stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Dec 2, 2016 17:19:58 GMT
Interesting that this one bought at auction, no price paid given, and the "valuation" given is unrealistic. The format of the valuation is atrocious. No indication of current state of the property nor why it was sold at auction. Now, where is that barge pole? Anyone bidding?
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Post by mrclondon on Dec 2, 2016 17:37:48 GMT
I'm glad to see I'm not the only one who has some concerns with how this one is presented.
c. 70% LTV with no red-book valuation (nor any background on the borrower) should mean only those with a good knowledge of that particular area of Leeds should be considering bidding on it, but I have a feeling it will fill pretty quickly.
Desktop valuations are a legitimate tool, but IMO only for LTVs below 50%.
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mikes1531
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Post by mikes1531 on Dec 2, 2016 20:52:08 GMT
A five bedroom house for £122k. Rather different than what I'm used to seeing.
The 'valuation' seems to put this property at a price well above average, but it's not obvious why. And I note that 9 of the 21 Land Registry reports for 2016 are at no more than £70k.
And despite all this, the loan is filling faster than most recent FS property loans have.
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fp
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Post by fp on Dec 2, 2016 22:36:40 GMT
Purchased at auction 19/10/16 for £124,500
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Post by mrclondon on Dec 2, 2016 22:45:22 GMT
But it was listed with a guide price of £60k back in October
google
15 ******* road leeds site:mouseprice.com
(obviously replacing the ******* with the street name from the valuation)
There are quite a few properties in that road being auctioned in december, at least one is a 5 bed with a guide price of £80k.
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Post by mrclondon on Dec 2, 2016 22:51:35 GMT
Purchased at auction 19/11/16 for £124,500 Actually 19/10/16 EDIT: google instructions removed as on reflection too easy to identify property.
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mikes1531
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Post by mikes1531 on Dec 2, 2016 23:21:38 GMT
Purchased at auction 19/11/16 for £124,500 Actually 19/10/16 And more than six weeks later it still hasn't been paid for? I didn't realise auction buyers were given that much leeway. The critical question is whether the buyer overpaid for the property. The guide price was £60-70k, though that could have been set low deliberately in an effort to encourage bidders. And there must have been someone else willing to bid nearly that much.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Dec 3, 2016 10:02:11 GMT
Leopardcat imho you are not missing something. There is evidence that massive investments are going into each loan by a couple of particular investors on multiple sites without consideration of the security.
Example on another site 900k loan 2 bidders single bid each took over 800k! admittedly one of the items in security is a stubbs.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Dec 3, 2016 16:22:25 GMT
The fine art one was 2 folk taking £350k! Good to see some new BH's on FS. The same 2 folks took £300k on Hampshire Land and both times their bids were adjacent. Makes me think it's one VeryBH with 2 accounts.
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mikes1531
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Post by mikes1531 on Dec 3, 2016 18:24:30 GMT
Makes me think it's one VeryBH with 2 accounts. Another possibility might be underwriter types whose investments are being placed into the system by FS themselves. It wouldn't surprise me in the least if bids of that size were 'shadow' bids, with space in a loan being reserved for these people by FS on the understanding that the money wouldn't actually need to be supplied until just before a loan is ready to complete and be activated. FS used to offer this sort of facility to BHs in the early days, but the need to do so is much reduced now that FS are paying interest from the date an investment is made.
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ashtondav
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Post by ashtondav on Dec 6, 2016 8:35:52 GMT
What's a "VeryBH", please?
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fp
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Post by fp on Dec 6, 2016 8:40:09 GMT
What's a "VeryBH", please? BH is an abbreviation for "Big Hitter" (large investor)
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duck
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Post by duck on Dec 6, 2016 8:42:10 GMT
What's a "VeryBH", please? Very Big Hitter ............. always sounds like a large golf club to me 
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ianj
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Post by ianj on Dec 6, 2016 12:06:26 GMT
What's a "VeryBH", please? Very Big Hitter ............. always sounds like a large golf club to me Or, from the days before athleticism was considered a prerequisite for England cricketers, Colin Milburn springs to mind.
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elliotn
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Post by elliotn on Dec 6, 2016 16:45:16 GMT
Beefy.
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