Flipping Fast

[barry1010]

Anyone else watching this? Last episode tonight and I have enjoyed it but I feel a bit let down - it promised more than it delivered.

How long does it take to complete the purchase of a house bought at auction, on average? That could make a huge difference to the number of properties one can 'flip' in a year.

[pastafreak]

I'd suppose it depends on whether or not you're a cash buyer, which I'm assuming the contestants are. That would make the buyjng process somewhat quicker.
It's been an interesting though not terribly exciting program. I wonder if there will be a second series?

[bednobs]

i have to agree - not exciting and also not particularly interesting, or fair

[barry1010]

I do think the younger woman with the trade family should not have been allowed to participate, she had an unfair advantage from the start.
I like the Norfolk couple, naïve but gutsy

[barry1010]

When you buy a property at auction you have to prove before you bid that the funds are in place to complete; in the programme they are all cash buyers

[bednobs]

it seems very mismatched: some couples were able to work full time on their stuff, some had full time jobs, some had families to look after, some had trades families

[bednobs]

also, it super annoying when they teased the week before last that someone was leaving and made you think it was because they'd made a mistake with money, but you had to endure the whole episode to find out that it was the posh bloke that decided to leave cause it was too hard!

[barry1010]

Agreed, bednobs.

[goodgoalie]

It was implied that the young woman who had to drop out kept her profit. So do all the contestants keep their profit, including the winners?

Lots of other questions, like what they had to pay for utilities, council tax, conveyancing etc etc.....

[barry1010]

They all keep their profit minus the initial £100k but the winner also gets the £100K.
The costs of buying and owning the property are deducted from the selling price to calculate the actual profit, this is discussed during the profit reveal although not necessarily itemised individually

[bednobs]

which one dropped out last week?

[barry1010]

She didn't drop out as such, she had sold her second property and there wasn't enough time to buy a third.

[Redhelen72]

The Asian gentleman dropped out the last I saw as he was going to live in Dubai, the young lady would not have time to purchase another property so that left her out.
So down to 4 - the mother and daughter, the single woman with a handy family, the 2 boys, and the Norfolk Couple

[bednobs]

ok thanks, i missed last weeks.
I dont know why i care :)

[Redhelen72]

I find it very interesting - I watch a lot of American house flipping shows and ours are sooo sedate (almost) boring compared to theirs but I do find what they do to the houses amazing

[barry1010]

bednobs, watch it on catch up, you'd be amazed just how quickly you can catch up with the aid of the FF button :)

[barry1010]

The chap who dropped out to go to Dubai didn't get to keep any profit; the woman who has sold two properties will keep the profit as she is still 'in'

[pastafreak]

I also watch a lot of American house flipping shows. Interesting but sometimes downright annoying. The turnaround is incredibly fast on some of them.
I prefer the ones that do upgrades for actual homeowners.

[wolf63]

Last week I would have not known what you were all talking about.

But the flat next door to me has been sold, refurbished and then resold within a month or so. I was told that this was called flipping.

First sold for £80k and after being tarted up it has just resold for £142k.

[barry1010]

There is a lot of money to be made in the current housing market but can be risky.
I really wanted the Norfolk couple to win, those two ladies that did win were just too smug

[bednobs]

agreed barry. although the norfolk couple annoyed me immensely, they didnt annoy me quite as much as the mother/daughter