Bad Bad Scam Artist- Part 2

Annie Egan

As promised, I am endevoured to write everyday to all passing on what I hope is some valuable advise regarding how to purchase, sell or even take out a loan in the beautiful land of the Dominican Republic.

This one is a famous one from all over the world, please note it does not only happen in the Dominican Republic, it also happens when purchasing real estate n any other country.

A client approached me a while ago regarding buying one of my products in the beautiful Los Corozos de Guavaberry, (where by the way I have 3 units for sale with financing of 6% per annum fixed for whoever is interested). Unfortunately, the prices for a 1 bedroom apartment where too high for him, and he ended up not buying from Egan Overseas Properties Ltd., then he procedeed to travel to the area of Punta Cana Beach where he met an agent who showed him a development in the Bavaro area.

He was undecided, as the prices were right for him, but still wanted a bit more time, as one should have, to think things through and do the numbers to see if they worked for him.

The day before he was due to fly back to Ireland, the Real Estate Agent calls him and tells him there is an opportunity he cannot miss, one of the units became suddenly available and it was one of the last ones, and the owner was giving a huge discount, but he had to give the booking deposit of US$5,000 plus sign the commitment letter in order to avail of this fantastic one of a kind deal.

The client did not have time to think so he signed on the dotted line and stated he did not have the cash with him, but the agent advised him that he could send this the minute he got back to Ireland. He did this and upon his return wired transferred the booking deposit for the property inmediately.

Lord and behold, 2 weeks later, one of my clients friends who was also interested in purchasing in the Dominican Republic started looking at properties on the Internet, and found the same units, at 15% less than what my client paid.

The client proceeded to contact me to find out if this was a true price, I contacted the agent and the developers and indeed these prices were correct at a whopping 15% less than what this person paid. He then wanted to sue or withdraw from the deal.

But what could I do, he did not purchase this property from Egan Properties therefore, my work was very limited on how to wiggle out of the contract.

So the moral of the story is boys and girls, if it is too good to be true and you don’t do your due diligence, you are going to pay 15% over the odds.

We would love to know about things that have happened to you or your friends, email us on info@eganproperties.net with your story.

If you have experienced any kind of deal that sounds too good to be true or need advise please contact our legal team for an initial consultation on legal@eganproperties.net

Keep your eyes open!

Annie