House Traders 2: Business On The Brink

[yadayada]

I think they said 4 flats in the original house + 14 more new builds = £ 166666 / flat average just for the site

Amazing who turns up as a developer , after a none to successful go at running the family car dealership allegedly

Surely not a Ford dealer?

[Malthus]

Surely not a Ford dealer?

Fiat / Peugoet maybe

[YoungFTB]

I think that "No Negative Equity" housing deal is financial suicide plus the programme yet again illustrates how many many EA's have vested interests in property and this is exactly why their opinion cannot be taken seriously.

No wonder we are seeing so many EAs desperately trying to talk the market up, not only are many of them losing money hand over fist through lack of house purchase transactions but also through seeing their BTL portfolios losing 30% in the past year alone.

2009 is gonna be a bloodbath!

[HPCwhen?]

Philip Johnston. I laughed so hard when he told the story about getting his staff to go outside to try to coax window-shoppers in!! Truly desperation stakes. He would be a nightmare boss. If he told me to do that I think I'd probably have laughed in his face. He can't grasp that this so much much bigger than him or his 2-bit operation. He really thinks he can turn the tide. It's quite sad really.

Did you guys see the bit where he was moaning about the Governments failure to act on co-ownership? He needs to really wake up. A market that depends for its liveblood on government subsidy for new entrants is not functioning correctly and will eventually correct itself, as it is now doing - happily.

[debt_ridden_ftb]

Philip Johnston. I laughed so hard when he told the story about getting his staff to go outside to try to coax window-shoppers in!! Truly desperation stakes. He would be a nightmare boss. If he told me to do that I think I'd probably have laughed in his face. He can't grasp that this so much much bigger than him or his 2-bit operation. He really thinks he can turn the tide. It's quite sad really.

Did you guys see the bit where he was moaning about the Governments failure to act on co-ownership? He needs to really wake up. A market that depends for its liveblood on government subsidy for new entrants is not functioning correctly and will eventually correct itself, as it is now doing - happily.

I only saw the end of it last night.

The guy came across like a real *****, why come back into a market that has gone belly up?

Fact - Houses are overvalued, yes there will be people still buying houses even in these times for whatever reasons but the sensible people know that until houses revert to affordable levels (3.5 times MAIN salary) then the only way is down.

The problem with people like Philip Johnston, is that there dream is over. They have had their cake and eaten it. It was only a matter of time before this would happen. I just hope he goe's under, but then again moron Brown (save the world) will bail everyone out!

[HPCwhen?]

Agree totally debt ridden FTB. He is one big ego trip. I hope he can handle failure.

[mr slump]

Agree totally debt ridden FTB. He is one big ego trip. I hope he can handle failure.

Ego seems to go with the job

met some very similar types

the problem is the job was soo easy

they said it themselves 'houses sold themselves'

all they had to do was mark up 5% from the previous ceiling, pitch people against each other

if there were no other bidders theyd just make them up and laugh at others expense

bit of paperwork and a big commision

bam, down the golf club in the merc

.... them

its taking time to knock that attitude out of them

most have no idea what the hell is going on, either that or theyre trying to dupe people into believing

we're at the floor and theres a lot more interest than there actually is in a property

so theyre either thick or devious

I find the best plan is to let them prattle on for a bit before disclosing that you have more than two braincells and you have questions theyre going to be uncomfortable with, sometimes they'll be realistic which is fine but mostly they dig themselves a hole full of bull...t for you to push them into

i think the only ones who have been honest with me are halifax

Edited December 10, 2008 by mr slump

[YoungFTB]

I think the only ones who have been honest with me are halifax

Halifax and Vision Property are the only 2 EAs that anyone from here has recommended.

[mr slump]

Halifax and Vision Property are the only 2 EAs that anyone from here has recommended.

yep, thats all I've seen

had no dealings with vision though

[debt_ridden_ftb]

I remember speaking to a number of estate agents over the summer when my parents where thinking of moving home (the house is mortgage free so nothing to do with the 'crunch'), the arrogance of the estate agents was unreal, when i commented that I believed housing to be overvalued and with so much people in debt, graduates etc. up to their neck with student loans etc.. where are all the FTB's going to come from? one estate agent told me, tough luck you will just have to rent!, the other called me an idiot as I questioned a number of his selling prices and the other one a very nice man told me I had a lot of sense and that Yes houses were and have been over valued for a number of years it was making people realise this that was the problem.

