Overseas property is the Wild West

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    • #56613

      Buying property abroad is a risky business. Much riskier than most people imagine.

      For a start, it’s an ideal business for fraudsters. High commissions mean big money, and thanks to cross-border jurisdiction issues, the risk of getting caught are very low.

      This article shows how difficult it is to put together a case: http://www.burtonmail.co.uk/News/No-further-action-in-property-probe-25112011.htm

      When you buy property abroad it’s up to you to look after your money because nobody else will. You have to be very sceptical about what you hear, and careful about who you deal with.

      During the boom the British in particular were very naïve. I have a pet theory they are so well protected at home they don’t realise how dangerous the world is beyond the UK’s consumer protection laws. It makes them easy targets.

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