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Cyprus Property Blog by Cleo

Buying Property in Cyprus is a great investment choice and we discuss various aspects.

Superior BS in Paradise

Selling Cyprus Property is a very competitive business even in a good market, in this slower market it can be back biting and aggressive between agencies and agents. There are of course many honest, ethically centered hard working business people out there, however sometimes even the nicest people turning on you when you are competing to sell the same property. There are times when it's a race to see who gtes there first. I have many sellers that have their property listed for sale with many agents which of course brings out the competition and deception! I will tell you a few scenarios that I have recently encountered - not naming any names but if you can read the hidden message you will get it. 

Scenario 1: I have a property for sale and have a serious buyer and even placed a 10,000 Euro deposit.  The process to get them qualified for a loan has been lengthy. In the meantime, another company tells the property owner they have two serious cash buyers. So the owner wants to back out of the deal with our serious buyer to get a fast cash sale. The other company lied - the buyers were not cash and one made an offer so low the owner would never accept it anyway. The company was trying to get rid of us and sell it themselves by fabricating the seriousness of their supposed buyers hoping to scare off ours. The only thing it did was lengthen the process even more because the seller believed the lie. The seller has now terminated his agreement with that company.  

Scenario 2: I recently sold an apartment and the sellers now want to buy a larger home from me. We have a good working relationship and they trust me. The problem is my clients signed a contract with another agency over one year ago when they had a viewing of a property they wanted to buy.  Now, I also have the same property listed for sale and we could easily continue our relationship and get a quick, easy and amicable sale.  The other agency says because of the document that they are legally obligated to them and HAVE to buy it from them.  My clients saw a lawyer who was recommended by the other agency and he tells them the same thing. A conflict of interest? Yes! The contract specifically saying these people have to buy from them? No! There was no time limit on it, just a date the customers signed saying this other agency was going to show it to them. So, essentially the other agency and the biased lawyer is saying that this signed document will last a lifetime! Really!!? 

Scenario 3: I have another client that was firstly shown around by another agent. The agent failed to show this customer one particular property that we both have listed, now she wants to buy it from me and does not want to go back to him. The other agent is now telling the buyer that customer is obligated to him because she put an initial deposit on another property he had listed. She then found something better with me and unfortunately for him, he had not shown it to her even though it was on his books. The first agent is now trying to get paid and keep her deposit. 

All I can say is don't believe the BS in Paradise even if it is superbly articulated or in a contract!  When buying or selling property in Cyprus or anywhere in the world for that matter you have to trust your instincts, get referrals from friends, do your research and read every line of everything you sign! With that cautionary word happy buying and selling!

Visit our selling Cyprus Property page

 

Published Tuesday, May 19, 2009 9:52 PM by Cleo Shahateet

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mike said:

moral of the story is dont buy in cyprus! everyone seems to lie big time there

June 4, 2009 4:13 PM
 

Cleo Shahateet said:

I'm sorry if that is the message you got from this. The fact that it is a slow market and a competitive one makes doing business here complicated on all sides of the transaction: buyers, sellers and agents. I gave 3 examples - I deal with many transactions where I also work with some very decent and ethical developers and agents. Moral is to be aware, read everything and do your research.  Cyprus still has great potential, perhaps not in the immediate future but that is true for the whole world being in crisis but once we all come out of it Cyprus will flourish as it has unlimited potential for growth.

June 5, 2009 5:02 AM
 

Maria said:

It is very Balancing & wonderful entry. Coloring of this very reasonable and useful.

July 13, 2009 3:19 PM

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Cyprus Property is Hot! Now more than ever. There are over 20 million northern Europeans (European baby boomers) that have retired in the last few years which is a great number and many will be British. Many have been waiting for the financial crisis to past before they make the move to Cyprus. With warm weather, low crime rate, low cost of living in Cyprus and English speaking population, do you think Cyprus will have enough properties for every one?

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