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@taniwharugby same holds true if you smash a shit load of beers too ...
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@MajorRage more likely cant instead of don't need to....
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My mates a chippy in Queensland and he swears there's a firm there called " we don't surf builders" because of the amount of tradies that down tools when there's decent waves people hire them thinking that they'll turn up regardless of the swell.
It's all a lie though, even the boss actually surfs.
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@taniwharugby personally I've never been in a position to pull the sort of crap I've seen mentioned in this thread .
I'd sure like to be though.
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If you were this dumb would you go to the papers and tell the world?
http://m.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11837914
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@jegga said in Housing hornets' nest:
If you were this dumb would you go to the papers and tell the world?
http://m.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11837914
Probably not, but they obtained a valuation, so I'm left wondering whether they sold below value, or the valuer got it well wrong.
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There have been plenty pf examples of this...it's a sellers market and if people want to do that and people will pay, there isn't anything illegal....although do they have to pay tax on the money they made?
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@Godder said in Housing hornets' nest:
@jegga said in Housing hornets' nest:
If you were this dumb would you go to the papers and tell the world?
http://m.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11837914
Probably not, but they obtained a valuation, so I'm left wondering whether they sold below value, or the valuer got it well wrong.
Probably both. Odd way to sell a house .
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@Godder said in Housing hornets' nest:
@jegga said in Housing hornets' nest:
If you were this dumb would you go to the papers and tell the world?
http://m.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11837914
Probably not, but they obtained a valuation, so I'm left wondering whether they sold below value, or the valuer got it well wrong.
Valuations are no indication of value at that moment because the market was appreciating so much. They should have gone to auction. That said flipping seems to be a real thing right now
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not to mention how much guess work goes into valuing right now...
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@taniwharugby said in Housing hornets' nest:
..although do they have to pay tax on the money they made?
Yes. It should fall under the Brightline test introduced in October 2015. Given that the details are all in the newspaper probably would be wise to pay it too.
As I understand it property transactions by "traders" have actually always had taxable profits and a capital gains tax has always been there in a sort of hidden form. It isn't well known because most people only sell the family home.
All of the comments above are true about valuers in my recent experience. One I had done recently, he had an incorrect number of bedrooms and bathrooms in the house and compared sales that were many KM away and over a year old. Needless to say I have taken his indicative price with a huge grain of salt.
As for auctions, they really only work if you are lucky enough (as a seller) to have 2 interested parties that are able to pay cash, unconditional on the day. That can limit the market somewhat and if you are selling a house you really should have some idea of what it is worth. To be 27% out, well...
Housing hornets' nest