Value Based Property tax on the way (91)
sally101: So I've put an offer on an end of terrace repo and it's going to be less than 30% of what the last guy paid for it (he basically stripped it bare and skipped town, posted keys to bank). So will my house be worth what I pay, what my neighbour's house is worth or some other arbitary number decided by the council?
If I can prove I paid x for it, is that all I'll be liable for?
If I can prove I paid x for it, is that all I'll be liable for?
That is the problem, no-one knows what the details are. You may even be able to use that uncertainty to your benefit, claiming you may have to withdraw your offer because you don't now know what the running costs of the house will be, then go back and make a lower offer.
fifitheminx: so is the household tax obliterated then?
jesus all this republic needs is to grow bananas and we can really live up to our reputation.
jesus all this republic needs is to grow bananas and we can really live up to our reputation.
No....Its will just be morphed into the new propert tax. It will basically be 500 Euro a year per 174,000 value...approx.
MarsMan: That is the problem, no-one knows what the details are. You may even be able to use that uncertainty to your benefit, claiming you may have to withdraw your offer because you don't now know what the running costs of the house will be, then go back and make a lower offer.
Gazumping for any reason is never good and illegal!
sally101: So I've put an offer on an end of terrace repo and it's going to be less than 30% of what the last guy paid for it (he basically stripped it bare and skipped town, posted keys to bank). So will my house be worth what I pay, what my neighbour's house is worth or some other arbitary number decided by the council?
If I can prove I paid x for it, is that all I'll be liable for?
If I can prove I paid x for it, is that all I'll be liable for?
I only know that in some countries it's a council agent that comes out and values the house. What you paid for it may not matter, it's a valuation. They may do what you are suggesting and just have an average value for each house on a particular road but I'm sure they will try to up that charge by revaluing any homes that have substantial improvements or extensions. I've seen people get up to all sorts of 'alterations' to try and bring the valuation down.
with 10% of homeowners not able to keep up repayments..this is ridiculous...
banoffi anyone?
banoffi anyone?
sofarsogood74: The government or council wont have time to value every house. They will just have a value of housr for the area for the size...i.e one bed, two bed snd so on......you will pay the same tax as your neighbour if the house is similar.
Thought so.
Just thinking aloud - what will happen with empty houses - some are just derelict virtually with for sale boards on them, or on the market but owners have left the country or have been left to children on death of parents and they can't realise the amount they want.
It's not going to help stabilise the housing market forcing more people into a must sell situation
sofarsogood74: Gazumping for any reason is never good and illegal!
I think you mean Gazundering...gazumping is when the seller accepts a higher offer, and then wants you to top it
fifitheminx: with 10% of homeowners not able to keep up repayments..this is ridiculous...
banoffi anyone?
banoffi anyone?
Its absolutly mind bending what they are doing. More than 10% are in trouble with their mortgage...the 10% figure does not take into account of people who have re negotiated terms and the like.
MarsMan: I think you mean Gazundering...gazumping is when the seller accepts a higher offer, and then wants you to top it
Potatoe, potatao, tomatoe, tomato.
sally101: Thought so.
Just thinking aloud - what will happen with empty houses - some are just derelict virtually with for sale boards on them, or on the market but owners have left the country or have been left to children on death of parents and they can't realise the amount they want.
It's not going to help stabilise the housing market forcing more people into a must sell situation
Just thinking aloud - what will happen with empty houses - some are just derelict virtually with for sale boards on them, or on the market but owners have left the country or have been left to children on death of parents and they can't realise the amount they want.
It's not going to help stabilise the housing market forcing more people into a must sell situation
It will show drive property prices down further.
sofarsogood74: Gazumping for any reason is never good and illegal!
Well someone should tell the banks that! 4 months ago had deposit down on a house & the guy I was buying from had gone sale agreed on his new house as well.
The bank told the estate agent that they had to go back to everyone who had viewed the house the guy was buying in the last 6 months with the chance to offer more as it was repo and someone offered 3k more. Left the guy with no choice but to pull from the sale. He's still looking for a house and trying to sell his ...
sofarsogood74: Gazumping for any reason is never good and illegal!
I just did a small bit of research on the legality of it, and it ONLY becomes illegal if a formal contract has been signed, and even then there are exceptions.
sally101: Well someone should tell the banks that! 4 months ago had deposit down on a house & the guy I was buying from had gone sale agreed on his new house as well.
The bank told the estate agent that they had to go back to everyone who had viewed the house the guy was buying in the last 6 months with the chance to offer more as it was repo and someone offered 3k more. Left the guy with no choice but to pull from the sale. He's still looking for a house and trying to sell his ...
The bank told the estate agent that they had to go back to everyone who had viewed the house the guy was buying in the last 6 months with the chance to offer more as it was repo and someone offered 3k more. Left the guy with no choice but to pull from the sale. He's still looking for a house and trying to sell his ...
Well I dont know the rules for Repo houses as the banks need to recoup as much of the loan money as possible. Maybe they have a different rule. I wouldn't buy a repo house anyway.
MarsMan: I just did a small bit of research on the legality of it, and it ONLY becomes illegal if a formal contract has been signed, and even then there are exceptions.
Research? On a Sat night....because of something I said...You really need to get out more mate.
MarsMan: I just did a small bit of research on the legality of it, and it ONLY becomes illegal if a formal contract has been signed, and even then there are exceptions.
I know in the UK it can go to day of sale and you still lose out - here I'm just baffled - it seems to be every auctioneer has his or her own story. Even put in offers that have never been actually submitted to the sellers (did a bit of subterfuge and got a friend to go view the same house with the same auctioneer and do a bit of digging).
sofarsogood74: Research? On a Sat night....because of something I said...You really need to get out more mate.
Well there is one thing I don't have to research....and that is too never listen to you where property law is concerned.
fifitheminx: with 10% of homeowners not able to keep up repayments..this is ridiculous
That would mean that with the government tax (to be collected by Revenue) building up, with fines and penalties there will be a good many homes eventaully going into the ownership of the State. No, wait, the State owe that to the ECB and IMF so our homes will be going to them - the European Soviet. Not quite the way Stalin did it but in the long run just as effective. Oh no, that sounds like a 'Conspiracy Theory' so it just can't be true
MarsMan: Well there is one thing I don't have to research....and that is too never listen to you where property law is concerned.
Finance is more my law area. But I did think gazumping was illegal....maybe it is in the UK?
sofarsogood74: Well I dont know the rules for Repo houses as the banks need to recoup as much of the loan money as possible. Maybe they have a different rule. I wouldn't buy a repo house anyway.
At that time the house I was buying was a family home, the widower was purchasing a fairly new smaller home that had been repo or surrendered probably.
And it's horses for courses, I wouldn't get a mortgage due to income and so a repo is my chance to be a home owner.
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jesus all this republic needs is to grow bananas and we can really live up to our reputation.