Words: Ashley Rigg
Published: 8th July 2010
Are “timewasters” the new overseas property segment?
Just before things got really bad for the overseas property market in July 2008, Global edge profiled four customer segments who were active in the market.
Members only: Please Log In or Join to view this article
Source: Global edge
User Comments
I have had a lot of time wasters over the last few years but just lately the market seems to have settled again. People who couldn't get a mortgage in their own country should not come to a country where they a re a unknown and expect the banks to bend over backwards for them.
The market apears to be clearing and now most people are serious buyers.
Mark Adkinson,
Galician Country Homes
I am pleased to say that your BARBIES are alive and well and are regular visitors to Egypt! Many of them are couples who started saving for a mortgage and having saved £15 - 20k have found that mortgages are still not available to bridge the gap. For this money we have one and two bed apartments freehold which they can buy outright!!
There is another phenomena, high net worth individuals who prefer to rent in London, where they work, as mortgage costs are higher; they then come to Egypt and spend 200,000$ on a luxury pad on the Red Sea.
Peter Mitry,
Egypt Real
The only "barbie's" (sorry for the joke) I see are the charming wifes of my serious customers. As for many years most of my customers come from 'Word of Mouth' we have very little timewasters. If any of them appears, try this:Say you are busy and give them an appointment later in the same week. If they will accept to come back, most of the time they are serious.
Fred van Krimpen,
ELITE Inmobiliaria.com
Do you not have 100% mortgages in France Matthieu?
I can get 100% to 105% here in Tenerife on distressed developer sales and repossessions. Some of them are a bit naff but also have some very nice ones - and some with really good prices. Saying that - much easier with cash buyers! The biggest problem is when people expect to be able to negotiate on price - often its just not possible so they think they are not getting a good deal. Seems to be some sort of psychological issue there - no price drop - dont want to buy. Trying to educate people to look at the price per sqm2 or compare prices to others on the complex but some of them just dont get it!
Andy,
TenerifeMortgageBroker.com
Plenty of people around but yes - a lot of timewasters - all wanting VIP service and treatment but none of them wanting to commit. We have a stringent process now for Tenerife repossessions - if they need a mortgage, they go through an application with us before they get to see anything. They also need to sign a non-disclosure/non-circumvention agreement with us - a lot are trying to go direct. I dont mind people wanting to buy direct I just dont want them pumping me for info and wasting my time! So - sign the agreement - or go elsewhere!
Andy,
TenerifeMortgageBroker.com