Why Do People Lie About The Price Of Their House

[Guest growl]

An old working colleage has moved into our area recently. Its a nice little area and we've been here for years and keep a watch on the local property prices out of interest and sometimes bemusement. He told us he bought his property for £350,000. Its a three bed detached with drive at the front and small garden to the rear. I used to know the chap who owned the property back in 2001, and having been in the house know it to be piddly inside. They are fairly new.

So I did a bit of checking, and in August 2001 it sold for £215,000. This new chap who has been saying yesterday how he bought it for £350,000 actually paid £335,000 in November 2006. He also bragged how he had a £220,000 mortgage.

Now I don't understand why people carry on like this. In other respects this new chap having known him in the past is quite sensible, laidback in his mid forties........a nice decent chap. Yet his one flaw has always been to brag about how expensive his new car is, how expensive his new bike is and now I'm wondering after checking the price of his new house.

I just don't get people like this.

[Charles_Darke]

Ever heard of stamp duty or solicitor's fees?

[pod]

I just don't get people like this.

He's making the mistake of confusing debt with wealth...

[Marcos Scriven]

An old working colleage has moved into our area recently. Its a nice little area and we've been here for years and keep a watch on the local property prices out of interest and sometimes bemusement. He told us he bought his property for £350,000. Its a three bed detached with drive at the front and small garden to the rear. I used to know the chap who owned the property back in 2001, and having been in the house know it to be piddly inside. They are fairly new.

So I did a bit of checking, and in August 2001 it sold for £215,000. This new chap who has been saying yesterday how he bought it for £350,000 actually paid £335,000 in November 2006. He also bragged how he had a £220,000 mortgage.

Now I don't understand why people carry on like this. In other respects this new chap having known him in the past is quite sensible, laidback in his mid forties........a nice decent chap. Yet his one flaw has always been to brag about how expensive his new car is, how expensive his new bike is and now I'm wondering after checking the price of his new house.

I just don't get people like this.

What's slightly more concerning is you checking up on a colleague.

[skhudy]

What's slightly more concerning is you checking up on a colleague.

Its human nature to be nosey aka curious!

People do bullsh1t a lot as well, its a way of trying to show they are successfull. I'd rather do the opposite as this promotes jealosy

[Guest growl]

What's slightly more concerning is you checking up on a colleague.

He's not a direct working colleague of mine and never was. He is someone that used to work with my spouse, and I said colleague so as to be purposely vague. I actually like the chap, and said so in my post. My point was that I don't understand why people make out that they have paid more for their houses than they actually have. I can understand why someone would say they had sold for more.

As for checking up, I was checking the price he had paid, which can be found at the land registry or nethouseprices and is perfctly legal and free for anyone.

[Perfectionist]

Materialism stinks and trying to impress people with it is even worse ...... what happened to the good old days where men used to brag about how hot their girlfriend is or how much pussy they have had ?? !!

[enworb]

Pretending to have paid more than he really had is a bit strange.

I'm not sure where you are but the appreciation from Aug 2001 until now seems very low, relatively speaking. So why doesn't he shout about that instead.

I've got a mate that has bought a couple of very expensive properties...because he could. The problem is that he still has to pay back a rather large mortgage.

He sounds like the sort of person that would tell you how much his car costs before you've even asked

[Guest growl]

Materialism stinks and trying to impress people with it is even worse ...... what happened to the good old days where men used to brag about how hot their girlfriend is or how much pussy they have had ?? !!

Being of a capatalist mind, I don't really mind about people saying they've bought this, or been on holiday here or there, or whatever. If they've done good in life then good for them. But I do find it bemusing when they exagerate about something, especially when you can find out the truth. Then I begin to wonder about their other accomplishments. I wouldn't mind but its a nice house, and the area is nice, along with the people. All I can think of is that it is some kind of security thing, maybe because he is new to our area.

The other thing is, and this does annoy me although I don't think people who do it are actually aware of the harm. that this house sold for £215,000 only a few years ago. When it did, the chap then was saying how it sold for £240,000. So thats what people think. Then this new chap comes along and is actually saying he paid more than he did. So peoples perception of how valuable this property is increases, and this is helping to fuel the property boom, making it even harder for people to get their first peoperty.

That annoys me and the amount of debt people are prepared to get themselves into, just so they can look successful. Its all just dreams, plastic fantastic, retail therapy, the never never..............how long can this go on for?

[REP013]

The house opposite me was sold last year for £350K, the EA then advertised as SOLD @ £375K. Why did they do this?

Strange thing it was owned by the EA.

[Guest growl]

The house opposite me was sold last year for £350K, the EA then advertised as SOLD @ £375K. Why did they do this?

Strange thing it was owned by the EA.

Now I can understand that one, since it is in the interests of an EA to ramp up the value of properties in an area even if they owned it.

[REP013]

growl Posted Today, 03:04 PM

QUOTE(REP013 @ Mar 6 2007, 03:01 PM) *

The house opposite me was sold last year for £350K, the EA then advertised as SOLD @ £375K. Why did they do this?

