"Hey, Mister, Wanna Buy a Cheap Piece of Beach?"

Date: 04/27/2007

International Living Postcards-- Saturday Edition

Saturday, April 28, 2007

You're walking down the street of a foreign city and you hear "Pssst…hey, mister, wanna buy a cheap Rolex?" The guy pulls you aside and goes through his sales pitch showing you a shiny watch. Even if you are in the market for a watch, you're not going to buy the "cheap Rolex" from this English-speaking guy on the street. You know the watch is fake or stolen.

You get back to your hotel and sit down in the bar for a drink. Another guy who speaks good English sits down next to you and starts up a conversation. "Are you in town for business or pleasure?" He says he knows of some property on the beach that's for sale at a cheap price. In fact…he's just had an appointment for tomorrow cancel, so he can take you to see the beach, if you like. Next thing you know, you've signed a contract and paid a deposit on a piece of real estate. You should have bought the "Rolex" instead.

Maybe you own the beach property now, and maybe you don't. It is quite possible that the property was never for sale and that the "owner" you spoke with didn't own a thing. Or…the piece of beach was for sale…but your new English-speaking friend sold it to you for twice what the seller was asking (and your friend kept the difference). Perhaps you were the third person to buy the same property that week.

The guy in the bar may have had a better routine than the guy in the street…but he's the same guy. When you travel, and everything is less familiar than home, you should do more due diligence, not less.

There is an immediate comfort level with someone who speaks your language when you are in a place where you can't understand anyone. And the better the accent, the more you tend to trust him.

Take for example the American professor who went to Ecuador to buy a house. He spoke with local expats who introduced him to a trustworthy real estate agent. Then the professor met a young guy on the street who spoke English. This man said he could help the professor find a house. In fact, he knew of a great house at a great price, and…(you know the story). The professor decided to skip the real estate agent because he believed the expat who made the introduction would get a commission (which, the professor reasoned, meant any property bought through such an introduction would cost more). The professor bought a house using his new friend, the guy he met on the street…and was happy to get what he thought was a great bargain. Uh-oh.

It turned out that the jilted agent had the same house listed for about 1/3 less than what the professor paid for it.

Don't fall into a false sense of security because someone speaks English. You still need to do your research and carry out your due diligence.

Lief Simon
For International Living

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P.S. Not that anyone who speaks English isn't trustworthy. You just have to use some common sense. Ask yourself: why is a local guy (who may be a gringo) hanging out in a tourist hotel's bar all by himself?