Beware of Property Sharks

 

I came across a lovely firm of property advocates in Australia who protect buyers against property sharks.

  http://www.morrellandkoren.com/help2.html 

I just wish that there was such a firm with this service in Cyprus.  I acknowledge their copyright but if any lawyer in Cyprus wants to provide this service then I am sure that a franchise can be worked out.

The warnings they give to property hunters in Australia apply equally as well in Cyprus.  But I have changed the values to reflect Cyprus Pounds.

Beware of sharks

The sale of a typical CYP150,000 property will usually mean around CYP20,000 heading straight into a real estate agent’s pocket (they make still more when you include “added” services).

With that kind of incentive, and BMW’s and holidays in the south of France to be paid for, it’s not hard to see why some estate agents can be loose with the truth.

If you are an overseas buyer (and this includes expats) you’re even more likely to become shark fodder than the locals.

Typically, you haven’t had the opportunity to study what’s available and what that should cost. Typically, you feel you need to decide on a purchase over a weekend or week’s stay.

Expect a warm welcome

It’s not unknown for estate agents to meet prospective buyers at airports with limo’s.

They want you to feel welcome. They want to be your friends. They want you to feel indebted to them.

And, most of all, they want you to buy what they have to sell.

Limo’s are cheap. Property is expensive.

And commissions are huge.

When time is not on your side.

Agents are aware that you won’t have a lot of time to do your homework; that you’ll probably have to make a fast decision.

They’ll adjust their tactics (and prices) accordingly.

You’re much more likely to be shown the hard-to-sell properties which the locals have turned down.

You’re much more likely to be asked to pay more than market value.

Your most powerful bargaining chip is “No!”

Good salespeople are easy to like.

They’re hard to say no to.

It’s hard to imagine them taking advantage of you.

Yet they do.

They do it every day.

They even brag about it.

Don’t believe it?  Here is an advertisement that I have just come across. Don’t become a shark and prey on your fellow expat !! Even one that is being short changed on sales commission by a staggering 14.5% !!

“We are about to start marketing a number of new villas for sale in Pissouri. They are new build – some are built and some are for sale off-plan. The location is beautiful – high on a hill overlooking the sea.

We would like to use one or a number of people from the Pissouri area – who speak English and drive.

The job would be to collect the visitors from Paphos airport – take them to a villa in Pissouri to stay and to arrange to show them the development and to try to close a sale.

If a sale were to be agreed – then to take the vistors to Limassol to see the accountant and the lawyer – and then to take to the airport.

Expenses would be made available for petrol/diesel and entertainment – i.e. lunch, coffees etc.

Plus a sales commission of half a percent. Therefore a house sale of £155,000 [€264,833] would be £775.00 [€1324.16]. Paid by the accountants on the first payment for the villa.

If you are interested at all, have some spare time, like to talk to people, and want to make some extra money – then please respond.”

Cyprus Property Help & Advice Centre™ ® ©
The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
http://cyprusinformer.eu

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