Burned abroad (and not by the sun)

In early 2004 a person we know very well became an agent for a foreign property development company. The agent and the investment company pointed out that they work for the buyer and specifically said they did not work for the seller. They provided a 'buyer-side' solution. (I think you can see whats coming). Since I knew this person well, trust was misplaced and an apartment was purchased.

To cut a long story short we eventually realised we paid about 20% above market value. It turned out the seller is a shareholder of the investment company. It also turned out the solicitor they recommended as part of their 'buyer-side' solution was also their solicitor. We were like turkeys coming up to christmas. We know 3 other people caught with the same scam.

Legally there is little protection. Buyer beware, etc, etc. A lot of people will be hurt on foreign property. These people are relying on the fact that you will not have the time or energy to do the research. Don't get caught.

so give us clue, where for example?

cerberos

Identifying yesterday's scams will not help you identify tomorrow's. For example, any investment company that says you do not need to visit the site before buying is potentially very dodgy.

It is no secret that a lot of these fly by night "investment companies" are simply a conduit for a seller/devloper at the other end. As ive stated before in posts never ever take an agents/investment companys word for it theyd sell their mother sister and throw the granny in for free if they thought theyd get the commision especially the sun sea and sand selling variety. See who else is selling the same devlopment how much they are charging etc a quick web search will tell u this. Similarily go down and walk the site talk to ppl in the know have a look at local agents down there often they will be given a few to offload how much are they getting?
BUYER BEWARE do your research if your not happy then kill the deal until such time as you are. It is quite unfortunate that your "friend" would lead you zp the garden path like that...