Fire sale properties, BEWARE

[madmax2]

I was involved in the real estate industry at one stage as a salesman and all the settlement agents recommended by the agents i worked for were separate independent businesses and the real estate agents had no financial interest in them

Never met or new of a Estate agent who recommended a law firm to their clients ever for property settlement purposes  

[NamKangMan]

10 hours ago, madmax2 said:

registered agents in Australia always do a title check in the lands dept before advertising a property for sale, its standard practice to check out ownership and debts against a property which are registered on the back of a title deed

Its due diligence and title search to make sure the seller is the registered owner and to make sure they are not involved in fraud of any kind

My son is a registered, qualified and licensed real estate agent and my father was also

 

Agents do value properties for sale in the areas they specialize in, even licensed valuers ask local agents their opinion of a property to establish their written value on it, this is a fact,not guess work

 

At least 90% of people in Australia use a registered settlement agent to handle the sale and purchase of a property the system has never changed in at lest 40 years, only mugs use law firms which charge a lot more for exactly the same service, these same type of persons are experts about nothing, just like to think they are especially on the internet, called trolls

 

NKM is  not a Australian 55555,  why do you keep giving your opinion about things of interest to Aussies then, tax etc, or should i say repeating other peoples opinions that you think are accurate 

 

Agents and the farang salespersons i have met here quite often do not even inspect a property before offering it for sale

A perfect example of this is a property we were told about by a salesperson, when we went to see it her fire truck was parked out front, the house had cracks in the walls floor/foundation and the ceiling of the living area, a footpath attached to to side of the house was subsiding and had broken away from the side of the house and the boundary wall had cracks in it

The swimming pool was like a duck pond and you could not see the bottom so it was probably cracked as well

I asked her if she had inspected the property before offering it for sale and she said she had, needs to get her eyes checked in my honest opinion

 

Only worth the value of the land after you deducted the cost of demolishing the house on it and refilled the land to make it stable 

 

"NKM is  not a Australian 55555,  why do you keep giving your opinion about things of interest to Aussies then, tax etc" - because I worked there for a while (paid tax) and whilst I was working there, I bought a property (Real Estate)  Also, I have a son living in Australia - he's not to an Australian National.  We talk regularly about his life, and lifestyle there.

 

I can't comment on visa laws for Australia because it was a while ago, and the company took care of everything.

 

"or should i say repeating other peoples opinions that you think are accurate" - example please????

[NamKangMan]

7 hours ago, madmax2 said:

I was involved in the real estate industry at one stage as a salesman and all the settlement agents recommended by the agents i worked for were separate independent businesses and the real estate agents had no financial interest in them

Never met or new of a Estate agent who recommended a law firm to their clients ever for property settlement purposes  

 

 

"Never met or new of a Estate agent who recommended a law firm to their clients ever for property settlement purposes" - are you suggesting the Real Estate Agent lists, advertises, markets, sells, performs due diligence and advises the purchaser, accepts the deposit monies, and then the settlement monies???? 

 

I don't think so. 

[madmax2]

No they do not except the settlement monies, the settlement agent does that

A good agent does everything else, just shows how little some people know about subjects they like to post on in forums

[NamKangMan]

On ‎13‎/‎03‎/‎2017 at 0:40 PM, madmax2 said:

No they do not except the settlement monies, the settlement agent does that

A good agent does everything else, just shows how little some people know about subjects they like to post on in forums

 

You can personally attack me all you like.  I am only posting of my experience when I purchased a property in Australia. 

 

Question:  How can the Real Estate Agent "do everything else" particularly, performing due diligence on the property, when they receive a commission on the sale of the property? They clearly have a conflict of interest.

 

Next, you will be saying the Real Estate Agent also does the pest and building inspection. 

 

Please post some links to some of these "Settlement Agents" in Australia, preferably in New South Wales.

 

During what years were you a real estate agent, and what year did you buy and/or sell the last property you owned?

 

Edited March 17, 2017 by NamKangMan

[Old Croc]

16 minutes ago, NamKangMan said:

Please post some links to some of these "Settlement Agents" in Australia, preferably in New South Wales.

 

https://www.google.co.th/search?q=nsw+settlement+agent&ie=&oe=#spf=1

[NamKangMan]

36 minutes ago, Old Croc said:

https://www.google.co.th/search?q=nsw+settlement+agent&ie=&oe=#spf=1

 

The first one on the list, Sydney Settlement Agents" says, "We are a professional city based agent with over 30years experience in the legal industry."  NOTE: "the legal industry"  Sounds like qualifications in law are required. 

 

Come to think of it, my property had to be surveyed.  I don't remember the Real Estate Agent getting a tripod out of his car and surveying the property.

 

 

[madmax2]

4 hours ago, Old Croc said:

https://www.google.co.th/search?q=nsw+settlement+agent&ie=&oe=#spf=1

The troll thinks claiming to have 30 years experience in the legal industry means you have a law degree

He does not know about law clerks, legal aids and legal secretaries among others with many years of law experience and do most of the work in a law businesses 

Ignore him as i intend to do in future and hopefully he will go back to sitting at his regular table in the back corner of a girlie bar

[NamKangMan]

5 hours ago, madmax2 said:

The troll thinks claiming to have 30 years experience in the legal industry means you have a law degree

He does not know about law clerks, legal aids and legal secretaries among others with many years of law experience and do most of the work in a law businesses 

Ignore him as i intend to do in future and hopefully he will go back to sitting at his regular table in the back corner of a girlie bar

 

So now it's a lawyer's secretary who signs off on the settlement. She has the legal qualification to do so, does she????

 

From your Post 28.

 

"The agent does a property search and due diligence at the lands dept and finds out who actually owns the property and who else has a interest in it" - they may do a title search to make sure the vendor is in a position to actually sell the property, but NO WAY does the agent perform "due diligence" on behalf of the purchaser.

 

"The real estate agent arranges a settlement agent for the property who is not usually a law firm but a company set up to handle other peoples property settlements" - rubbish.  Why would you go to a company the agent suggests????  Could it be, so the agent gets a secret commission????  Most people go to a law firm and engage the services of a solicitor, who specializes in conveyancing.

 

From your Post 31.

 

"Agents do value properties for sale in the areas they specialize in" - no, real estate agent give "a market appraisal."  They are not qualified registered valuers.

 

"licensed valuers ask local agents their opinion of a property to establish their written value on it" - they may do, but this would be unprofessional, as they know the agent has an interest in the sale.  Registered valuers mainly rely on "comparative sales" in the area, and their professional opinion can be called upon in a Court, so, they need to justify how they came to that value.  They simply can't say, "The agent told me it was worth that figure." 

 

"At least 90% of people in Australia use a registered settlement agent to handle the sale" - rubbish.  Please quote a source.  

 

"only mugs use law firms which charge a lot more for exactly the same service" - must be a lot of "mugs" in Australian then because just about every law firm offers a conveyancing service.  

 

From your Post 36, and this gave me the best laugh.

 

"A good agent does everything else" - like the two examples I gave, pest and building inspections and surveying.   

[grumpyoldman]

Reminds me of the time an English bloke took over (leased) a Muay Thai camp on Samakee 2, then "sold it" to another for a few million thb. Soon as he had his money skeddadled before the buyer (obviously had sustained too many kicks to the head) realized he didn't own diddlysquat.

 

Dodgy property deals in Phuket (?), NOOO, say it's not so !