Expat Community > Ecuador

HGQ2112
Joined 2009
Posts: 1640

Reality Check: Buying, or even Renting, Sight Unseen.

13 years ago

Doe is a darn good person and charming individual. However, when Doe asked us to rent them a property, sight unseen, after much ensuing confusion (sort of like a bad Abbott & Costello shtick), we declined. They worked with someone else. Ironically, for this specific request, exactly who we would have recommended, instead of us. Why would we give up perfectly good biz, from someone we like. Because we want them to continue to like us...and one deal is not worth the integrity of our business.

Folks...stop and think very carefully before renting, let alone buying, property sight unseen. I know...I know...we've all heard about that great deal that someone's uncle's brother bought and he never regretted buying sight unseen. Great! Good for them! Still, play the percentages. Them "aint" it.

Even in regulation-laden USA, buying or renting is filled with pitfalls. In Ecuador, the pitfalls resemble the Grand Canyon. Paraphrased, but real life discussion between us and a listing client. We will call them Doe:

Us (as we take photos): So, does that table convey with the sale?
Doe: Yes,we are selling furniture with the property.
Us: That specific table?
Doe: Yes, we are selling tables with the property.
Us: Yes, but that specific dining room table, will it convey with the sale?
Doe: Oh, yes there will be a dining room table.
Us: But will it be that one, right there? The one that we will feature in the photos for the listing?
Doe: Well, not exactly that one.
Us: Which table will convey?
Reality: Out came an old, plastic, outdoor 4-seater "dining table".

Ummmm...I couldn't make this stuff up if I tried. Just not that creative.

Folks, this happens in Ecuador every day. Properties are sold (and rented) "fully-furnished". The photos look great. The furniture is lavish. Then, the ol' bait and switch. You walk in for a final walk-through and all new (should I say, "old") furniture has replaced the good stuff. You think that is unique? Think again. They have a million of 'em. Tricks galore. This is the wild, wild west of real estate. And you, as a potential client, want me to represent you in buying or renting something "sight unseen"? I wouldn't do that to you. Our level of personal client care and integrity just doesn't allow for it. Too much can go wrong for you and, quite rightfully, you will look to us for some blame-sharing.

A real estate purchase can be the largest investment in one's life. Even real estate leases carry significant costs. Please reconsider doing either "sight unseen". Cheap hotels can be readily had throughout Ecuador. Stay in a hotel for 2-3 days and at least explore the rental market (longer...much longer for sales/purchases). Even in the most sought after coastal towns, during peak season, something will always be for rent. It may not be perfect, but at least you will know exactly what you get. Lease or buy sight unseen...and you may wind up with much worse. As always, Caveat Emptor.

ps. In his case, Doe's experience worked out just fine. He happened to pick something in one of our two favorite buildings in the targeted location. Hard to go wrong with anything in that building. Still, we never regretted our decision.

HGQ
As scarce as truth is, the supply has always been in excess of the demand. ---Josh Billings

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SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

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Reality Check: Buying, or even Renting, Sight Unseen.

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