Can people really be this stupid ?.

Case #1: Guy buys retirement home in France without consulting wife !. She hates it. Can't sell; on the market for over a year. It's obvious that the 70's decor and crap kitchen are the reason. So the property gets a makeover and sells for a slight loss. Nothing remarkable.

However, Case#2:

Couple see a cave house in Spain on TV. They've never been to Spain but decide to buy one and run it as a B & B. (No research done on the area or the viability of the project). They pay £134K up front (life savings, naturally). Turns out cave has been dug out of the wrong kind of soil, and there's a road carrying heavy traffic over the top. It starts to collapse and the terrace is sliding down the hill. They are advised to sell it for "whatever you can get". No mention of it being sold - what a surprise.

Case: #3: Couple go on inspection trip to Spain with Parador Properties. Buy the last townhouse (off plan) on a development right next to a very busy road, because ,"the agent said we had to decide within a day". Pay 50% up front !. They use the solicitor recommended by Parador. He doesn't even check if the developer has planning permission - he doesn't, of course. Two years after completion, roads still unmade, no pavements, no streetlights and they've been burgled three times. Decide to sell, but no mention of buyers or even anyone viewing.

Presenter keeps saying how sorry he feels for these people !!!.

I'm amazed not just by their stupidity, but by having it exposed on television !.

Yes but buying property has been presented over the last few years as being the best, safest and easiest investment decision of your life, very little has been said about the numerous pitfalls, TV presenter feeling 'sorry', it was his mates on ther overseas property porn shows who roped these type of people in. A bit like getting a bunch of kids exited about a trip to the zoo, but then they get dumped off in the middle of Africa and are eaten by the wildlife.
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The program organisers must have been rubbing their hands when these people got in touch and asked for help. I'm still shaking my head over the purchase of the cave property.

have to agree that the tv company must love these stories, although you do feel for the people involved, i do wonder why some people leave their common sense at the airport when they house hunt abroad, we are forever telling people to take thier time and do the reaserch, to avoid problems with property in the sun. thankfully we work in central Portugal where things are pretty safe and people are generally trustworthy.

This week the couple in Montenegro........

The wife was Serbian so should have some knowledge of the region. They paid the agent £43k for a flat but never got the keys or deeds. Turns out the vendor sold for £17k !!!. ( There are people living in it !).

Paid £60k for a plot of land but didn't bother to check with the land registry.....

No, I don't feel sorry for them; it's because of people like this that rogue agents exist & prosper.

The programme also served to emphasise that there is virtually no resale market on the Spanish Costas.

Wherever you are thinking of buying, first assess your exit strategy.

Lets hope we'll be saying the same about the U.K. in a year or so.

I guess these people assume that what has happened and the profits made in this country was a permanent thing and making money by just getting a mortgage is as easy and worthwhile as it gets.

This reminds me of the saying 'if it looks too good to be true - then it probably is.'

Well - the U.K. is still in wake-up mode from this too good to be true miracle economy.