We’ve issued a statement today urging overseas vendors and people selling property abroad to be wary of companies offering to buy their properties and claiming to be associated with Rightmove’s Overseas division.
We heard from several sources that a company is contacting vendors, usually via another website they are advertising on. They imply they are commercially associated with Rightmove and tell the vendor that they represent large investors who can make an offer on the property. They explain that they already have the funds available to purchase the property outright, but the vendor must pay a security bond, typically 1% of the property value, in order to release a 10% deposit.
If it sounds too good to be true, it probably is and these schemes are nothing to do with us.
Rightmove Overseas deal directly with property advertisers and have no relationships with companies that purchase property from vendors. The only companies Rightmove do have relationships with are www.holidaylettings.co.uk who are part of the Rightmove Group and The Rightmove Abroad who are officially licensed to introduce projects meeting minimum quality standards to subscribers. Neither company would ever offer to buy property.
Scams in the overseas market have been around for a while, but what’s really disturbing in these recent cases, is that the Rightmove Overseas brand is apparently being used to imply credibility, through claims of an acquisition or partnership.
Rightmove Overseas only markets properties for sale from our advertisers. We don’t get involved in any transactions with companies offering to buy overseas properties and are categorically not engaged with, intending to acquire or looking to partner with anyone operating like this.
Rightmove Overseas urges vendors to be aware of potential scams and suggests that anyone who receives a communication from parties claiming to be affiliated with Rightmove should check that emails come from an address that ends in ‘@Rightmove.co.uk’. If consumers are in any way suspicious, they can email the Overseas team.
Buying and selling abroad isn’t risky as long as you don’t leave your common sense behind at the airport. You should only deal with reputable companies. The fast-growing Association of International Property Professionals (AIPP) was set up to help consumers avoid this kind of dubious practice and maintains a membership of companies that commit to a voluntary code of conduct.
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