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Question of the Day: What is the ultimate French toast topping?
SA 'obsessed' about property
- Thread starter Mila
- Start date
Mila
Honorary Master
They are Sharks, I have heard about those they make your hair stand up on your head.
BF had the local trailer trash hooligans.
They seem all nice and good for it when you see them and it turns out they are dirty hooligans.Yes and not people you feel sorry for they do the same... And you make them sign their lifes away.
Mila
Honorary Master
+1000000000000000000000000
They need to go to the place where the village idiot is their prez..
Hosehead
Executive Member
For what, ignorance?
If anyone is to blame, it would we banks (finance) and us (greed). Honestly, I dislike estate agents as much as the next guy, but you can't blame them for causing the property bubble.
+1
Mila
Honorary Master
For what, ignorance?
Honestly, I dislike estate agents as much as the next guy, but you can't blame them for causing the property bubble.
Ignorance???.... no my dear they raised house prices to earn more commission.
They played each other by going to sellers and telling them they will be able to get more as the previous agent, and so your neighbour sold his house for R100 000 more and he has 2 nasty bathrooms, you decide to sell and the first agent tell you you can make at least R 50 000 more than that, in the end your house is sold R200 000 over the value and so they carried on and the mark was booming and people were not in as much debt.... They did not explain to house buyers about 110% loans and inflation. They are the reason houses are priced at about double the real value. ( if you go on what the rand is worth. And what people are earning.)
No I was there for 6 months Got the raining wrote all the exams and got the hell out as fast as my feet could carry me, they are all devil spawn. I worked for attorneys and they are a Sunday school picnic with no bugs against these idiots.
Banks? We all know banks want more interest. So yes if you fell for the agent and the sellers price the bank obviously smiled. You were sold poo in a plastic silver wrapping by agents and bond originators. The bank did not lie cheat or steal, that were done by Devil spawn. And you signed and that is a legal binding document. Then the banks get involved.
For what, ignorance?
Honestly, I dislike estate agents as much as the next guy, but you can't blame them for causing the property bubble.
+1 We have a rational person here
McSack
Executive Member
Agreed. sellers set the price they want for their properties ... and in many cases will shop around till they find an agent who is willing to market their property at an over-inflated price. Buyes are just as much to blame when they don't do a bit of research and offer what they think the property is worth.
IMO most SA property buyers / sellers get way too emotional about what is essentially a business transaction
Mila, I find myself mostly agreeing with your POV, but here you are just plain wrong. The principle of a sale is willing buyer, willing seller. Sure, agents punted deals/properties, but they are not sophisticated. They are simply functional tools in everyone's lust for making a buck. Very convenient to blame them.
Explain about "110% loans and inflation"? Most estate agents don't even understand inflation.
Banks are another story, as gatekeepers of the world of finance and risk they have a longer term outlook and have additional responsibility in keeping systemic risk in check. No sale would have gone through without 1) the bank seeing value in the property and 2) the bank being happy that you could afford it and 3) them then approving a homeloan. So, supposedly, there existed a back stop for every deal. This failed. Note, I'm not blaming banks per se , just mentioning that, of all parties involved, they were in the best position to understand and react to the property bubble being created.
In the end we were all greedy, lavishly partaking in the property feast, looking for a quick buck. To blame agents (and lawyers, WTF does that come from
), respectfully, displays a lack of understanding of what happened globally on the financial scene, and locally in our property market.
Mila
Honorary Master
If you have time and money to play hardball in the current market. You can do it. At the moment we have agents not selling not making money so they try to undersell you house to at least make commision. But at least this might make a difference in the market of inflated prices.
Firstly a person has to be under a certain miss conception what his house is worth. For that to happen they have to know of a neighbour or friend who has sold their house for a certain amount.
If a agent feel you house is over priced they take it on and just do not take buyers to it. And if they do they use it to show people what they can pay for this type of property and then they take you tho the cheaper once and show you how much more you can get for less.
We have seen about 500 houses and agents will tell you the house is over priced and you should make the owner a offer for an amount. They will either get desparate to sell or take it out the market.
You have no idea the things they do. They work with other agents to screw you if they have to make their money.
McSack
Executive Member
My dear you have somehow only been dealing with some skollie, kokka-lollie, fly-by-night agents.
Look out for a professional agent who has been working with a reputable agency for a few years and stick with them. You'll find that if you deal with only one or two reputable agents instead of whoring yourself out to all and sundry to see 500 properties, you'll receive good advice and land up getting a fair deal on a property you'll be happy with
Seems to me you are a big part of the problem in this equation
Mila
Honorary Master
Mila, I find myself mostly agreeing with your POV, but here you are just plain wrong. The principle of a sale is willing buyer, willing seller. Sure, agents punted deals/properties, but they are not sophisticated. They are simply functional tools in everyone's lust for making a buck. Very convenient to blame them.
Explain about "110% loans and inflation"? Most estate agents don't even understand inflation.
