Are we being deceived by Overseas Property Developers?

[connection]

unfortunately I fall into the category of naieve buyer who didn't know how to find any information on the Developer except the advertising he was diong for himself.Now I am facing financial ruin and these big developers have us all tied up in legal knots with nowhere to go for information other than fellow victims on forums
these developers are allowed to put about all this misleading advertising and then they ensure that people are too scared to talk openly about their experiences.
If they have nothing to hide why are they so afraid of what is said on forums.I appreciate all the advice above.I wish I had seen it sooner.Anyone wishing to buy in Bulgaria should certainly be wary of any Developer who tries to silence it's customers
silence speaks volumes

[connection]

Originally Posted by Topcat1961

Hi there

can you send me a private message with who the lawyers are and also who is the developer?

I don't know how to send a private message on this site can you help please

[bhc]

Whether its Bulgaria or ROMANIA if you are buying to let on a mortgage you will not be able to meet all the costs unless you can put down a huge deposit.

[mickthepropertyguru]

Originally Posted by connection

I don't know how to send a private message on this site can you help please

Hello,
If you click on the person name, a menu will pop down, click on the "send private message" option.
regards
Mick

[Investy]

I recommend now only buying built property from highly reputable developers. I would not entertain Bulgaria as it's corrupt from to bottom, and showing little sign of change despite the platitudes and assurances given to the EU Parliament. Romania is far too murky also.

[Aegean Emerald Properties]

Originally Posted by David Thrift

It is the only service available and full investifgations are carried out. The report covers the legal side of the property development, checking planning permission, land tile ownership, building licenses, shareholders and directors, the management contract and everything you need to know about your proposed project.

Hi David,

i agree this is a great idea and worthwhile and needed. However I disagree that it is the only service available. In our company we also provide due diligence reports covering the same criteria as you mention. We get these reports via an independent third party organisation. We have copies of these reports for all the developments we currently carry, and should a customer chose a property we do not have a report for we get them one, and if they then complete the purchase we refund the cost of the report.

I am glad to see more companies realising that this is the way to go, as it is only through transparency and honesty that those of us who have nothing to hide, and who have no intention of ripping anyone off can maintain a good reputation. Unscrupulous developers use agents to flog their shoddy or non-existant properties. Thankfully none of our clients have ever been involved in any problems of this nature, but like buyers I am also nervous of selling properties from develpers I know nothing of. hence the reason we get an independent due diligence report on the builder prior to selling their property.

For anyone considering buying abroad, DD and thorough research s needed - and definitely don't buy off plan without visiting the area! Its better to spend a couple of hundred quid on a flight than potentially be out of pocket by thousands. If you are buying abroad you should be preapred to travel abroad, otherwise you are taking a big risk an laying far too much trust with the develper/agent whose main goal is to sell.

[owendale]

having read most of the above i must agree that many selling overseas property only want One thing ... YOur Money..and they will do anything for it without caring about you...
I have invested in the USA and have my own real estate license , has it helped me sell more or invest , well NO... I become a REALTOR now you would think being UK based and able to provide a full Realtor service I would be snowed under with clients , NO I have not had one client close on any deal .
i own the websites with the string "usalocations" and again Not one client .
It is to my cost i have learnt that UK people just dont care what you can offer them , all they want to do is make MONEY and quickly and many pay out too much !!
I have seen several UK companies charge for admin , finders fees etc etc as well as due diligence service's often charging over £1000 I must congratulate those companies and good luck to every one of them .
The main problem in the uk Is just Lack of knowledge and falling for all those glossy magazine ads..Ignorance really is Bliss...
My advice is simple...
where ever you want to invest ..find out as much as you can about the Protection and guarantees , about local license's etc and check check check all the Facts yourself..
I invested in Georgia USA and it took me 2 trips and over 18 months to finally invest is a place called Valdosta...Talk about cautious...
I only invested when I got to know the agent and most importantly felt i could Trust them.. That is the Key... Good Luck and regards..

[Aegean Emerald Properties]

Originally Posted by owendale

It is to my cost i have learnt that UK people just dont care what you can offer them , all they want to do is make MONEY and quickly and many pay out too much !!

I agree, the gred to make a quick buck is what has turned many buyers heads, and the had the ££ chiging in their eyes when they made the decision - they did not research properly - they were blindsided by the agents promises of 50% return on investment in 1 year rubbish. Its this greed taht fueld the unscrupulous agents to pursue sales with such vehemence.

Isn't it the age old trick that con men use - appeal to the mark's greed? the reason so many paid over the odds is because they thought they could make a killing on a resale/reinvestment etc. but they believed what they wanted to believe and nothing else.

I know a couple who bought a small villa and an apartment at the same time. They used all the cash from the sale of their home in the UK. They bought 2 properties because the agent told them that they could sell them in a year and make at least £25k profit. - and the more they spent the more they would make! No chance, especially not when they paid about £30k too much in the first place. How did he get them to pay so much over the odds - cos he told them how much they would make before he told them how much it would cost. they then thought it was worth the extra expenditure to make a bigger profit. Now 4 years on they have been trying to sell for 3 years - no takers. why? because the market price now is only what they originally paid, and they are determined to make their profit. They no longer have a home in the UK, and have much smaller savings because all their money is tied up in properties which they have overpriced and can't sell. They still wont listen to anybody who advises that their properties are over priced by at least £10k.

Its a case of caveat emptor. If you get carried away by promises of big returns, profits, etc. and don't carry out DD, then you have to accept some responsibility for your loss.