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Mortgage Broker News | 11 Feb 2016, 08:15 AM Agree 0
Real estate officials to look into allegations of shadow flipping in the Vancouver housing market
  • Angelica | 11 Feb 2016, 11:32 AM Agree 0
    it should be quite simple, make it illegal to reassign a real estate contract prior to close of the existing sale.
    Also, why is it that cash sales can happen without verification of funds. We as Broker's need to account for every penny, lawyers who assist cash clients should also have to account for funds. Great way to launder money.
    Another idea for Vancouver, which we use in the National Parks is a need to reside. That would cool things down in a hurry.
  • Michael | 11 Feb 2016, 12:40 PM Agree 0
    But who is holding a gun to anyone else's head and making them pay the inflated price?

    Not that I do this myself, but if I've negotiated a 15% discount from the true market value on a house and wish to on-sell the out has contract at or closer to the true market value, how is my negotiation and deal finding skill a disservice to anyone?

    If I price the resale above market value and it doesn't sell, then that's my problem, and I'll have to adjust to the point where someone will offer what I'm willing to accept.

    Free and informed buyers and sellers of any type of asset will determine the agreed value being exchanged, or no transaction will take place.

    Is it ripping off the buyer if I sell a house for $1,000,000 that they can turn around and sell for $1,000,000 (or more) tomorrow? Yes, Vancouver is in a skyrocketing price market, but it is ONLY because there are people willing to pay those prices, because that's the current agreed value being exchanged.
  • Raymond Green/Mortgage Broker | 11 Feb 2016, 10:18 PM Agree 0
    clients be like i buy you buy i he buys and the lawyer ok everyone in my office i need proof
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