Buying a repo house

^ Im looking to buy at some point in the next year, do you think its best to wait?

Wont use your info verbatim but will wait if you think prices will fall again

If I were you id wait stick the cash in the bank for safe keeping and wait another 18 months for the real sh*t to hit the fan then buy something at rock botom prices. either way I cant see prices going up over the next 5 years at least.

Blue_Lagoon3000


^ Im looking to buy at some point in the next year, do you think its best to wait?

Wont use your info verbatim but will wait if you think prices will fall again

If your buying a house as a place to live then timing makes very little difference.  Buying for investment, then it all boils down to return and I just can't see any decent returns for some time.

Yeah im just hoping the prices fcuk up for the next few years and that way i may be able to grab a few and wait for the next increase, or boom. If we have one.

I remember the days 6 or 7 years ago a friend of mine bought a sh!t load of properties from burnley at 25k each and they went for 90k 2 years later... He just wishes he put everything he had on those props, he made an absolute killing.

I was just a kid/rookie so had no other option but to be amazed. And wish i was older, and had more money.

rockstar6181


If I were you id wait stick the cash in the bank for safe keeping and wait another 18 months for the real sh*t to hit the fan then buy something at rock botom prices. either way I cant see prices going up over the next 5 years at least.

they have already started going up.
two and a half pecent since january and climbing.

Wheels



How does some sledgehammer work make a property unmortgageable?  The value is in the land for the most part.

I don't really understand the issue of buying a repo either.  What effect does you purchasing it have on the dreams (or lack of) of whoever lived there last?  Buy not purchasing it, are they any happier?

in the eyes of a lender, if the house is uninhabitable then its unmortgageable.  suprised you didnt know that.
 
Not having a kitchen is enough for it to be deemed uninhabitable, i have come accross this myself when moving house
 
back on topic,  get it bought mate.  If you dont someone else will, and why feel bad?  you dont know the circumstances, it could have been their own fault

dazc


in the eyes of a lender, if the house is uninhabitable then its unmortgageable.  suprised you didnt know that.
 
Not having a kitchen is enough for it to be deemed uninhabitable, i have come accross this myself when moving house

It's perfectly possible to get a mortgage on property for development even without the house even existing.  I don't see why lacking a kitchen/bathroom makes it 'unmortgagable' TBH.  Perhaps the bank needs evidence of funds/plans to install/repair them, but it can't be a show stopper.

The only places I've seen that where truely unmortgagable where on erroding cliff tops where it was quite possible the whole property would be gone before the mortgage was paid off.

You should go for it. It wouldn't bother me that a house had been repossessed - only if the particular circumstances were really not their fault, kids had to move out crying their eyes etc. but you can't worry about it. You wouldn't orchestrate somebody being screwed over, but why not buy one up for sale?

Sounds like a chance at a bargain and you could end up with a house you really like, that you can do up and then maybe sell on having done the graft - that way you don't have the problems or risk of the original owners giving you any grief.

I say go for it

infidel

rockstar6181


If I were you id wait stick the cash in the bank for safe keeping and wait another 18 months for the real sh*t to hit the fan then buy something at rock botom prices. either way I cant see prices going up over the next 5 years at least.

they have already started going up.
two and a half pecent since january and climbing.

they fell in feb for first time in about 8 months however these rises we saw where just a dead cat bonce - nothing more - expect to see a lot of pain in the housing market in coming years.

Wheels

dazc


in the eyes of a lender, if the house is uninhabitable then its unmortgageable.  suprised you didnt know that.

Not having a kitchen is enough for it to be deemed uninhabitable, i have come accross this myself when moving house

It's perfectly possible to get a mortgage on property for development even without the house even existing.  I don't see why lacking a kitchen/bathroom makes it 'unmortgagable' TBH.  Perhaps the bank needs evidence of funds/plans to install/repair them, but it can't be a show stopper.

The only places I've seen that where truely unmortgagable where on erroding cliff tops where it was quite possible the whole property would be gone before the mortgage was paid off.

ok then, so my bank didnt refuse to move my mortgages between properties then, i must have drempt it.  They valued it at £0, for mortgage terms as there was no kitchen.
 
