Buying Blind?

[KayJay]

Maybe I'm in a minority of one but I find it very strange that so many people seem to have bought (are still buying?) property they have never seen in a country they have never visited. I'm sure that it must make some kind of sense to them but I have to admit that the logic entirely escapes me.

Just as a matter of interest, would anyone care to share their experiences of this approach and whether they would do it again?

 

[Property Banker]

I agree it seems like madness to me I would never do it personally. I definitely wouldn't do it now the economy does not seem secure at all.

 

[KayJay]

Glad I'm not the only one!

I spent nearly 18 months researching prices and areas, covering many thousands of km and hundreds of "internet hours". I finally found what I was after, needless to say NOT what I originally thought I wanted, and then came across someone who was trying to sell in the same complex for more than they paid 2 years ago. Needless to say, the prices direct from the developer are now about 40% lower than when he bought but I was amazed that he didn't seem to have done his homework, then and now, and really thought that he had a chance of shifting it at that price....

 

[Kjarkata]

KayJay, very good observations. Just to mention that I have also invested in Ajman following others within using much of my brain as greed superseeded by thinking just to make qucik money - tried to double the amount I had by booking an apartment with the intention to sale it after paying 3 installments. Most of this rosy picture was the work of real estate brokers/companies you had promised - 100% return after just paying 3 installments... which I became greedy and lost most of my hard earned life savings.

 

[KayJay]

Kjarkata - sorry to hear that.

Maybe I'm too cautious and will never become rich (and might get scammed anyway) but I find it very hard to get my head around the idea of people getting sucked in by the over-inflated claims of agents who need to sell to eat. As you say, I guess that many buyers do the work for them and "con" themselves through enthusiasm and optimism. When one is honest it's hard to remember that not everyone else is.....

Maybe I'm just a typical Balkan Boy and just "know" that everyone who sells is out to get me!

 

[Chrisss]

Why does everyone ends up blaming the estate agents? Come on, everyone should have their brains with them! The easiest way of escaping our own responsibility is to put the blame on someone else. You are right, greediness may play a bad trick on us but at the end of the day it is our action that we have taken and should stand the consequences.
I have also heard of people buying without even visiting the country...That is ridiculous!!!! Does not match my logic at all, as well! Who is to blame in such cases :hmmmm: ? The one who has sold the property or the one who has bought it :hmmmm:

 

[beth]

Well you know what they say - If it walks like a duck.... and quacks like a duck.....

It is the responsibility of the buyer to do their homework. Does anyone believe all the TV advertising they see, or the stuff that is printed in a lot of newspapers? No you don't. Every buyer must do their homework.

Ok some estate agents are greedy, but there are many who are decent and honest. But it is still down to the buyer to check out these golden promises.

I do feel for those people who got taken in, as hard earned money is difficult to come by, I have seen and heard of so many people hand over there savings to someone they basically met on the street, for property or renovation and building work, then complain they never got what they were promised and in some cases never got anything at all!!!!!

You would never do this at home, so why do it in another country? Please all new buyers tread with care, do your homework and things should be fine.

Oh! and another warning, don't feel safe because you have met someone from the same country as yourselves who promises to 'sort it all out'. They rely on the fact that you are relieved to be speaking the same language, and that you are vulnerable, they could be the biggest cheats of all.

Plan everything carefully, check everything twice and don't be rushed into making a decision, so when you do find your dream home, that's what it is.

beth