Why Real Estate prices are so high.

Well, this is a disgrace...a bloody disgrace....
Went to a few auctions over the weekend and I was totally staggered by the illegal, underhanded,
fraudulent actions of real estate agents attempting to sell a property.
Bidding stalls at a property at lets say $700,000....looks like it'll be passed in....
Auctioneer confers with vendor...
Then announces a "vendors bid" of $800,000...!!!
Hang on...what happened to $700,000....this is bullsh!t.........
Much to my surprise...I almost fell over....some punter bids $810,000.....
Im serious...deadly serious.....
And bidding starts again and the property sells for $850,000.....
The bid for $800,000 was an illegal bid....the vendor is not going to buy his own
property for $800,000.....this absolutely stinks.....
And guess what....for every auction I attended this weekend...vendors bids were
put in by the auctioneer.....
I would be extremely surprised if the State Governments were not aware of this
unscrupulous practice...why...because of the increased stamp duty they collect.
I cannot understand the gullibility of people who piggy bank onto the vendors
bid and keep bidding.....
Of course extra bids do not occur in every action...some properties get passed in...
But this practice is straight out bloody fraud..........
Id be laughing if it wasn't so criminal....

 

Me thinks, you need to find out more about how Auctions work, rather than complaining of your ignorance of such.

http://propertyupdate.com.au/vendors-bids-auctions-explained/

Hope that helps

 

Im not ignorant...I was there...the whole gig is a sham.....a bloody sham....

 

And yet everyone blames unemployed people...

realtors are the scum of the earth.

 

What amuses me is that the real estate agent will go to a vendor where the property is not for auction...with
a bid of say $100,000 under the required price and say.....wait for it....
"I think you should take this offer, as its a good one, and you might not get another one...you can only get what the market gives you.....".....compare this the the auction scenario....hypocritical.....straight out lies......
The whole real estate gig is a bloody scam.....the agent attacks the weaker side...the vendor or the purchaser...just to get a sale......a scam...a bloody scam.......ned kelly was a gentleman......

 

Bottom line, vendors should not be allowed to bid. It's fraud in every sense of the word as far as I'm concerned but legal. And it's the stuff that happens when a property is passed in and negotiations break down. Agent discloses max auction bid, which could have been the vendors and 50k over genuine bidders price. All of a sudden post auction, prospective buyers are thinking they've got a good deal. If you cut out vendors bid you cut out lots of dodgy Sh!t. Unless your extremely desperate to own the property, I wouldn't bid any further than the vendors first bid. In NSW's I'm sure Vendors can only bid once, maybe twice.

 

Yeah..this was in Qld, on the Gold Coast...Ive never been to a house auction before....
Ive bought and sold houses through my life...never by auction.....
I thought Id toddle along for something to do......
I nearly fell over.....
I got back into the car after the first auction and said to my mate..
"What the (*)(*)(*)(*) was that...."
"That, mate...." he said...."was a scam....a bloody scam...."
We went to a few more.....unbelievable....

 

This all forces the price of everything else up too.

what a mess.

 

It's not a scam, its just so the owner can pass it in at a price which they think reflects the value of the property.

It's not forcing anyone to bid, its just trying to get a higher price. If its too much, don't bid.

https://www.qld.gov.au/law/housing-...home/ways-to-buy-your-home/buying-at-auction/

What is really funny is when the person who had bid the most before the vendor bid, makes the first bid after a vendor bid - as that is throwing away money because they hold the trump card for post auction negotiation - many times a seller will rather negotiate after an auction with the highest bidder to try and sell it anyway.

The reason prices are high is because people are paying that much for them. Real Estate is like any market, you need to be aware of it before just wandering in, else you'll find yourself at the wrong place doing the wrong things and not getting what you want or getting something you cannot afford.

At the end of the day this is all because people are earning more, and if you think that is bad then what are you suggesting? That people should earn less!?

 

I always thought that under corporations law and taxation law it was a fundamental premis that you could not deal with yourself. This would make bidding on your own property illegal or at the very least the bid would be null and void.

 

Oh crap...
If the bidding stalls...then thats the price the market is dictating that the property is worth..
The seller may have a higher value in mind, but that opinion has and always will be influenced
by the agent acting for the vendor.
Its all a scam and everyone knows it.....
Tell me this...
Why is it that some vendors are told "thats a good price...there might not be another offer..."
and some sellers are told..."if you can come up a bit youre getting close...."
Or better still...."I have another buyer interested in the property"....when in actual fact there
is no actual buyer...its just a scam to get the buyer to come up in price........
Ive been there....Ive seen it happen....
Dont tell me its all legitimate....
Ive seen real estate agents at work from both sides......I wouldnt give them the smell
of my @rse........

 

Haha, you gotta be realistic though, the Agent's working for the seller first and foremost. Seriously. Do I need to tell you with so much 'experience' that agents deliberately will speak in vague terms just in case the person listening is foolish enough to believe vague pieces of information - as the whole damn process is about getting as high a sale price as possible.

