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A "registered valuation" (RV) is provided by a registered valuer? Therefore one would assume it is a straightforward process to deregister the valuer in this example? You would make a complaint to the Valuers Registration Board?
Apparently it takes years to get through the system!
Isnt the value of a property based on what a willing buyer will pay therefore the previous 'valuation' was way under valued? Where is the rule that says making 100% on a property deal by finding a 'mug', (I mean willing buyer), is illegal? Does the vendor have to disclose how much profit they are making?
Not if they're merely the vendor and have no other relationship with the purchaser.
This looks like it could be the black eye suffered during the altercation. I hope the SFO wipe that smirk off his face with an extended holiday at the tax payers expense...
Thanks for that link... Pretty much the same story but I still dont get it?
People beg for loans so they can invest in get rich quick schemes and then when it doesnt work out its the lenders fault, the vendors fault, .. everyone but them is at fault?
I am frankly sick of the 'poor me' dribble that has been evident over the past few years. It really pisses me off that I got stung as a taxpayer bailing out failed investors who a few years ago were laughing at me for not "mortgage your home to the hilt and invest in property man .. you cant lose.. I'm gonna make $ millions and I might let you sniff the exhaust pipe of my ferrari if ya lucky!"
It hasnt helped that many Christchurch homeowners have alos jumped on the "poor me" wagon and demanded that the taxpayer make right every $ they might lose because they 'deserve' it.
It has made me very cynical and angry. We live in a society where parents can just up and bet their home, security and families future on the roll of a dice knowing that if they win they will keep it all and if they lose I will bail them out so they can do it again cause it wasnt their fault!
For a long time I had a high paying government job and I paid a lot of taxes, now in retirement I find that politians with no balls voted in by selfish electors, have wrecked a once proud and wealthy country and left me being told that I am no more that a guest in the country my grandfather died defending...
I just pray that I live long enough to see some of the mayhem and destruction that will be the inevitable result of this unsustainable stupidity.
Blue note: Kurtis Haiu, above, and Glenn Cooper, below.
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Auckland Blues rugby player Kurtis Haiu has sold two properties he bought from property dealer Glenn William Cooper, who he later assaulted after the deals went sour.
The sales crystallise Haiu's losses, with the properties sold for $453,000 less than he paid for them.
Haiu was charged with assaulting Cooper at his isolated Pukekohe home over the deals. Companies related to Cooper sold Haiu properties for far more than they were worth, with Haiu securing loans with Cooper's help from BNZ and Westpac.
Haiu is not the only buyer to have lost large sums on the deals. A group of South Auckland families is also in financial distress, with some in danger of losing their homes after buying properties from Cooper companies. The Serious Fraud Office is investigating.
Haiu and his legal representatives from Kensington Swan, which is working for him pro bono at the request of the New Zealand Rugby Union for which the law firm also acts, are in negotiations with the banks to forgive the loans.
Haiu bought 11 Billah St in Tokoroa on December 22, 2009, for $350,000, when three weeks earlier the same property had been sold to Cooper's Greenfield Developments for just $92,500. Haiu was shown a valuation made by now bankrupt valuer Michelle Tierney for Greenfield, which did not mention the price Greenfield had bought the property for.
The Sunday Star-Times understands Haiu believed he would only own the building, which contains a number of discrete units, temporarily until each was sold on a unit title. That never happened, and the property has now sold – again at mortgagee sale – for just $107,000, leaving Haiu with a loss of $243,000.
Haiu also bought 64 Tonga St in Taupo for $395,000 on January 21, 2010. Less than a week earlier it had been bought by Greenfield for $218,000.
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