Banks are another story, as gatekeepers of the world of finance and risk they have a longer term outlook and have additional responsibility in keeping systemic risk in check. No sale would have gone through without 1) the bank seeing value in the property and 2) the bank being happy that you could afford it and 3) them then approving a homeloan. So, supposedly, there existed a back stop for every deal. This failed. Note, I'm not blaming banks per se , just mentioning that, of all parties involved, they were in the best position to understand and react to the property bubble being created.
In the end we were all greedy, lavishly partaking in the property feast, looking for a quick buck. To blame agents (and lawyers, WTF does that come from
You have to go to courses and write exams you pay to be part of the estate agent board. If you cannot explain it in your verbal exam you fail and have to do it again. You know how inflation works they just rather keep it quiet and play stupid. No that I’m just a stupid house agent thing is an act they use. And if you do not ask they do not volunteer information. Why should they? They just want the commission.
Yes its better now but I was in that sector in the boom where everybody was buying and buying the debt were low and the market were stimulated by the inflation that went down from 17% to 6%( i cannot remember the correct amount).
Banks were told to loosen their lending requirements ( by guavament) to help the middle class.
I saw people signing away their total monthly disposable income and not thinking about inflation, utilities, food, petrol for that matter... And knowing the seller raised his prise 4 times before putting it in the market at the last agent , I was horrified. And agents smiled all the way to the bank..They have no responsibility to you once they convinced you to sign.
Imagine seeing your dream house, it’s R200 000 over budget...that house was in your budget before the agent inflated it and added his commission. They made it fit. I Saw horrible houses sold to first time buyers for hundreds and thousands over the worth. What is the first thing you tell an agent? Your budget. And they took only to houses that were inflated.
Mila
Honorary Master
If commission was set on R 5000 per house no matter the area or size of the house. I promise you house prises would have been different now in the present.
What banks did was give people second and 3rd bonds on these houses, people did not make improvements and bought houses cars and toys. ( in one case boobs) Now we have auction houses where you pay for things you are not getting with the houses. Yes and 110 and 120 % bonds were not a good idea. But hey the guavament said give the people money and they did.
Yes banks are sharks. But if agents were on your side they would have protected you.
And yes it’s not that bad now since they rather earn a little commission as to none. Those days they just moved to the next buyer. Yes and the sellers made big bucks back then selling your house you bought for R98 000 ten years before for R980 000. ( oh yes that is where sars also got on the band wagon with capital gains taxes.)The buyers .. well yes like I said you cannot take the boobs back to the doctor.
What banks did was give people second and 3rd bonds on these houses, people did not make improvements and bought houses cars and toys. ( in one case boobs) Now we have auction houses where you pay for things you are not getting with the houses. Yes and 110 and 120 % bonds were not a good idea. But hey the guavament said give the people money and they did.
Yes banks are sharks. But if agents were on your side they would have protected you.
And yes it’s not that bad now since they rather earn a little commission as to none. Those days they just moved to the next buyer. Yes and the sellers made big bucks back then selling your house you bought for R98 000 ten years before for R980 000. ( oh yes that is where sars also got on the band wagon with capital gains taxes.)The buyers .. well yes like I said you cannot take the boobs back to the doctor.
Mila
Honorary Master
I sat on the board on the gauteng of agents agents. A good agent is one that will work for no commision.
They are all skollies looking at their own pocket. They do not feed your children and they do not care. Just like a car salesman they ask you the most and if you can not afford it after two months, who cares. The problem is not now the problem is was 4-6 years ago when we all thought it was going great, yes now most people are wary. I tell you when times are good people did stupid things.
House prises are inflated by agents who competed for the most commission and banks with slack lending requirements set up to help PD people. But firstly you sign the deal with a person that wants to make the most money out of the least deals.
But That is IMO. Lawyers and banks are liable to someone or something. Estate agents... they are slimey like fish and are the last once we blame for a problem they created.
But lets stop.
Mila
Honorary Master
At least we are in agreement with our general disdain for estate agents.
I'd also like to add telemarketers, traffic cops, liquidators (the worst) and airline personnel to that list.
Yes yes I hope this new consumer law helps a bit. I hope!!!
On this topic, I'm not familiar with owning any property myself so i was hoping someone will give me a good insight as to why most people prefer buying these dilapidated houses in suburbs as compared to building your own house? no 2 Most people build big nice houses for a reasonable amount in rurals. even if you factor in the cost of delivery(most of those companies are based in town) and plot, it still doesn't add up according to my calculations.
remybfg10k
Expert Member
Thread Necro :wtf:
Sonic2k
Executive Member
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Correct. In South Africa, where just about 8 in 9 landlords are arseholes, you're better off owning your own house in the long run
An old house, fixed up, is more likely to last than a new house built by today's standards.
This house of mine, the walls were built so well, its a mission hanging pictures, masonry nails bend, and drill bits break. My previous house, started cracking and the walls were soft like drywalling, put a nail in and eventually it came out, several pictures eventually fell off the wall.
Also, the houses made today are flippen broom cupboards designed for single person, whereas the older houses have the space you need.
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