Legal Eagles Protect Unethical Practices

There's an interesting piece on the relationship between the legal profession and 'big business' in relation to overseas property in our editorial section. It is written by Diarmaid Condon, who has seen and done pretty much what is to be seen and done in the Irish overseas property industry. It's well worth a read - very thought provoking - particularly if you've been on the wrong end of some less than ethical practices in the overseas property industry - and let's be honest, there's plenty of this in evidence these days. 

It certainly raises the question of whether the average property purchaser overseas should have better access to lower cost and more effecient legal services in the quest to bring to book developers and agents who have failed to deliver on the promises made during purchase negotiations.

You'll find the article in full here. 

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Distressed Property Owner? - This May Help

Distressed property - it seems to be the topic of the day - which is all well and good, unless you actually own one. Those who have never purchased an asset to find that it is not - as they had intended - a wonderful investment, will simply never understand the horrible anguish experienced by those who have made a purchase that turns out to be less than exemplerary.  

For those that are in such a position be aware that there is hope - however slim it may be in some cases. Diarmaid Condon has written a very enlightening piece on the website about the options open to those who have assets which, for one reason or another, are not performing as they had hoped. 

It is good to find someone who will give positive and constructive advice to those who are in trouble at a time when newspapers and magazines are still full of promotional material for new developments in exotic locations. This is despite the very obvious fact that there is an absolute deluge of overseas property owners experiencing extreme distress with their overseas purchases at the moment.   

You'll find the full article here. 

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Overseas Property Investment - Flipping

We're delighted to announce that Independent Overseas Property Expert, Diarmaid Condon, is submitting a series of articles on overseas property investment for the overseas property advice section of our site.

Flipping is the most contentious means of investing in property. This is, essentially, the process of putting a down-payment on a property off-plan and then selling it before taking ownership.

It is also often also often used to refer to selling a property on shortly after taking possession but, in this case, the investor gets caught for full capital gains tax which a proper ‘property flipper’ would seek to avoid. Avoiding the capital gains tax is, incidentally, illegal in most countries, Ireland included, but it was still a very common form of investment until the beginning of the current economic crisis.

So far so good, but then of course everything is generally rosy until you go to actually sell that wonderful profit centre (overseas property) you purchased. As a lot of people have found out, all may not be quite as simple as the commission driven salesman would have you believe.

If you are considering investing in overseas property then this mini-series of articles on the main ways to invest, and what types of overseas property products are on the market, is an absolute must.

You'll find the full informative piece here.

Spanish Property on Today with Pat Kenny

It was great to hear our Advice and Editorial contributor, Diarmaid Condon, interviewed in studio on the Today with Pat Kenny show yesterday morning. The piece was a rundown on the trials and tribulations of the Spanish property market, where things stand at the moment, is this a buying opportunity, etc.

We thought it was very informative and Diarmaid very much held his own in the company of the esteemed Mr. Kenny.

The link to the Spanish discussion on the programme is here, you'll need iTunes to play it which can be downloaded for free from the Apple Website.

On a more amusing aside. Straight after the Spanish property interview two musicians, a lady and a gentleman, entered the studio. Diarmaid had no idea who was to follow his interview and, shook hands with the gentleman not knowing who he was. It was only when he heard the ensuing music from outside the studio afterwards that he realised he had just shaken hands with Sir James Galway. Way to not be overawed.
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