Hi Deedle

I have just emailed your lawyer , i will let you know when he replies , what the story is .

Hi,
Regarding this law firm yous are talking about ....I was in contact with them about 6 months ago......They told me that they were working for several clients on this development to get their deposits back.
They were extremely pushy for me to sign a contract with them for the due diligence and to send the money over before hand.
I looked into this a bit and could not find anything out about them, so backed out.
Every country has a list of their most reputable law firms, (Forget the name of it)
Their name was not on it, so i picked one that was on it to use, they done due dilligence on my contract for a lot less money than the first firm were looking for.
They did not mant any money up front! They invoiced me several months later.
The contract i have is with IMPACT, the developer, and the contract is pretty good on their side.
I have tried a couple of things to get my deposit back and still am, but with no success yet and looking highly unlikely at this stage.
Unfortunatly there is a lot of companys out there waiting for distressed people in situations like this to take advantage of!
I had no more dealings with this first company so i dont know much more about them, but be weary of someone who is pushing for money!

PLEASE DO NOT POST CONTACT DETAILS OF ANY INDIVIDUAL OR COMPANY ON THIS FORUM. IT IS AGAINST THE TERMS & CONDITIONS OF USE.

We'll have to delete the topic otherwise, and I think it is proving useful for some people.

Hi Rick

Thanks for the info - I sent the money for the due diligence check and now they want more money from me. Looks like a money making exercise for the lawyer and to be honest if you have had no sucess then its highly unlikely I will either.

Cheers

I got an email from my lawyer yesterday claiming that it looked likely that he could get my studio appartment at a much reduced price, less than 70,000 Euros he claimed (it was origionally 95,000). He also wanted a 12%-14% share of the money saved. I went on Impacts website and saw they were offering the 'garsoniera' of 53m (exactly the same as mine), for 61,935 Euros (www.greenfieldresidence.ro ). I dont even know at this stage if i can get a mortgage as i had given up hope of that months ago, but if i can complete do you think there is still rental demand because from what i've been reading in the Bucharest Herald there is not. Also has anyone else been offered a reduced price on their appartments?
P.S. I origionally hired my lawyer to get my deposit back but he seems to have forgotton about that completely and thinks the flat will be valuable in the future, im so confused :(

Hi i am going out in may i have mine bought in greenfields outright
just the old furniture problem with mri
i had to cancil my completion on a house in melbourne
various reasons
i hope i can get a decent rental /managment company out there to sort everything out .

Hi! It's interesting what you said about an offer from your lawyer. So far I only had an offer from Impact to pay the outstanding 70% in monthly installments over three years (with very high APR) which I turned down and proposed something else a month ago, but they haven't come back to me on that yet... I guess, the situation on property market there is changing quickly (means: worsening) - when I last checked prices in Greenfields a month ago through an independent agent, my studio was priced at c. €73K + VAT (in fact, the same price as I bought it for). But I had a look at Impact website just now, and, indeed, they have a special offer until the end of April and there are bigger studios than mine available now for c. €65K (inclusive of 5% VAT) and I paid €87K (inc. of VAT) for mine. Don't forget though, that these special prices are inclusive of the special 5% VAT rate, which is available for Romanians only and for the cheapest flats (below €100K). So for non-Romanians studio would cost still c. €75K (inclusive of 19% VAT). In the meeting I had with MRI in London two weeks ago, they mentioned that Impact have a problem selling in greenfields, and this is probably true, if impact need to go for some special offers like that. This is not good news though and it's a big question mark for me whether I should put more money into it or not...

I have spent a lot of time over the past three months researching the Bucharest market to help decide whether to proceed with my apartment. Although even after this it is very hard to put a value on a property, two things relevant to your post that that are clear -

- the "special" prices are just a starting point, offer 5% under and you will have your hand bitten off, convince them you have the cash to hand and are serious and 10-20% off the "special" price is possible.

- no foreign buyer is going to purchase at 19% VAT rate where 5% is available to the locals. NB It is possible for a foreigner to get the 5% VAT rate, providing you are prepared to claim the property is for your personal use not BTL. Not clear if this could lead to problems later on.

I wish you all the best of luck, I received a letter from Impact this week terminating my contract with them as I have not completed within the due time.
The deal I was offerd was to tranfer 15% less €3000 from one unit to another which amounted to about 10k so not worth doing.

This was a first time investment and although I new it may have had risks I believed MRI that this was a no brainer and could not loose. We were honest and told them our situation from the outset and they told us that they would be there to help all the way. They were the experts. Where are they now? Aftersale, €100's for what? nothing. Furniture packs, €1000's for what ? nothing.

They drag me all the way from London to Manchester as I missed their last London meeting (another lie as they have had meetings in London since) for a pointless meeting to tell me that Mr Mac himself is willing to give up unit (his pension fund) in a new development just to help me out, pull the other one it's got bells on!

I originally went into this because I wanted to pay off my mortgage and retire early as I'm in ill health, (I did not think that unreasonable or greedy) thanks to MRI and others I am now left with a huge debt which I have no other way of paying than to keep working long past the time that I would have had to.

I'm glad it's all over, and to all the liers and cheets, may they all rot in Hell

Hi

I have received the same letter advising that termination is due on the 24 April and feel really sick that I ve will have lost my 30% but in a way glad to finally draw a line under it and move on - was using it as a pension for the future too but harsh lesson learnt - should have shoved it under the bed