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RICK OTTON: Problems regarding buyers overpaying in a falling market on their property. I understand
the logic behind this. Let's reframe it and see if once we do the reframe if it becomes
an issue. The logical is I could buy a house today. I could be in a house that down the
road is worth less money. Therefore, that is my concern. Could we agree that is the
problem? SPEAKER: Just a little bit further, if I agree to buy this house at this price
today, then in two years time I may not even be able to get a mortgage on it because the
prices are going up. RICK OTTON: Let me ask you something. On the road to owning something,
knowing at the end of the day you will own something up here [unintelligible - 00:00:44]
which you said that was important to you. Is that right? SPEAKER: It is very important
to me. RICK OTTON: And that was important to you why? SPEAKER: Because I want to leave
something to them, I want to give them a secure future. RICK OTTON: Okay. My only concern
about that is along the road to doing that and being able to deliver that, house prices
might go up and down, up and down, how would that make you feel? SPEAKER: Oh, that gives
[unintelligible - 00:01:06] I feel very nervous about it. I think that is why I have kept
renting all this time. It is not that I don t have enough money. I make pretty good money.
I am living in a pretty nice house. I am paying a lot of money for my rent. I am not a very
brave person. I want something, but I don t feel I am brave enough. RICK OTTON: So let
me ask you, right now the money that you pay out in rent given the choice if it was to
go in your pocket or your landlord s pocket, which way would you like the money to go?
SPEAKER: [unintelligible - 00:01:48] RICK OTTON: How fast would you like that to start
going in your pocket? SPEAKER: Like now. RICK OTTON: Now? SPEAKER: Yeah. RICK OTTON: Well
you know, I can make that happen. The only concern that I have that I can start having
that money every month going in your pocket instead of somebody else s pocket, is I guess
along the road, we have a think called life. House prices go up and down. I guess there
is a whole bunch of people who have these big, rich houses all around London that have
been through this journey of house prices going up and down. Here is my question. Do
you think those people who live in those rich houses, would rather hand those houses back
and go back to renting and continue to rent until some stage in the next decade we can
afford two toilets or you take advantage of the opportunity? Now I have got a toilet,
now you can trade up again down the road for that second toilet. [unintelligible - 00:02:39]
I better get it now; I can trade up to that later. What I was now doing was I was selling
you into certainty. Not into a house. That was moving you emotionally. Can you see a
major shift here guys? What is it you want? People don t want the house; people want the
feeling that comes from the house. That is the conversation we are having now. Does that
help in any way? Here is the thing. If I have just said to you that you can go in this house
and tell me down the road whether you want it or not, have I answered the questions sir
about house prices dropping? That was your question. There is no question about house
prices dropping. Are you committed to anything? SPEAKER: RICK OTTON: No. So when people say
the house prices might drop, they do. Do you know what I would be doing if I were you right
now? I wouldn t be buying anything. In actual fact, I had a guy that I recently had a conversation
with a guy that said to me, Rick, I don t want to buy a house right now, the best thing
for me to do is to move into a system whereby I can have a foot either camp. I can choose
the house to keep it if I want it, but if I don t like it and prices drop I can move
out. I was just thinking that it worked out well for the guy in Manchester who was wondering
if the same sort of thing would work here in London. Is that the question? Yeah, that
is what I want. Give me the foot in both camps. We don t do lease options ladies and gentlemen.
We do the full foot in both camps. The strategy which is the lease option, I would like you
to keep that in the bottom drawer about lease options. What you want are the forms that
allow you to keep your foot in both camps. Does that make sense? What do you want to
do? Well I want the forms that allow me to keep my foot in both camps. I can buy [unintelligible
- 00:04:26] or move out and rent it if I want to. Well I will give you the forms and give
you the foot in both camp forms. They are actually technically called a lease with an
option, but we never discuss that in the market place. It is the jargon for you guys. These
are your tools. People don t want to know about your tools. They [unintelligible - 00:04:43]
the market doesn t even know about that. They just want to know that you have a form or
a system by which they can get whatever it is that they want to get in their life. hy25
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Normal.dotm Pamela Finch
Microsoft Office Word Title _PID_HLINKS Microsoft Office Word 97-2003 Document MSWordDoc Word.Document.8