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tdma800
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Re: The real estate technique fuelling Vancouver's housing m

Fri Feb 12, 2016 3:56 pm

taxing the flipping would bring in more revenue and reduce the problems
 
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jesse1
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Re: The real estate technique fuelling Vancouver's housing m

Sat Feb 13, 2016 5:47 pm

What matters is what other taxes are paid to contribute to our local society. A local family may earn $100,000 income. Between income taxes & GST/PST on consumption this family may pay up $40,000 in total taxes.
The foreigner will only pay GST/PST & no income tax.
It probably isn't relevant that the gains an owner-occupier receives are tax free. So pardon me if I'm a bit forgiving in assigning outrage to those who fail to "contribute to our local society".
There is no shame in overpaying
 
reallyreal
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Re: The real estate technique fuelling Vancouver's housing m

Sun Feb 14, 2016 5:19 pm

With respect to the "technique" that is getting sellers all bent out of shape, I remember something I learned a long time ago is that "there is no such thing as a free lunch". You want a long close - sure, pay me more for that benefit. You want to assign the contract - great, just need my permission to do so (you find a higher price on a flip, I will let you assign it for a price).

The problem with buyers is that their realtors don't give them practical advice. Why on earth would I allow a long close for free? Makes zero sense.
 
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jesse1
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Re: The real estate technique fuelling Vancouver's housing m

Sun Feb 14, 2016 6:00 pm

The long close was probably because it was the highest bid so yes there's a price. But yes Realtors are getting a pass not informing their clients about assignments. Any RE lawyer would point that out in a flash. But apparently paying $1000 for some legal advice is just too much for a $3million transaction.

I'm having a really hard time finding sympathy for the seller here.
There is no shame in overpaying
 
reallyreal
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Re: The real estate technique fuelling Vancouver's housing m

Sun Feb 14, 2016 7:29 pm

The long close was probably because it was the highest bid so yes there's a price. But yes Realtors are getting a pass not informing their clients about assignments. Any RE lawyer would point that out in a flash. But apparently paying $1000 for some legal advice is just too much for a $3million transaction.

I'm having a really hard time finding sympathy for the seller here.
I don't have sympathy for anyone really. Least of all the realtor.

But I guess the question is how much is the long close worth? More than a couple of thousand if you ask me. But how much is the best offer better than the 2nd best? The long close adds risk to the seller - what is that risk worth? I doubt the seller has thought it through.
 
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Dragonslayer
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Re: The real estate technique fuelling Vancouver's housing m

Sun Feb 14, 2016 8:44 pm

It isnt Rocket Science. ...If it triggers a commission make it a Law that it should trigger a contract transfer tax that can be used as a credit against the property transfer tax
 
JasonBugra
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Re: The real estate technique fuelling Vancouver's housing m

Thu Feb 18, 2016 2:18 pm

Is that the actual problem though?
Allowing Realtors to double end deals is about to become a thing of the past.
Daisy chaining should be outlawed too....
 
JasonBugra
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Re: The real estate technique fuelling Vancouver's housing m

Sat Feb 20, 2016 2:31 pm

For those of us that don't know, what is daisy chaining?
I believe this defines what 'daisy chaining' means for real estate.. Good read too!

https://needamortgageloan.wordpress.com ... isy-chain/
 
reallyreal
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Re: The real estate technique fuelling Vancouver's housing m

Mon Feb 22, 2016 11:57 am

So how would you track that?

Just assume that realtors (scumbags) would admit that they are earning a commission?

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