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Profiteering or 'Fire Sale' Auction of repossessed properties ?

20-04-2011 10:24AM

#1

Chiggers

Registered Users, Registered Users 2 Posts: 12 ✭

Join Date: April 2011

Posts: 11

Nice to see the properties described as distressed rather than those who lost them. Is this profiteering ?

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Comments

#2 20-04-2011 10:32AM

chalkitdown

Registered Users, Registered Users 2 Posts: 691 ✭✭✭

Join Date: March 2006

Posts: 653

The people that originally bought or built these properties are the ones responsible for the property bubble, so hopefully they are distressed.

The buyers of the current firesale properties are still going to lose money in the short term.

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#3 22-04-2011 10:56AM

Diarmuid

Registered Users, Registered Users 2 Posts: 3,979 ✭✭✭

Join Date: October 2001

Posts: 3770

What do you suggest they do with the properties? They are more than likely making a loss on the properties. I'd imagine you'd need to be making a profit before you could be described as profiteering

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#4 24-04-2011 11:02AM

Pablo Sanchez

Closed Accounts Posts: 1,207 ✭✭✭

Join Date: May 2008

Posts: 1136

Its not profiteering, the properties need to be moved on for all concerned, might actually allow us to get a true snapshot of values in 2011 as the auction process is transparent.

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#5 24-04-2011 01:15PM

whysomoody

Registered Users, Registered Users 2 Posts: 226 ✭✭

Join Date: July 2010

Posts: 217

Its the same when you buy shares low and sell high.

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