Gov to clamp down on property flippers, any idea how?

CelloPoint said:
On the enforcement of stamp duty - this practice is rampant in Ireland. I have first-hand experience with this. It's who you know really. The 'aul "cast a blind eye/lost in the filing cabinet" happens more often than you'd like to think.
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You've said this before and it's rubbish. The risk for the person in revenue doing this is enormous so by association the reward for doing so would need to be enormous. It would be cheaper for the person buying to simply pay the stamp duty.
 
I know this thread calls for rampant speculation but putting it in the "Property Investment" forum is a bit of a bad joke
 
The lads on the Last Word have never personally heard of anyone flipping property. There ya go. Doesn't exist. I must have been mistaken.
 
Some one bed apartments in The Beacon and 1, 2, and 3 beds in Bracken Hill (both Sandyford) say that someone is doing it - or trying to - they've been up there for months now.......
 
Gov to clamp down, Regulations Today

The first of a raft of initiatives aimed at flippers is being announced my Micheal Martin later today.

He will be issuing regulations which will specifically outlaw the activities of certain [broken link removed]under consumer protection regulations.

As we 'Debaters' already know the property market in Ireland is the biggest Pyramid Scheme of all time in this country and its high time teh government started to regulate it from every angle.
 
Hi Guys,

Please keep to the topic.

"Property Flipping" and any Government proposals to regulate (clamp down) the practice.

Thanks,
aj
 
Dude!

we have NO PROPOSALS except some waffle from Noel Ahern about what he intends to ask Brian Cowan some time before the budget.

while we were trying to compose a hypothetical framework in the GFD forum this thread was thrown into the flippers pool instead.

I feel soooooo dirty right now
 
In order for someone to 'flip' a property, an extra clause has to be written into the contract by the builder's solicitor. The builder, solicitor, estate agent and purchaser (flipper) have to agree to the various aspects.

Why not simply outlaw the practice i.e. make it illegal for the builder's solicitor to include this clause. No more 'flippers'!!
 
liteweight said:
Why not simply outlaw the practice i.e. make it illegal for the builder's solicitor to include this clause. No more 'flippers'!!
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Yes, they will be called "Skippies" as they skip the property from the developer to the FTB, like skipping stones across water.
 
Re: Gov to clamp down, Regulations Today

madisona said:
was wondering the same thing. Can the anti pyramid selling legislation be used to prosecute and jail property speculators. worth a test case
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People wouldn't be speculating on property if the banks weren't giving them the money in the first place,they are funding the property pyramid, so i'd start with them.

Flipping only works when prices are rising at recent levels,as the banks are even saying that capital appreciation will be over in 2007 is this not just another classic Fianna Fail spin job to perpetrate on the masses.If they wanted to do something about flipping they should have done it years ago,i remember when people were selling on "deposits" placed on houses and even places in the queue !.
It's easy to start ranting and raving about an issue that will very soon be no longer an issue,classic stuff from the spin factory,fair play to ye.
 
I'm not at all sure how many people out there can be called 'flippers'. I suspect this is another red herring...Gov. always brings up something in a run up to the election in order to take our minds off the 'real' issues, like health!

I can't honestly see how the Banks are to blame. A flipper only needs 10% of the property price, plus solicitor's fees. Most apartments are sold off plans about 2 years before completion so the profits (especially in recent years) are good.

Whizzbang, I genuinely can't see how it would be worth it for someone to find an alternative route. The bonus for the 'flipper' is that they sell before they become liable for stamp duty and the apartment/house is returned to the market as 'new'. If a law was brought in which prevented builders selling in this way, the flipper would have to complete the sale and pay stamp duty. Their market is cut down i.e. they can no longer sell to first time buyers/STB owner occupiers, unless under the stamp duty threshold in the former, and in the latter, stamp duty would be liable.
 


very possible, I'm not really an expert in the ins and outs of this!
 
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