Quote:
Originally Posted by Jain and Chris
Hi Topcat
I agree, what your agent did was possibly unethical (do you have written proof of this?) - but surely, even in the UK, you would have taken independent advice aside from the agent - both lawyers and mortgage lenders. You would never have accepted an agent's opinion of the value of the property in the UK; certainly would have not considered fixtures and fittings.....
I know, it's like closing the stable door after the horse has bolted... but anyone new to overseas property purchases (not at all just in Bulgaria)..
Please, please, anyone in the same state of affairs now or considering a mortgage for buying property in Bulgaria contact Chris Downham whose details I have given or simply get independent financial and legal advice, don't rely on the agents, just as you would not do in the UK.
We've been talking about this for four years now, warning buyers to get independent professional advice and not rely on what the agent says; in effect, do just as you would do in your home country.
It's a sad tale but one from which people can learn from and recognise that you need your own advisors who are on your side and not given to you by any agent.
All the best
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Of course I wouldn't do that in the UK! But it's a psychological con trick, I had never even considered a Bulgarian mortgage, I wanted to buy outright but I was 'reasoned' into buying an investment with a mortgage. They had their financial advisors and lawyers all present, it all seemed correct. It's only when I came back that I realised all the information was incorrect and by that time I had paid reservation fees for 2 properties! You are so afraid of losing what you have paid out so far that you invest more, you don't want to lose your trip fare so you believe that you're doing the right thing, then you don't want to lose your reservation fees so you pay the deposit, it's crazy but it works, only on inexperienced investors-so that is who they target.
I know you are trying to be helpful but I know I have been silly but I didn't think a huge property agents would resort to such misleading, innacurate information, just for commission. Luckily I didn't buy any of their developments.
Yes, I have the workings on a piece of paper and I am going to go legal etc but I am more concerned that this unethical practice is stopped.
Some people that view your forum only tend to start being active when they realise that something is wrong. There needs to be some sort of site purely for inexperienced investors that outline all the scams and difficulties that they may come across. I expect there are some people who have invested that don't even use the internet. This company preys on the vulnerable and if they feel that you are not in that category they resort to deceit!
It's called Corporate greed.