The problem we are facing is so many people go caught up in the property boom in N.I, they can't face the music now that it's all over. I firmly believe a lot of people are still in the denial stage and estate agents et al. appear to be manipulating the gullible.

Edited December 10, 2008 by debt_ridden_ftb

[Vespasian]

The problem we are facing is so many people go caught up in the property boom in N.I, they can't face the music now that it's all over. I firmly believe a lot of people are still in the denial stage and estate agents et al. appear to be manipulating the gullible.

My brother is a veterinary surgeon in the ROI. He has been working in a practice for a few years and is being lined up for a partnership in the new year. Good news for his bottom line but he will have to take on some debt.

Normally, a new partner (there are 4 partners) "buying in" will have to take on a loan covering:

1 A years salary for the retiring partner (accepted practice)

2 A 25% share of stock (capital equipment, any vehicles, drugs etc.)

3 A 25% share of the value of the premises

The practice has 2 premises - both of which my brother assures me are nothing special. Peak valuation in 2006 was apparently 1.2 million euros. This would mean him buying in to the properties for 300k.

However, he has been told that the partners feel that the properties are very much "undervalued" at the minute and they don't want him to buy in to the properties yet

He was (until recently) quite skeptical of my bearish property outlook and was asking my advice. I assured him that this was the best news for him and the longer he was able to delay "buying in" to the properties, the better. I then reminded him that my "doom and gloom" predictions were coming true!

So, I have to agree with you completely on the denial phase - those other guys in the practice have their heads in the sand

[creditcrunch08]

I only saw the end of it last night.

The guy came across like a real *****, why come back into a market that has gone belly up?

Fact - Houses are overvalued, yes there will be people still buying houses even in these times for whatever reasons but the sensible people know that until houses revert to affordable levels (3.5 times MAIN salary) then the only way is down.

The problem with people like Philip Johnston, is that there dream is over. They have had their cake and eaten it. It was only a matter of time before this would happen. I just hope he goe's under, but then again moron Brown (save the world) will bail everyone out!

HAVE SOME THOUGHT FOR THE STAFF, EVERYONE IS HUMAN AND HAS BILLS TO PAY!!!!! IF HIS BUSINESS GOES UNDER THEIR IS STAFF THAT I KNOW IN THERE WITH FAMILYS!!!!

[Traktion]

HAVE SOME THOUGHT FOR THE STAFF, EVERYONE IS HUMAN AND HAS BILLS TO PAY!!!!! IF HIS BUSINESS GOES UNDER THEIR IS STAFF THAT I KNOW IN THERE WITH FAMILYS!!!!

Perhaps they should have saved some money in the boom times, to weather them through the bad times? It was never going to last forever!

It's always regrettable when people lose their jobs, but that's the credit fuelled, capitalist way. Boom and bust forces money violently from one place to another. The property sector is in a state of collapse, after growing too large - it will contract until equilibrium is reached. Also, don't think this is just affecting the construction industry - they at least had the boom, but now we're all suffering the bust...

Blame the system, but don't shoot the messengers.

Edited December 11, 2008 by Traktion

[mr slump]

HAVE SOME THOUGHT FOR THE STAFF, EVERYONE IS HUMAN AND HAS BILLS TO PAY!!!!! IF HIS BUSINESS GOES UNDER THEIR IS STAFF THAT I KNOW IN THERE WITH FAMILYS!!!!

no need to shout

we all have families

I feel a lot sorrier for the employees of places like woolworths with fixed low wages losing thier jos in thousands this month

a lot less likely to have had the opportunity to build up a cushion of comission and bonus while driving round in company cars

all the time boasting of soaring house prices and ramping bidding wars, looking down tangoed noses with contempt and snide at reasonable offers

pushing young families into unsustainable debt through promise of equity with minimal morality and zero qualification

I refer you to this historical account of EA attitude circa 2007

there more more deserving of my sympathy

if they haven't made provision let them sign on

let them feel the cold hand of repossession

because thats where they have led so many

...................................

edit to tone down rant

[debt_ridden_ftb]

Perhaps they should have saved some money in the boom times, to weather them through the bad times? It was never going to last forever!

