The 4 corners program was excellent ,generally these scams are based on false valuation including unethical finance deals. I declare my hand and state here I have been involved in the propertydevelopment market for many years . I have written here before ,' THE VALUE IS ALWAYS HELD IN THE LAND ' .... I thought Neil Jenman epressed all this very well ...Why are they looking for purchases in Melbourne for Queensland properties ?
Does Melbourne have an oversupply of appartment style accomodation ? .. my feeling is YES ... but only time will tell . People ( including purchasers ) have been playing with valuations for years , its NOTHING new. If you watched the program ( which you will need to ) the major complaint with the scams was the way they made money ,which is basically though the seminars ...imagine paying $5000 to attend a fairly useless seminar .
Valuations will always be a grey area , I have personally been hurt previously by poor ( low ) valuations where I have known more about the property than the valuer !! this happens all the time .
Just remember "the value is held in the land ....never the improvements " ..
