wayneL
VIVA LA LIBERTAD, CARAJO!
- Joined
- 9 July 2004
- Posts
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I thought it was a bit naive. RE agent calls with offer 20k off asking price (so I assume 380k GBP offer), you decline indignantly and then refuse the bank their keys several times and finally hand them in just before you're gonna get kicked out and complain 'cos by that time all you could get was just over half of asking!
Boohoo you could've taken 380, more than double what you paid and walked away 50-70 up from what the bank wanted in the end after they tacked on "equity maaaate" and reposession fees! Used this to pay off the CC and you're done!
I thought it was a bit naive. RE agent calls with offer 20k off asking price (so I assume 380k GBP offer), you decline indignantly and then refuse the bank their keys several times and finally hand them in just before you're gonna get kicked out and complain 'cos by that time all you could get was just over half of asking!
Boohoo you could've taken 380, more than double what you paid and walked away 50-70 up from what the bank wanted in the end after they tacked on "equity maaaate" and reposession fees! Used this to pay off the CC and you're done!
Frinky (if I can call you that),
All I know is, if I was 50,000+GBP in debt with my unemployed husband on the verge of bankruptcy, my own weekly income of 500GBP a week not meeting nescessities or the leverage on my investment property...
If the agent called me up with any suggestion that would at least put me back in the black (realised or not), I would take it. They probably could have at least broken even on investment and equity (if not some extra for smaller debt) if they didn't behave so irrationaly and more important STUBBORNLY during this period.
Instead they held out until holding out any longer would be illegal, as is their right, fair enough, but they should not complain about the price when they exercised their right to remain in the house and refuse the bank the keys or reasonable sale they should accept the consequences (half of asking price).
It's the established homes sector that is wallowing. A year or two from now you can expect some of these very same NEW HOME buyers will be joining the burgeoning queues of "established homes for sale" - whether by choice or by default as interest rates inevitablydfclimb back up.
'Rate cut Rory' bets his boots on house prices
November 28, 2008 - 11:16AM
An academic predicting a collapse in house prices has made a bet with Macquarie Group economist Rory Robertson that commits the loser to walk from Canberra to the top of Australia's highest mountain.
A forecast by University of Western Sydney associate professor Steve Keen that house prices will collapse by 40%, double the current plunge in the US, has a 1% chance of being correct, Mr Robertson said today.
Mr Keen, who made headlines in Australia and overseas with his forecast that the nation may be facing a depression, and last month sold his inner-Sydney home, accepted Mr Robertson's challenge.
If house prices fall by less than 20% he will embark on the 230 km hike from Canberra to 2228-metre high Mount Kosciuszko.
This is great - maybe the ABC can do a doco or two on the countdown to the big walk. I don't think we'll see any land speed records broken
hehe - the challenge is on!
http://business.theage.com.au/busin...-his-boots-on-house-prices-20081128-6mis.html
I like it
While the last recession ended in 1991, it wasn't until 1994 that the housing market, and in general conditions picked up again.
Now that the budget is on the deficit highway, it'll be harder for the gum mint to prop up the housing bubble.
It'll be interesting when the FHB grant expires early next year. :grinsking
I can't wait to see Prof Keen on the top of the mountain in that ""I was hopelessly wrong on home prices! Ask me how" T-shirt
Cheers,
Beej
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