43.06% Below Market Value – Instant Equity!Make Text Bigger
Can you believe these were real headlines in an email that landed in my inbox this weekend? Well my spam folder actually! ….. soon to be renamed my scam folder HAHAHA
How can people be so stupid to fall for scams like this?
OK, so I’m on another one of my rants, feel free to join in by posting a comment below.
First off, since when has valuing a property been such a precise science?
Second, how are these firms STILL getting away with such ridiculous claims? This time last year the Trading Standards Office won a case against PropertySsecrets in Nottingham for running a very similar advert using phrases like “Below Market Value” and “Instant Equity” – see >>> http://www.asa.org.uk/Rulings/Adjudications/2012/3/Property-Secrets-Ltd/SHP_ADJ_182530.aspx
The market value is what a person is prepared to pay. Now I accept that bargains can be had where people need to make a quick sale but even if these deals check out a bargain is just that, a bargain. Forget all this BMV Below Market Value, Instant Equity BS. It’s all just a con in my opinion and the Adbvertising Standards Agency obviously support my views on this. My advice to anybody thinking of investing into property is to avoid people using these terms like the plague!
What is Below Market Value?
Prove to me that very similar properties have sold within the last 3 to 6 months, within a quarter mile radius, for a lot more money and you might have discovered a bargain. However, I’m always going to treat such finds with extreme caution and do a fair bit of digging into why the property I’m being offered hasn’t sold for the same price as others. If I can satisfy myself with logic and the property seems to be a good investment then fair enough, it may well be a bargain.
However, the firm who sent me the ridiculous email this weekend were also saying, “call today to make a reservation, these properties will be sold by Monday!”
Yeah right, like I’m really going to get my credit card out and fork out a £3,995 + VAT reservation fee to a firm I’ve never heard of which has just sent me an unsolicited email and without doing any further due diligence???
The really worrying thing is that people must do it, otherwise I wouldn’t keep getting this type of email.
People who fall for this stuff really need a check up from the neck up don’t you think?
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