As long as you can keep up the mortgage repayments,the price of the house is not too relevant.
It really is usetting that this has happened to us???
As long as you can keep up the mortgage repayments,the price of the house is not too relevant.
Hi,
We bought a house in Dec 2006 for 350K. Prices have dropped and they are now selling the same house for 300K. The area is ok but we were hoping to sell up and move nxt year as this was just a "getting on the ladder" . It really is usetting that this has happened to us??
any advise as to what we could do?
I presume the house you were looking to upgrade to has already come down considerably so it may not be all that bad, in fact you could be in a better situation than you think if it has fallen by more that 50k.
As aircobra19 said - if you need to move - then if house prices have also dropped in the area you are moving to - then it's probably no worse than if your house value had gone up and other houses had also gone up.
If for arguments sake - prices had dropped 15% - your 350k house is worth 297k. You want to buy a house that was worth 400k when you bought yours. It is now valued at 344K - you have 47k extra to find. If prices had stayed static you would have had to find an extra 50k. If prices rose 10% - your house would be worth 385k but the 400k house would be worth 440 - so you would need to find an extra 55k.
(I know prices don't move by exactly the same rate everywhere )
Apart from the fact that you are €60K out of pocket and stuck in a rut?
What if you lose your job and need to move to the other side of the country?
--------------------------------------------------------------------------------Can I ask what you thought would happen within 14 months of buying?
Your both forgetting the whole point about negative equity. You still owe the bank money after you sell up. In your example irishlinks, the seller would need an additional 53K just to clear his debt (less any deposit piad), never mind come up with a deposit for the new house. No bank is going to let you roll the money owed into the new mortgage.
ClownRe: Negative Equity
Can I ask what you thought would happen within 14 months of buying?
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