House due to be repossessed. What's the best option?
Discussion
NorthernBoy said:
davemac250 said:
That depends on the approach of the 'vulture'.
It takes a pretty distorted view of the world to call someone a vulture if they save someone from bankruptcy.If you think that they are offering too little for the house, then pony up and buy it yourself.
wolves_wanderer said:
NorthernBoy said:
davemac250 said:
That depends on the approach of the 'vulture'.
It takes a pretty distorted view of the world to call someone a vulture if they save someone from bankruptcy.If you think that they are offering too little for the house, then pony up and buy it yourself.
Either works. If the house is genuinely about to change hands for too little, that means, by definition, that you could pay more for it and still get a bargain.
Either remortgage your own lace, and pay cash for the other, or get a BTL mortgage.
Any objections about why this is not worthwhile simply show that the "vulture" was willing to pay more than the poster, and so really should not be criticised.
I used to look slightly askance at people who bought the reduced cream cakes at the end of the day when I worked at the supermarket, but only because it seemed a bit pointless to buy 20 at once when they were going off. Buying a house from a distressed seller is exactly the same.
Either remortgage your own lace, and pay cash for the other, or get a BTL mortgage.
Any objections about why this is not worthwhile simply show that the "vulture" was willing to pay more than the poster, and so really should not be criticised.
I used to look slightly askance at people who bought the reduced cream cakes at the end of the day when I worked at the supermarket, but only because it seemed a bit pointless to buy 20 at once when they were going off. Buying a house from a distressed seller is exactly the same.
NorthernBoy said:
davemac250 said:
That depends on the approach of the 'vulture'.
It takes a pretty distorted view of the world to call someone a vulture if they save someone from bankruptcy.If you think that they are offering too little for the house, then pony up and buy it yourself.
I did not call him a vulture, a previous poster had.
The approach used can be pretty much a hard sell.
I recall a civilian member of police staff on my team who got himself into a similar position.
He was approached by a company looking to buy his flat off of him and showed him what looked, on paper and first glance, a cracking deal. It wasn't.
They preyed upon his uncertainty and insecurity and had the property signed over to them in the space of a weekend and offered a nice little consolidation loan at the same time - just to help him out further.
From talking with the guy it was a very hard sell of the 'service' which left him worse off than than he would have been by speaking with the lender, as it appears Ensman has, and getting an extension to sort the matter out.
So I stand by my previous comment that it depends upon the approach, and to try manipulate that statement into anything else does you little service in my opinion.
davemac250 said:
NorthernBoy said:
davemac250 said:
That depends on the approach of the 'vulture'.
It takes a pretty distorted view of the world to call someone a vulture if they save someone from bankruptcy.If you think that they are offering too little for the house, then pony up and buy it yourself.
I did not call him a vulture, a previous poster had.
The approach used can be pretty much a hard sell.
I recall a civilian member of police staff on my team who got himself into a similar position.
He was approached by a company looking to buy his flat off of him and showed him what looked, on paper and first glance, a cracking deal. It wasn't.
They preyed upon his uncertainty and insecurity and had the property signed over to them in the space of a weekend and offered a nice little consolidation loan at the same time - just to help him out further.
From talking with the guy it was a very hard sell of the 'service' which left him worse off than than he would have been by speaking with the lender, as it appears Ensman has, and getting an extension to sort the matter out.
So I stand by my previous comment that it depends upon the approach, and to try manipulate that statement into anything else does you little service in my opinion.
tty stick as some of the smaller, less scrupulous firms, geezers, wideboys, money launderers, sale and rent back firms etc etcWe don’t prey, people come to us, through vast amounts of advertising. We tell them how it is, and how easy the process can be. If someone is honest about being in the process of being reposed we have the ability to talk to the powers that be, at the right level, so as to keep the vultures from the door.
We don’t do sale and rent back, as it is a moneyspinner, but I like to sleep well of an evening. We are not money lenders, but I often offer financial advice, on a a personal level to some people who need it.
We often don’t always pay the best price, but like someone has mentioned, pony up, and buy it yourself..
I am glad Ensman got himself sorted.
A vulture will pay +/- 70% of the property's current MV at best. The problem with this kind of scenario is that 70%MV is often less than the outstanding loan(s) so the existing lender(s) won't allow the sale to proceed. Vulturing in a rising market is obviously a lot less precarious than in an unstable/stagnant/falling market, so unless the OP has a bag of equity (in which case repossession is much more likely to bring a conclusion rather than a new nightmare) the vulture route ain't gonna happen.
HOWEVER: A reasonably skilled negotiator can often intercede and draw up a plan which a lender will agree to. That includes "straightening up" something which hasn't previously been too kosher (like an undeclared letting scenario). Lenders properly approached are much more sympathetic to financial distress than publicity suggests. Truth is essential as is sticking to a further arrangement, or else it certainly will be curtains. But sensible arrangements can and are often made and it sounds as if this guy has found someone who can do just that for him.
HOWEVER: A reasonably skilled negotiator can often intercede and draw up a plan which a lender will agree to. That includes "straightening up" something which hasn't previously been too kosher (like an undeclared letting scenario). Lenders properly approached are much more sympathetic to financial distress than publicity suggests. Truth is essential as is sticking to a further arrangement, or else it certainly will be curtains. But sensible arrangements can and are often made and it sounds as if this guy has found someone who can do just that for him.
I love this place 
davemac250 said:
So much vitriol and only two swear words.
hornetrider said:
We're thinking this newbie is the 'squddy' husband, right?
I've never known a "squddy" use only two swear words per sentence let alone per paragraph. I'm guessing former renter.Edited by branflakes on Tuesday 23 November 08:45
SplatSpeed said:
getplastered said:
however you sound like a troll, the only way to prove you are not is with something to prove you know the OP.
preferably with a tin of birds curstard in the picture.
Edited by Plotloss on Tuesday 23 November 14:59
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