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Jesse James - $1 reserve


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$50,200 with 24 hours to go and 479 watchers. Will be interesting to see what it goes for and whether it might give the market as a whole a jolt of realism. There seem to be a lot that have been on the market a long time.

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Yup same process should apply to the housing market and give those parasites in the realestate industry a poke in the eye.

 

Wish the owner all the best.

Re the housing market. I think a lot are already falling by the wayside. Very little skill and on a gravy train. Best thing that could happen to the real estate industry.

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$50,200 with 24 hours to go and 479 watchers. Will be interesting to see what it goes for and whether it might give the market as a whole a jolt of realism. There seem to be a lot that have been on the market a long time.

I think you could halve the asking price of most of them and they would still be on the market a long time

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Not wanting to thread drift but the latest ploy in the sinking realty market is collusion between vendor buyer and limpet realtor to falsely inflate sale prices achieved.

Shits gonna happen in this wacko house market and at the top end it is already happening.

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Not wanting to thread drift but the latest ploy in the sinking realty market is collusion between vendor buyer and limpet realtor to falsely inflate sale prices achieved.

Shits gonna happen in this wacko house market and at the top end it is already happening.

how? surely they can't change what the buyer pays?

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how? surely they can't change what the buyer pays?

There is a bunch of ways to inflate sales price. Normally between related parties. Involves paying an inflated price, then the vendor making a cash payment to the purchaser off the record, with a cut being taken, etc. 

Its the primary ruse for mortgage fraud. So you can get a 100% mortgage, or to get around 40% LVR's for rentals etc. Works fine in a rising market...

The 40% LVR issue would explain why so many houses are left empty. Got a mortgage on an 'owner occupier' bases, so can't rent it, owner actually resides offshore, just wants the capital gain...

So the reported sales prices, or the % annual increases etc are overly inflated. This would have been most prevalent 2-3 years back or more, when the market was rising steeply.

Easy way to get an asset for free (100% mortgage), with none of your own equity at risk, but everything to gain if the market keeps on rising. If it doesn't, well, go back to where you came from, use your other name, swap passports etc (generally helps if you have more than one passport...)

 

If you are law abiding, or an NZ citizen only, well, tough luck. You might have to work for a living.

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It does happen as fish describes but is very much illegal and I have heard of a handful of instances in the last 10 years (and they were caught) normally involving a crooked valuer and maybe a crooked lawyer as well. But the frequency is not enough to affect anything and not worth getting your knickers in a twist over.

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I am not privy to the exact transaction details that were quoted to me regarding false price reporting but believe me its happening and the rationale behind it is a bit beyond my thinking.

I may well be wrong but can see no controls nor auditing processes in place regarding what prices are disclosed by related parties for property transactions.

At the high end of a slipping market being viewed as selling below cost paid would put a dent in your day.

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