How counter-productive to that job would it be if they made the truth perfectly clear to all bidders - its stupid to suggest it. If bidders had full knowledge of the level of interest then they would be able to get it for the lowest price each time. That is also just unrealistic to expect it would be possible as people will often go beyond what they were planning to spend because they really want it, probably even more so when the other bidder is there at the auction.

So the alternative is nonsense, but anyway, you see you cannot prove there isn't another interested buyer, or maybe the interested person is real but has nowhere near enough money - they are still 'another buyer interested in the property'. If you think about it everyone has a price they would be willing to pay for a property, it might only be $10 bucks but they would be interested in it at that price, for example if you don't get my point.

So they can say stuff like that without it being false. So how do you define legitimate? Go listen to the things said and you will quickly realize the foolishness is not coming from the agent, the agent is just letting people create their own dialogue by filling in the gaps and being open to suggestion. The agent in those situations is being clever in his/her duty to the seller.

You shouldn't give your @rse away so easily to begin with mr magoo. Don't let the agent take it, that would be backwards to the purpose of buying, which is to get the property as cheap as possible and you can tell the agent whatever you like to that end.

 

More absolute bullsh1t from someone who sounds like a real estate agent himself.....

 

I go to a lot of animal auctions here in the states and I feel your pain.

I just set a price I am willing to pay and if it goes higher I pass.

I don't think I have seen an honest auction yet. We call it a "good ole boys" club.

 

Good to hear from you....I am a Lynyrd Skynyrd fan from way back

 

Well, that says it all doesnt it.......youve just admitted agents are liars......

 

Saves me from replying. It's a scam, legal fraud or whatever else it could be described as.

 

Speaking in vague terms is not lying, its misleading to some extent but since it cannot be measured the burden on decision making is on you, not the agent to try and generate the impossible, which seems to be what you expect them to be able to do. I've explained it to you, if you don't get it then it explains why you find it annoying.

 

What I dont get is you admit that theyre lying.....
What I dont get is their total lack of integrity just to get a sale...
What I dont get is the unethical manner in which they conduct their "business"
What I dont get is you continue to defend them as though you are an agent yourself...
What I dont get is that they are permitted to do as they please with no code of conduct whatsoever
What I dont get is their slimy "Im your friend" attitude when all they want is your money..
What I dont get is their total lack of sincerity..
What I dont get is when you put your house on the market for say $700,000 or over they have
the audacity to come to you with an offer of $620,000
What I dont get is when you facerip them and tell them to wake up and come back with a decent offer....
guess what...you dont hear from them again, as they have other houses to sell......
Need I go on.......

 

New to salespeople are you?

Not quite, I said they were vague and let people read more into what was said then was said.

They are working for the seller. Perhaps you've never sold, but if you were selling you'd want them to get as much as they legally can. Just learn the laws and work within them - that's what most agents do. Not there fault dingbats get caught up in the emotion of it.

Yea, well ethics is a grey area. They work a lot of hours and so when its time to make a sale they have a lot riding on it. What matters is legality.

Nah, I'm not. But I've been around enough property transactions to know how it goes.

What use is that unless it is held up to all agents - which makes it basically a law. Hence why the law is what defines the limits of conduct. Just learn the law and you'll know where you stand. Complaining about your own ignorance says nothing about real estate agents conduct.

It is their job, they are sales people.... its pretty normal for sales people. All sales people are in it for the sale, its why they are called sales people. Do you really expect them to be angry with potential clients, that would be a ridiculous suggestion if that is what your point is.

It's a bit of peddle to make people buy for more then the want, and sell for less then they want. Real estate agents make enemies out of everyone because they have to make things work which otherwise would not. At the end of the day the buyer and seller are responsible, but they use the agent to vent against.

Because its what someone offered, and you might be interested in selling it for less if there is no other interest. You can always tell them not to bother with offers below your required price, but its normal for them to tell you all offers so you can make an informed decision as the seller. Again, nothing wrong with that.

Haha, yea, buyers dont grow on trees. The agent does not get paid until and 'if' it sells, so they are working for free until then. If the seller is a dikhead then the agent might think they are going to make a sale very difficult or impossible, so they might lose focus on your property BUT you know what, you choose the agent and you can change the agent. Don't blame the agent if you treat them like scum and they treat you the same way.

 

So you went to all that effort just to reinforce it was a scam and what motivates these scammers to do what they do. We already knew that but what we don't get is why they allow it. Just because cigarette smoking is legal doesn't make it right! Just because someone's in a wheelchair doesn't mean you should steal their wallet and run!

 

Youre starting to bore the crap out of me.....

 

You think I'm here to entertain you! That says a lot.... no wonder you whinge like a babe when the world doesn't adhere to your limited view of things. What will you do when I do bore you, please start now for my sake.

 

OK thanks for that...