Strange thing it was owned by the EA.

Now I can understand that one, since it is in the interests of an EA to ramp up the value of properties in an area even if they owned it.

In this perverse society it could be similar for a new buyer ... PRATT (the buyer not you)

[winkie]

It reminds me of when recently, the local councilor called to ask me if I would be voting for him at the local election, I brought up the subject of how high house prices were, and how our young people have no chance of buying property in the area, and what was his party going to do about it. In the next breath he said if I wanted to sell the house to contact him...maybe he thought he would get a bargain.

[mew too]

An old working colleage has moved into our area recently. Its a nice little area and we've been here for years and keep a watch on the local property prices out of interest and sometimes bemusement. He told us he bought his property for £350,000. Its a three bed detached with drive at the front and small garden to the rear. I used to know the chap who owned the property back in 2001, and having been in the house know it to be piddly inside. They are fairly new.

So I did a bit of checking, and in August 2001 it sold for £215,000. This new chap who has been saying yesterday how he bought it for £350,000 actually paid £335,000 in November 2006. He also bragged how he had a £220,000 mortgage.

Now I don't understand why people carry on like this. In other respects this new chap having known him in the past is quite sensible, laidback in his mid forties........a nice decent chap. Yet his one flaw has always been to brag about how expensive his new car is, how expensive his new bike is and now I'm wondering after checking the price of his new house.

I just don't get people like this.

How bizarre! Perhaps a new type of mentality is developing - if I tell everyone I paid 350 for it then it must be worth more now (or I'll get more when I sell it.) He's secrectly worried about how much he paid and trying to justify it with low mortgage and higher valuation!

Nothing wrong with a bit of detective work, perhaps you should mention nethouseprices to him.

Edited March 6, 2007 by mew too

[StuB]

Now I can understand that one, since it is in the interests of an EA to ramp up the value of properties in an area even if they owned it.

Maybe he fancies himself as an EA and made up the price on the spot exactly the same as an EA does? "A similar property went for £0000 back in....."

[Dubai]

"Low mortgage"..... GBP 220,000.... ohmygawd..... even at these "low" interest rates, does anyone have any idea how much will have to be paid back over 25 years at 6%...... nearly 700,000 grand!

[Guest d23]

An old working colleage has moved into our area recently. Its a nice little area and we've been here for years and keep a watch on the local property prices out of interest and sometimes bemusement. He told us he bought his property for £350,000. Its a three bed detached with drive at the front and small garden to the rear. I used to know the chap who owned the property back in 2001, and having been in the house know it to be piddly inside. They are fairly new.

So I did a bit of checking, and in August 2001 it sold for £215,000. This new chap who has been saying yesterday how he bought it for £350,000 actually paid £335,000 in November 2006. He also bragged how he had a £220,000 mortgage.

Now I don't understand why people carry on like this. In other respects this new chap having known him in the past is quite sensible, laidback in his mid forties........a nice decent chap. Yet his one flaw has always been to brag about how expensive his new car is, how expensive his new bike is and now I'm wondering after checking the price of his new house.

I just don't get people like this.

to be fair to your colleague it would have cost him 345 inc stamp duty, sol fees etc would have got it close to 350

how does one 'brag' about having a 220K mortgage btw?

[winkie]

to be fair to your colleague it would have cost him 345 inc stamp duty, sol fees etc would have got it close to 350

how does one 'brag' about having a 220K mortgage btw?

I find it very strange that some people like to brag about the council tax band they are in, as if to say they (so call) own a home of a higher value, and even contacted the council to ask to be put in a higher band as they believed their property was worth more than the band designated.

[Orbital]

As for checking up, I was checking the price he had paid, which can be found at the land registry or nethouseprices and is perfctly legal and free for anyone.

I dont trust those figures at all, ive seen many mistakes. Maybe he was telling the truth. Mention that you saw it whilst browsing around and see what he says..

There could be a zillion reasons though, its not that hard to imagine someone perhaps being a bit embarressed by their situation and putting on a bit of a front to cover up the truth. Perhaps he is pretty honest to his real friends but doesnt like to share such details with some 'colleague' - who knows how he perceives you?!

Its a shame that although you admit you dont understand it, the justifications you do imagine are all pretty negative. It could even be as simple as a slip up! Sign of the times though, people like to see the worst in others right now it seems..

[thedebtisreal]

I dont trust those figures at all, ive seen many mistakes. Maybe he was telling the truth. Mention that you saw it whilst browsing around and see what he says..

There could be a zillion reasons though, its not that hard to imagine someone perhaps being a bit embarressed by their situation and putting on a bit of a front to cover up the truth. Perhaps he is pretty honest to his real friends but doesnt like to share such details with some 'colleague' - who knows how he perceives you?!

Its a shame that although you admit you dont understand it, the justifications you do imagine are all pretty negative. It could even be as simple as a slip up! Sign of the times though, people like to see the worst in others right now it seems..

You are in quite a patronising mood today, Orbital.