Reply To: estate agent promises you an easy sale?

#58098
Anonymous
Participant

Hi Patricia,

I’m sorry to hear that you are still struggling to sell your off-plan property investment. Believe me when I say that you are not alone. I should warn you that renting the property out may also prove to be a Herculean task, though it depends upon the characteristics of the property, competition, and price you ask. I don’t want to cast a pall over your plan B but it’s important that you keep this in mind if you are going to be borrowing funds to finance the purchase under the assumption that rental income will cover some or all of the mortgage costs.

Non-professional investors should steer well clear of off-plan property on the Costa del Sol. In my opinion it is almost a guaranteed way to loose money in the present climate, not to mention guaranteed way to take on some most unwanted hassles. The problem, as you found out, stems from the hard sell and claims being made by some estate agents, and also, dare I say it, a certain degree of naïevety on the part of buyers. They way some estate agents in Spain are acting is certainly unethical and probably illegal. I am looking at ways to 1) Raise awareness of this issue to prevent others from falling into the same trap, 2) Put pressure on estate agents to clean up their acts and 3) Find solutions for people in your situation. Please keep checking the forum as if I need to start collecting evidence and testimonials from buyers who have been mislead by estate agents making unjustifiable claims (there are consumer protection laws covering this sort of thing) I will need to get in touch.

Kind regards

Mark