Being Scammed in Broad Daylight

Anyone who has struggled to survive in a city must have dreamed of living in Jeju Island, in a detached house, and I was no different.
I didn't even look at apartments or villas; I focused solely on detached houses. While doing so, I found a decent property through the Oiljang app and called immediately.
I went to see a detached house located in Nap-eup-ro, Aewol-eup .
I was told that a *jeonse* (lump-sum deposit) of 100 million won was possible, and I received various explanations from a Director Kim, who was a friend from the construction company. During the conversation, I heard the following:

He told me that if I had a total of 260 million won—160 million won in first priority (construction company) and 100 million won in second priority (me)—I could purchase the property even if a problem arose during an auction. I signed the contract and transferred a deposit of 10 million won. At the time, I went to a real estate agency introduced by Director Kim, and the contract proceeded with a licensed realtor. (They didn't charge me a brokerage fee...?! I should have been suspicious from this point.)

They explained that the property currently has a collateral mortgage set at 3,480,000,000 won.
Frightened by such a huge amount, I hesitated about the contract, but at that moment, the two of them told me: this amount covers all 16 houses combined. I just need to divide it by 16. I said, "Oh, I see," and moved on. . < This was a huge mistake. ( A 10 million won mistake )

They certainly didn't lie to me, but they didn't mention that the amount divided by 16 was not exactly the amount of collateral secured for the specific house I was contracting. The contract does not specify split collateral.
(Looking back, I think it was a scam using the truth.) I contacted them within 24 hours of signing, but I couldn't get a single penny of the 10 million won back.
I was so frustrated and upset that I couldn't sleep. That was how the first day of my house hunt in Jeju passed.

Results of Inquiries via Acquaintances in Jeju (Judicial Scrivener, Realtor, Construction Acquaintances...)

1. It is highly likely that the developer is currently struggling with debt.
2. If I had signed the *jeonse* contract and moved in, I might not have been able to get my deposit back. It’s actually fortunate.
3. The realtor knew all of this, but only notified me and did not speak about the actual risks from a tenant's perspective. They even reassured me by telling me to call the Suhyup (National Federation of Fisheries Cooperatives) employee. (Believing that and not making the call is my greatest regret. When I called later, they answered that they do not guarantee it.)
4. Conclusion: Nothing they said was technically incorrect. However, they only included terms in the contract that did not protect me, and told me rosy stories only verbally! They were just people who needed my 10 million won deposit. (It turned out that none of the units there were sold; they were all *jeonse*.)

Summary

• Don't trust the Oiljang app too much; there are properties that would be criticized if sold on the mainland (especially detached houses with collateral mortgages).
• Never, ever, ever sign a contract for properties that are approached with a smile, seem too good to be true, or have collateral mortgages.
• Never trust people. Don't trust anything said verbally. Don't sign a contract for things you don't understand. Sign only after fully understanding.
• 10 million won is a lot of money if you consider it a lot, and a small amount if you consider it small. I learned a big lesson this time.
• When people make money by deceiving others, they don't necessarily lie.
• Stay alert, understand correctly, clearly organize your rights, and then sign. If that leads to them saying they won't contract with you, then don't do it.
• The government guarantees up to 20 million won in Jeju, but do not obtain *nyeonse* (yearly rent) exceeding that amount. (It is not guaranteed.)