It's always regrettable when people lose their jobs, but that's the credit fuelled, capitalist way. Boom and bust forces money violently from one place to another. The property sector is in a state of collapse, after growing too large - it will contract until equilibrium is reached. Also, don't think this is just affecting the construction industry - they at least had the boom, but now we're all suffering the bust...

Blame the system, but don't shoot the messengers.

Traktion, I agree 100%!! If they saved during the boom times this would help cushion them through the hard times. Perhaps if they did not mew so much to buy the flashy cars and holidays then they would not be in this mess, I honestly do not have much sympathy or any at all for the majority of arrogant estate agents etc...

If they wanted to flash the cash, obtain qualifications and work towards achieving a job where the level of pay quantifies their desired lifestyles.

They estate agents et al, made money out of other peoples misery, through buying over priced shit holes!, now the shoe is on the other foot they all cry poverty.

Not nice is it!!!!

[debt_ridden_ftb]

no need to shout

we all have families

I feel a lot sorrier for the employees of places like woolworths with fixed low wages losing thier jos in thousands this month

a lot less likely to have had the opportunity to build up a cushion of comission and bonus while driving round in company cars

all the time boasting of soaring house prices and ramping bidding wars, looking down tangoed noses with contempt and snide at reasonable offers

pushing young families into unsustainable debt through promise of equity with minimal morality and zero qualification

I refer you to this historical account of EA attitude circa 2007

there more more deserving of my sympathy

if they haven't made provision let them sign on

let them feel the cold hand of repossession

because thats were they have led so many

...................................

edit to tone down rant

Mr Slump,

Your argument is very well put across.

My sympathy is also with low paid workers in retail etc.. I have family in low paid jobs who bought houses during the boom time, the estate agent told them there was multiple offers (we eventually found out there wasn't) on the property forcing them to go deeper and deeper in debt, now they are in negative equity.

What about these people, who's going to help them out, they do not receive chunky great commission and bonuses.

I have learnt through my friends misfortune that I will never buy a home through an estate agent.

Karma, what goes around, comes around!

Edited December 11, 2008 by debt_ridden_ftb

[Property]

Remember Philip Johnstone - the EA who had to give up his business after alleged charges were made against him. He has come back to NI to buy his old EA agency - and in the trailer looks as if he is going to tell it as it is.

DOCCYBOY DO YOU ACTUALLY HAVE A JOB?????? NO I DONT THINK SO BECAUSE IF YOU DID YOU WOULDNT BE SITTING HERE SLAGGING EA'S OFF ALL DAY!!

YOU MAKE ME SICK THEY ARE NORMAL PEOPLE TRYING TO MAKE A LIVING AT WHAT THEY DO AND THEY SEEM TO BE DOING IT VERY WELL AS FAR AS I CAN SEE THEY ARE THE ONLY ONES WHO SEEM TO BE SELLING. AS FOR THE YOUNG GIRL WHICH YOU REFER AS THE "NURSE" I QUITE LIKED HER GIVE HER, HER DUES SHE WORKS HARD AND IS TRYING TO BE GOOD AT WHAT SHE DOES.

WONDER IF YOU COULD DO THEIR JOB FOR THE DAY??? DONT THINK SO YOUR TOO THICK!!!!

[debt_ridden_ftb]

DOCCYBOY DO YOU ACTUALLY HAVE A JOB?????? NO I DONT THINK SO BECAUSE IF YOU DID YOU WOULDNT BE SITTING HERE SLAGGING EA'S OFF ALL DAY!!

YOU MAKE ME SICK THEY ARE NORMAL PEOPLE TRYING TO MAKE A LIVING AT WHAT THEY DO AND THEY SEEM TO BE DOING IT VERY WELL AS FAR AS I CAN SEE THEY ARE THE ONLY ONES WHO SEEM TO BE SELLING. AS FOR THE YOUNG GIRL WHICH YOU REFER AS THE "NURSE" I QUITE LIKED HER GIVE HER, HER DUES SHE WORKS HARD AND IS TRYING TO BE GOOD AT WHAT SHE DOES.

WONDER IF YOU COULD DO THEIR JOB FOR THE DAY??? DONT THINK SO YOUR TOO THICK!!!!

Temper, temper someones cage has been rattled!!

They won't be making a living for much longer - the evolution of technology will make them all redundant. There is no place for EA's now. They have been shown for what they really are, money grabbing arrogant twats!

Time to find a real job now!

