The Chicago Tribune reports that Nashville semiretired songwriter Paul Nelson is among many Americans who are buying investment properties abroad without paying a visit.
"Paul Nelson had never seen Paraiso del Mar, a resort and golf community in La Paz, Mexico, on the Baja Peninsula, before he signed a contract to buy a $200,000 beachfront condominium there. And he didn't even consider flying down to check it out before putting down a deposit."
"'I thought in the very worst case, at $200,000, I'm not going to get hurt that bad,' said Nelson, 58, a semiretired songwriter from Nashville, Tenn."
"Nelson is just one of a growing number of people who are bidding on investment properties, second homes, even primary residences, before seeing what they are buying. Indeed, buyers from Las Vegas to Manhattan have recently signed deals for as much as $2.25 million to buy places they've never been in, according to local brokers and their clients."