You can get mortages aimed at properties needing work, but from experience normal mortgages will be turned down.
 
Have you bought a house that had no bathroom and kitchen with a normal mortgage?

i'd have no issue buying a repo house, just because someone cannot pay their bills (whatever the circumstances be), why should it effect my decision?

they were lent the money to buy the house and once they couldn't repay, the mortgage company took the house back, not from them, back...

Blue_Lagoon3000


^ Im looking to buy at some point in the next year, do you think its best to wait?

Wont use your info verbatim but will wait if you think prices will fall again

You own your own company though dont you blue? If so,, you are self employed, no self employed people will be able to afford mortgages on paper in the next year or so. Times are not good for self employed people wanting mortgages and they are only going to get worse

dazc

ok then, so my bank didnt refuse to move my mortgages between properties then, i must have drempt it.  They valued it at £0, for mortgage terms as there was no kitchen.
 
You can get mortages aimed at properties needing work, but from experience normal mortgages will be turned down.
 
Have you bought a house that had no bathroom and kitchen with a normal mortgage?

I've bought land with a mortgage.  Don't recall the lack of a kitchen or bathroom being an issue  The only difference was a slightly higher LTV requirement, it was a standard mortgage too. 

The kitchen requirement seems a little odd TBH.  Surely you can just get an Ikea kitchen in a cuboard and plum it in?  That wouldn't cost more than a grand and your'd open the property up to a much wider market.  If your dependant on a cash buyer, you'll loose far more than the cost of putting the most basic kitchen in.

Mind you, there are some weird things in this country.  Next thing you'll tell be you can't get a mortgage for a timber house either...

Cant get a mortgage with out running water and plumbing. Fact.

Wheels Im a mortgage advisor and I cant get a mortgage for a piece of land, please can you pm how I can do it. I asked the other day with advisors with decades of experience and you cant unless it has planning and is a new build. Any construction inplace, if it is not habitable, defined by a toilet and running water then it is not mortgage'able'

Red Bull


Wheels Im a mortgage advisor and I cant get a mortgage for a piece of land, please can you pm how I can do it. I asked the other day with advisors with decades of experience and you cant unless it has planning and is a new build. Any construction inplace, if it is not habitable, defined by a toilet and running water then it is not mortgage'able'

It's easy.  You just need to do it in a country without such a fecked up banking and planning system lol.

Wheels

I've bought land with a mortgage.  Don't recall the lack of a kitchen or bathroom being an issue  The only difference was a slightly higher LTV requirement, it was a standard mortgage too. 

The kitchen requirement seems a little odd TBH.  Surely you can just get an Ikea kitchen in a cuboard and plum it in?  That wouldn't cost more than a grand and your'd open the property up to a much wider market.  If your dependant on a cash buyer, you'll loose far more than the cost of putting the most basic kitchen in.

Mind you, there are some weird things in this country.  Next thing you'll tell be you can't get a mortgage for a timber house either...

im not getting into an argument about it.  Natwest valued my house as ZERO, because it had no kitchen. even though the land and building had value.  I argued the toss with them, and there reply was ' regardless of its value it cannot be morgaged as its not habitable.  a mortgage is for people to buy homes'
 
i phones another lender as i was annoyed and purely on principal was going to transfer, they said the same.  It ment i had to delay the sale of my other house while i had somewhere i could transfer the mortgage to.

BTW, the above was a few years ago when they would let people self certify no problem, lend to anyone, even more than 100%

Wheels

Red Bull


Wheels Im a mortgage advisor and I cant get a mortgage for a piece of land, please can you pm how I can do it. I asked the other day with advisors with decades of experience and you cant unless it has planning and is a new build. Any construction inplace, if it is not habitable, defined by a toilet and running water then it is not mortgage'able'

It's easy.  You just need to do it in a country without such a fecked up banking and planning system lol.

Fair enough i dont do offshore mortgages. But what dazc is saying is 100% right for a lender on our shores