[ratatat]

WONDER IF YOU COULD DO THEIR JOB FOR THE DAY??? DONT THINK SO YOUR TOO THICK!!!!

[mr slump]

WONDER IF YOU COULD DO THEIR JOB FOR THE DAY??? DONT THINK SO YOUR TOO THICK!!!!

I know I couldn't

I'm incapable of being such a c...

[Belfast Boy]

.... insulting the forum moderator is not really too bright

[mr slump]

Mr Slump,

Your argument is very well put across.

My sympathy is also with low paid workers in retail etc.. I have family in low paid jobs who bought houses during the boom time, the estate agent told them there was multiple offers (we eventually found out there wasn't) on the property forcing them to go deeper and deeper in debt, now they are in negative equity.

What about these people, who's going to help them out, they do not receive chunky great commission and bonuses.

I have learnt through my friends misfortune that I will never buy a home through an estate agent.

Karma, what goes around, comes around!

aw thanks

surely the whining a lot are now doing, about vendors being hard to convince to 'revalue'

thier properties is partially down to the deluge of hpi propaganda they subjected everyone too in the first place

the phrase 'you made your own bed, sleep in it!' karma indeed

still I know theyre not all bad

I do have sympathy with anyone who loses thier job and doesn't deserve it

but then I think of some of the comment I've heard and been told of by others from snotty receptionists and think

f... them, the arrogance is indemic right through thier UNREGULATED *cough* industry

heres an example from elsewhere on the site

http://www.housepricecrash.co.uk/forum/ind...showtopic=97566

[mr slump]

DOCCYBOY DO YOU ACTUALLY HAVE A JOB?????? NO I DONT THINK SO BECAUSE IF YOU DID YOU WOULDNT BE SITTING HERE SLAGGING EA'S OFF ALL DAY!!

YOU MAKE ME SICK THEY ARE ABNORMAL PEOPLE TRYING TO MAKE A LIVING AT WHAT THEY DO AND THEY SEEM TO BE DOING IT VERY WELL AS FAR AS I CAN SEE THEY ARE THE ONLY ONES WHO SEEM TO BE SELLING. AS FOR THE YOUNG GIRL WHICH YOU REFER AS THE "NURSE" I QUITE LIKED HER GIVE HER, HER DUES SHE WORKS HARD AND IS TRYING TO BE GOOD AT WHAT SHE DOES.

WONDER IF YOU COULD DO THEIR JOB FOR THE DAY??? DONT THINK SO YOUR TOO THICK!!!!

actually just noticed you joined in 2005

so youve been lurking for 3 years????

why don't you just come out and admit youre an EA then?

since theres been some pretty anti-EA material on here for so long

and this is the first time youve spoken (shouted) out

then perhaps youre an employee of Phillip Johnston...

or maybe even the man himself???

that would even fit in with you being away for a while

wow

..

never had any dealings with Pj the Ea myself by the way

my references are general

Edited December 11, 2008 by mr slump

[Rock-n-Roll]

DOCCYBOY DO YOU ACTUALLY HAVE A JOB?????? NO I DONT THINK SO BECAUSE IF YOU DID YOU WOULDNT BE SITTING HERE SLAGGING EA'S OFF ALL DAY!!

YOU MAKE ME SICK THEY ARE NORMAL PEOPLE TRYING TO MAKE A LIVING AT WHAT THEY DO AND THEY SEEM TO BE DOING IT VERY WELL AS FAR AS I CAN SEE THEY ARE THE ONLY ONES WHO SEEM TO BE SELLING. AS FOR THE YOUNG GIRL WHICH YOU REFER AS THE "NURSE" I QUITE LIKED HER GIVE HER, HER DUES SHE WORKS HARD AND IS TRYING TO BE GOOD AT WHAT SHE DOES.

WONDER IF YOU COULD DO THEIR JOB FOR THE DAY??? DONT THINK SO YOUR TOO THICK!!!!

someone having difficulty accepting that the

money for nothing days are gone?

rock on!

[creditcrunch08]

someone having difficulty accepting that the

money for nothing days are gone?

rock on!

Think we have totally gone of the issue that is being debated. I have used PJ & Co to sell my house every time and I wouldnt' use anyone else. They have the most sold boards in east belfast at the minute so I feel that tells a tale. I don't think its fair to slag off the staff, they are only doing their job at the end of the day and i don't feel you can criticize someone unless you have used them yourself.