sydney development bucharest delays

[hudco]

having been informed of further delays in completing yet again & been sent a document to authorise & accept this. are there any others out there in the same situation & what measures have you taken and is there any other action that can be done .we have also heard that sewarge is to be via septic tank & that due to the land being mortguaged we will not be able to obtain a romanian mortguage. these are at the moment unconfirmed reports & would welcome any comments

[David howe]

Due dilligence is the key to any investment. It appears to be a matter of the tail wagging the dog if people are continuosly willing to accept.

David Howe LLB. LLM

INVESTMENT ROMANIA - Investment in Romanaia, Property management, Due diligence, Renting in Romania

[cochranehanna]

We too received the same letter informing us of the delay due to Electricity supplies. Can you send me a personal email and we'l chat about it?;)


cochranehanna@aol.com

[cochranehanna]

Originally Posted by hudco

having been informed of further delays in completing yet again & been sent a document to authorise & accept this. are there any others out there in the same situation & what measures have you taken and is there any other action that can be done .we have also heard that sewarge is to be via septic tank & that due to the land being mortguaged we will not be able to obtain a romanian mortguage. these are at the moment unconfirmed reports & would welcome any comments

We too received the same letter informing us of the delay due to Electricity supplies.

It all seems a bit dubious to us at the moment..................

We were told 5 weeks ago that we couldnt get a mortgage, we thought this was due to the land issues and Romanian Companies etc but we think its because the development has been way way way overpriced in the first place and the banks know this.

Then we received the letter from the builder asking us to sign the new extended completion date.................
Then 2 days after receiving that email all of a sudden we can get a mortgage and they want paperwork etc from us

I personally think that property is not worth the amount being asked from the banks. so ther not goin the lend it without some sort of security, now are they????...... and what is this security going to be, bet ya its our UK homes!!!!!

Wer hitting our heads against a stone wall, one week one thing the next another.
If the extention on the completion date now runs to early next year, why are they asking to start the mortgage process so early ???!!!!!

Any other thots from anyone else in the same boat

[thebutlins]

Originally Posted by cochranehanna

We too received the same letter informing us of the delay due to Electricity supplies.

It all seems a bit dubious to us at the moment..................

We were told 5 weeks ago that we couldnt get a mortgage, we thought this was due to the land issues and Romanian Companies etc but we think its because the development has been way way way overpriced in the first place and the banks know this.

Then we received the letter from the builder asking us to sign the new extended completion date.................
Then 2 days after receiving that email all of a sudden we can get a mortgage and they want paperwork etc from us

I personally think that property is not worth the amount being asked from the banks. so ther not goin the lend it without some sort of security, now are they????...... and what is this security going to be, bet ya its our UK homes!!!!!

Wer hitting our heads against a stone wall, one week one thing the next another.
If the extention on the completion date now runs to early next year, why are they asking to start the mortgage process so early ???!!!!!

Any other thots from anyone else in the same boat

Hanna,
I received a letter telling me of delays, but i certainly didn't sign anything to allow the developers to extend it. i have got onto my lawyer to see what he can do about compensation which the contract does denote (although he doesn't think i'll get too far unless i take them to court). Don't know about anyone else but i had a mortgage in place - a really good deal from pireas bank which has now fallen through because of the 7 month delay, i'm now finding it almost impossible to get a mortgae after the credit crunch, the one i've been offered is an incredible 9% (i had a CHF linked mortgae off er of 4.5% before). Because this situation is the developers fault and not my own i'm thinking of playing them at their own gain game and delaying payment for 6months to see if the crunch settles down a bit?
Can anyone out there tell me where you got your mortgages from?

I think as Sydney buyers we really do need to stick together. We're all stuck in the same boat! For example with respect to renting if one of us panics and sets the renatl bar too low we will all suffer, but if together we all agree on a reasonable rental rate for our properties then that is what we will get, the same goes for selling.

I'd love to hear from all you Sydney purchasers individually, i expect like me you've got lots to talk (complain) about. maybe as a united force we could help each other out. If you are buying a Sydney leave your e:mail address apparently i can't leave you mine until i've used this site 5 times (4 more to go!)

[David howe]

Why do you not take some pro active action about this rather than sitting discussing how bad it is and then complaining afterwards that you have been deceived or misled?

David Howe LLB. LLM

INVESTMENT ROMANIA - Investment in Romanaia, Property management, Due diligence, Renting in Romania

[korby]

Interested to speak to other buyers in sydney and the action they are taking

Send me a personal message to get in touch

[korby]

Hi

After reading this forum i appointed Andrei from Taru and Associates as my lawyer, I have tryed to contact him sending 3 emails and 3 phone calls over a week now and not heard from him. I am posting here to see if anyone can help in contacting him.

Korby

[kerrieHamilton]

We have purchased a property in Syndey and Melbourne, after a series of delays and our mortgage application being postponed because of this delay. we have been told on Christmas eve we have to sign a final sale purchase agreement on the 20th January, also on Christmas eve we were told that we had no chance of getting a mortgage in place. we would be interested in any suggestions or any other similar situations.

[steve01]

Originally Posted by kerrieHamilton

We have purchased a property in Syndey and Melbourne, after a series of delays and our mortgage application being postponed because of this delay. we have been told on Christmas eve we have to sign a final sale purchase agreement on the 20th January, also on Christmas eve we were told that we had no chance of getting a mortgage in place. we would be interested in any suggestions or any other similar situations.

Hi

I think I may soon be in the same situation as you having recieved the same E-mail having bought in Adelaide. Have you tried any other mortgage brokers other than the useless one given by the agents. I have spoken to a couple of others who say they can give mortgages but I'm not in as much of a hurry as Adelaide is not due for completion till March. ( But may not be ready till Sept).
Also you should have a 3 month grace period in which to find a mortgage. I've been told the mortgage situation is expected to ease in the early part of this year.
Would be interested to hear if what I've been told is true and if you've been told any of this?