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Are estate agents/valuers/auctioneers highly culpable for our current woes?

  • 06-03-2011 10:27am
    #1
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,460 ✭✭✭


    Well?

    Didn't they, through their valuations on property transactions circa. 2007 - 2007 get it wrong on a massive scale!?! Isn't alot of our current fiscal problems tied to the loans associated with these transactions?

    Don't these guys have professional indemnity insurance? Could it not have been called in? What else is it in place for!??!

    Also, now with NAMA, there is reliance in the "long term economic value" - this term was invented by NAMA no?

    Was it around when these professionals were over-valuing and essentially playing their large part in shifting a huge burden to Irish taxpayers?!


Comments

  • #2
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    Don't shoot the messenger.


  • #3
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,460 ✭✭✭Slideshowbob


    P. Breathnach wrote: »
    Don't shoot the messenger.

    Ahem, in some cases, more than messenger, Valuer!!!

    I'd say the Irish Times property sections were more like the messenger !!

    Isn't it the case that in a property transaction both sides AND the lender will get valuations carried out as part of due diligence!?

    Or can you tell me if I am wrong on this?


  • #4
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    Most homes were sold to highest bidder.

    So the second-highest bidder sets the price.

    Rabble rabble! Jail the second highest bidders!


  • #5
    danbohan
    Closed Accounts Posts: 1,914 ✭✭✭danbohan


    3DataModem wrote: »
    Most homes were sold to highest bidder.

    So the second-highest bidder sets the price.

    Rabble rabble! Jail the second highest bidders!

    Rabble rabble! Jail the second highest bidders!

    finally a man with the correct answer , find them and hang them . are there no fjukin mirrors in any of our 300k+ negative equity houses


  • #6
    themadchef
    Closed Accounts Posts: 5,813 ✭✭✭themadchef


    Slideshowbob wrote: »
    Well?

    Didn't they, through their valuations on property transactions circa. 2007 - 2007 get it wrong on a massive scale!?! Isn't alot of our current fiscal problems tied to the loans associated with these transactions?

    ...but everyone involved in the chain got it wrong? The builder paid crazy money for the labour, materials and fixtures and fittings, the developer paid crazy money for the site, the auctioneer had a queue of frenzied people in some areas lining up to borrow insanely and pay even more crazy money for the matchbox finished product.

    "Sure everyone's making money, life's good, look at the silly people not buying and selling and getting rich"..Wasint that the attitude?

    When the bottom fell out it was like watching people come off a bad acid trip at a rave. Everyone looking around confused, worn out and spent out.

    You're wasting your time IMO trying to figure out where most of the blame lies. Chicken, egg.


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  • #7
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,460 ✭✭✭Slideshowbob


    themadchef wrote: »
    ...but everyone involved in the chain got it wrong? The builder paid crazy money for the labour, materials and fixtures and fittings, the developer paid crazy money for the site, the auctioneer had a queue of frenzied people in some areas lining up to borrow insanely and pay even more crazy money for the matchbox finished product.

    "Sure everyone's making money, life's good, look at the silly people not buying and selling and getting rich"..Wasint that the attitude?

    When the bottom fell out it was like watching people come off a bad acid trip at a rave. Everyone looking around confused, worn out and spent out.

    You're wasting your time IMO trying to figure out where most of the blame lies. Chicken, egg.

    Can you show me where any building fitting has reduced in the same proportion to say a site like the Glass Bottle site 410m to 60m?


    I know blame can be passed all around as per http://www.boards.ie/vbulletin/showthread.php?t=2056069009 but aren't valuers etc supposed to be professional and experts?


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