repossesion.

Sadly, looks like alot of 'ameteur' investors are getting stung.

The lender will want a guaranteed sale even at a loss to recoup some of its money hence the low reserve. More an indication of number of repossesions than a true indication of the house price fall. I admit they are falling but not by 65% even in the last year. If you look on the auction website there are an awful lot of unsold as well.

Also who would pay £99k for a bedsit in Shipley? Mad!

[Sheffy2008 10]

Definate repossesion.

Sadly, looks like alot of 'ameteur' investors are getting stung.

The lender will want a guaranteed sale even at a loss to recoup some of its money hence the low reserve. More an indication of number of repossesions than a true indication of the house price fall. I admit they are falling but not by 65% even in the last year. If you look on the auction website there are an awful lot of unsold as well.

Also who would pay £99k for a bedsit in Shipley? Mad!

 

Maybe an exchange with a new build, such as wimpey or barrats, as a mod suggested on another thread.....

 

Your observation on unsolds is very very interesting, many are just not even seling at 5k below reserve, as we all know the insiders push up the pries, hoping for a bid from a propper bidder.

 

This suggests huge debts on homes, and vendors are finding it increasingly difficult to lower their prices due to other debts secured on their homes.

 

Hence all the new cars, boats, holidays etc over the last 5 years.

 

Having alot of unsolds at auctions is a worrying trent indeed.

[Phylis 10]

Or maybe people are not willing to just give property away

 

Damn again

Musr resist

[willman 10]

As posts and discussions on here are off topic and reposted in other threads i'm closing this one down.