Quote:
Originally Posted by owendale
It is to my cost i have learnt that UK people just dont care what you can offer them , all they want to do is make MONEY and quickly and many pay out too much !!
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I agree, the gred to make a quick buck is what has turned many buyers heads, and the had the ££ chiging in their eyes when they made the decision - they did not research properly - they were blindsided by the agents promises of 50% return on investment in 1 year rubbish. Its this greed taht fueld the unscrupulous agents to pursue sales with such vehemence.
Isn't it the age old trick that con men use - appeal to the mark's greed? the reason so many paid over the odds is because they thought they could make a killing on a resale/reinvestment etc. but they believed what they wanted to believe and nothing else.
I know a couple who bought a small villa and an apartment at the same time. They used all the cash from the sale of their home in the UK. They bought 2 properties because the agent told them that they could sell them in a year and make at least £25k profit. - and the more they spent the more they would make! No chance, especially not when they paid about £30k too much in the first place. How did he get them to pay so much over the odds - cos he told them how much they would make before he told them how much it would cost. they then thought it was worth the extra expenditure to make a bigger profit. Now 4 years on they have been trying to sell for 3 years - no takers. why? because the market price now is only what they originally paid, and they are determined to make their profit. They no longer have a home in the UK, and have much smaller savings because all their money is tied up in properties which they have overpriced and can't sell. They still wont listen to anybody who advises that their properties are over priced by at least £10k.
Its a case of caveat emptor. If you get carried away by promises of big returns, profits, etc. and don't carry out DD, then you have to accept some responsibility for your loss.