You could well benefit if you have cash available to buy. I’ve built houses, sold them, let them, there is money to be made. I know one guy who has 16 rental properties. He remortgages them frequently and takes the capital gain out as a deposit for another house, so all 16 are quite heavily mortgaged. That’s too big a risk for me, and people like him will be the first casualties of a house price collapse. I’ve not got that many houses, but I own them outright, so I’m exposed to a loss of personal wealth, which would be painful but not a catastrophe.If the advertised price was 320k I wouldn't be offering anymore than 250k. That takes stamp duty out of the equation anyway. A percentage or two increase in interest rates and there will be some very, very motivated sellers. Might even get the 320k house for 220k.
Brexit triumphant again.
Here is a Brexit tip for you. Pretty soon after a no deal Brexit, there will be more houses coming onto the market as people lose their jobs, fall behind with mortgage payments, get evicted by the lender and move their families into council run emergency shelter rooms. The banks will then sell the vacated ex-family home and these can be a good buy if you strike quickly and make a cash offer. Here’s the tip I’m coming to. Look on Rightmove or any of the other sites and study the interior photos. If any appliances, boiler, cooker, gas fire etc has a do not use sticker on it, that is likely to mean the house is a bank repo and the family have been chucked out. Get in there fingers and fill yer boots, the bank is likely to accept a low cash offer as long as it covers the family’s mortgage debt. Anything above the mortgage debt, they give to the family, but fuckem, this is Brexit, every man for himself.
If your luck is really in, the council might not let the family take everything into the emergency shelter, so there could be stuff left at the house for you to Ebay. Kids toys and bikes will make you a bit of extra cheese in the run up to Crimbo.
Thanks for letting us know about one of your perceived advantages to Brexit. Sounds great for some.
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