There was an article in the Age today –
http://www.theage.com.au/articles/2004/06/22/1087844937815.html
Does this sound like unconscionable conduct? Was the problem here that they did not discuss the actual purchase price? When you do a wrap should you ALWAYS be frank with the wrappee and explain how much you actually paid?
No, this is not a wrap!! It’s just a plain ordinary rip-off.
Actually, it sounds similar to what you here about those companies that fly people up to Queensland and put the pressure on them to buy straight away without having looked at any other properties.
You know, just like this lady, you don’t get the opportunity to look in any other estate agents, and they sign you up with their solicitor quick smart!!
Unfortunately, it’s really a case of “let the buyer beware”….. because maybe if she’d had a look at properties on the internet or in a newspaper she’d at least have a rough idea what a house in Warracknabeal was really worth.
Too easy to get ripped off in this world!! [hmm]
Lozza
No this is not a wrap, it is a flip. Unconscionable conduct, yes on the vendors behalf, unconscionable stupidity, yes on the buyers behalf.
When you do a wrap should you ALWAYS be frank with the wrappee and explain how much you actually paid?- No, why should you?
a true win win outcome…
gross stupidity wins twice
the real victim is commerce – and now its legislated that profit can be too much….
i’m not condoning the sharks in any way shape or form – but i do believe in an economy that allows trade and profit at whatever the sustainable level may be.
also, as the purchase was in 2001, does anyone know what sort of appreciation has occurred in the meantime? (town was Warrackna….something or another, sorry, have no idea were this place is)
cheers
brahms
If you don’t ask, the answer is no!!
Sad how some people need to call the victim in this scam stupid. Seems she tried to get outside knowledge but was prevented from doing so. Anyhoo, I guess victims are often called stupid. I remain unsurprised at the response.
kay henry
the article states this group purchased 30 properties for an average of $20772 and re sold them for an average of $48433.
i didn’t see any mention of the time frame nor does it state the current value of the property. these omissions may distort the reality (the property may be worth $75000 today!!).
kay, at what time in history has paying twice the market value for a product not been classed as stupid (or uneducated if this is a more palatible word – pls no definitions required as i have a dictionary)
my main concern is the legislative or common law implications rather than an unfortunate and unconscionable event.
cheers brahms
brahms, I don’t use the word “stupid” about anyone… and certainly not a victim as a scam as stupid. It’s just the way one sees things in the world.
kay henry
Brahms I am not going to “tisk tisk” your use of the word “stupid”. On the contrary, much to the dismay of some, BUT…..unfortunately, I do not see this person as a “victim” per se. If one does not do their homework, IMO they cannot justifably call themselves a victim of someone else’s wrong doing, but rather they are a victim of their own ignorance.
And perhaps the most unfortunate part of all, especially in this instance, is that ignorance is often accompanied by stupidity!!
No offense intended to anyone, just giving my opinion.
Jo
I agree with Monopoly!
Although this woman was shown the proeprties on a Sunday, she could of always rang up an agent on Monday.
Saying that though, look at how small the profit contingent is:
“30 properties in the area for an average of $20,772 and sold them for an average of $48,433.”
That would of been ALOT of work for not alot of money! They probably should of rented them out instead!Rgds.
Lucifer_au“30 properties in the area for an average of $20,772 and sold them for an average of $48,433.”
I dunno Lucifer, it sounds like a lot of profit to me… How many hours of “work” do you figure it would have taken?
And, people, re calling someone ‘stupid’- haven’t we all, at some time in our lives, been a ‘victim’ and later wished we had checked out things a bit more thoroughly, or wished we had not trusted a certain person because we found out that person wasn’t worhty of our trust?
Did you class yourself as a stupid person after making that mistake?
We all make mistakes…it’s part of life!Celivia
If people rip me off, I don’t see it as my mistake at all. I expect people to do the right thing by me. I expect each party to any transaction- be it RE, or going to a doctor, or anything at all really.. to do the right thing by each other.
Remember, the vendor also LIED by saying the property would be snapped up, even though it hadn’t sold for many years.
Honesty and transparency never made people poor. I’m glad the counrts found in the lady’s favour. I guess that’s why we have regulation… so that a neutral arbiter can decide based upon the facts, precedent, and the laws surrounding notions of unconscionability in contracts.
kay henry
Originally posted by kay henry:I expect people to do the right thing by me.
Amen!!! [angel] But sadly, this is not always the case. My stance is simplier; I treat people the way I would like to be treated; I hold no great expectations of them; therefore minimise the chances of disappointment. I return common courtesies and trust(hope) that they do likewise……but when it is not forthcoming, I take this as an instinctual warning and retreat to safer groundHonesty and transparency never made people poor.
True, but it does make them vulnerable to those of lesser virtue.
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