The ask Bandage about mortgages thread

[artfoley]

@glasagusban

Ordinary folk with second properties?

Yes

[artfoley]

@Appendage

All depends on the angle of the V.

V shaped is the new buzzword (s)

It’ll be u shaped

[glasagusban]

They’ll be grand.

[Bod95]

Agreed this isn’t a classical depression caused by overheated economies and the spread of it is universally global McWilliams could be right in his assertion that there could be a dynamic shift in economics or a complete reset in how currencies are pegged against the backstop ie the US Dollar. We will just have to wait and see how it pans out.

[glasagusban]

On top of that, there is no appetite for austerity, which has been completely disproven as a cure anyway.

[Bod95]

Completely it only makes things worse all round higher taxes for those working and reduced services and resources for those that need it

[Juhniallio]

@alf_stewart

Lads are house prices going to plummet? I actually put an offer in on a place 5 weeks ago and they came back saying they’d deal for 10 grand more yesterday.

Yes @alf_stewart. Prices are going to fucking drop like stones. If you can hold off, hold off. Properties for 550grand will be a 100g less at least shortly. That’s 200g over the course of your mortgage. People are fucked financially. Fucked. Builders will want sales and banks won’t want to lend cos they are cunts. If you’re one of the lucky ones who can benefit from this well fair play.

[Julio_Geordio]

You try keeping two properties on €350 a week

[tallback]

@Juhniallio

@alf_stewart

Lads are house prices going to plummet? I actually put an offer in on a place 5 weeks ago and they came back saying they’d deal for 10 grand more yesterday.

Yes @alf_stewart. Prices are going to fucking drop like stones. If you can hold off, hold off. Properties for 550grand will be a 100g less at least shortly. That’s 200g over the course of your mortgage. People are fucked financially. Fucked. Builders will want sales and banks won’t want to lend cos they are cunts. If you’re one of the lucky ones who can benefit from this well fair play.

That’s grand as long as you’re in a position to buy but if credit tightens most people’s purchasing power will go with it.

[The_Most_Infamous]

Exactly - if you’re selling to buy you’re screwed if you don’t move now.

[Horsebox]

Fuck Airbnb out of the country now.

[glasagusban]

Why didn’t FG do that a long time ago?

[artfoley]

@glasagusban

Why didn’t FG do that a long time ago?

I wonder

https://data.oireachtas.ie/ie/oireachtas/members/registerOfMembersInterests/dail/2020/2020-03-03_register-of-members-interests-dail-eireann_en.pdf

[glasagusban]

A lot of ordinary folk with second properties there.

[artfoley]

@glasagusban

A lot of ordinary folk with second properties there.

They ain’t ordinary. Ordinary folk don’t get the same assistance or forebearance from banks

[johnnysachs]

I think prices will fall dramatically.
It will be harder for borrowers to access capital with a lot of households only having 1 income and also further capital restrictions being imposed. Investment funds will probably look to diversify away from property which means ordinary punter doesn’t have to compete with institutional investors and we may see laws like in New Zealand which prohibits sales unless you have a working Visa. There may be rental caps as well which should stop people from hoarding investment properties and this should see an increase in the stock of housing for sale.

[alf_stewart]

@Tank

Where are you buying Alf?

Dublin city centre. Put the offer in on a place in Dublin 2

@TheUlteriorMotive

if it is somewhere you plan to be for good

Planning on being there for the foreseeable future. We’ve no kids. Not planning on any.

The place is being sold by a receiver. The price they said they’d deal at is 25000 below the guide price as things stand. Would a receiver be willing to hold on to a place and ride things out or be in a hurry to sell do ye financial types know? . Herself has her heart set on this place. In fairness it’s in a great location and a nice spot.

[Your_Mums_Athletic]

@alf_stewart

Lads are house prices going to plummet? I actually put an offer in on a place 5 weeks ago and they came back saying they’d deal for 10 grand more yesterday.

The prices are going to drop.

[Your_Mums_Athletic]

@gilgamboa

No. Probably need to pay your salaries into a KBC account but looks a good deal

The wages have to be mandated to the account.

[gilgamboa]

@alf_stewart

Would a receiver be willing to hold on to a place and ride things out or be in a hurry to sell do ye financial types know? .

The receiver will want rid of this as quickly as they possibly can. They will get their fee when its sold and until that happens they have the risk attaching to property around insuring it etc. Its a pain in the hole for them and in reality there is probably a recently graduated (if even) accountant managing a few hundred single property receiverships. They. Could. Not. Give. A. Fuck.

The bank or fund they are managing it for will need to approve the sale so if you are going to price chip Id suggest you write a detailed note explaining your logic and make ir clear you will walk away. They will just use this as the narrative with the bank…if you dont do this youl be relying on receiver to make the case for you

Risk in all of this is they just get sick of the file and dump it in the bottom drawer because its too much hassle