We went on an inspection trip with MRI (MacAnthony Realty International) to Bulgaria. We knew exactly where we wanted to buy. We were told that this particular development was of poor quality and persuaded not to buy there. Despite this MRI are still selling at this development and say on their TV channel that the company are renowned for their build quality.
We believe that we, and the other 6 people on our viewing trip, were targeted to buy at the development we were taken to.
The apartments were way over the budget we told MRI we had. We were assured that we could afford it, as we would get rental income from but only had to complete and pay the final balance in 2007. We were also told that we would get guaranteed rental income from so effectively, we would always have the funds in advance to pay our mortgage.
This sounded really good. We also asked if they could sell the apartment for us when we wanted to do this. We were assured that they could, either before or after completion. We asked about capital growth and were again assured that this would happen and were actually given figures with the projected capital growth.
None of what we were told has turned out to be true. There was no rental for even though the developer did rent out the apartments. We received a small amount of rental income for nowhere near enough to cover our costs. The same small amount is being offered for 2008.
We have had our apartment for sale with MRI for 16 months with no sign of a sale. We have now reluctantly said we will accept less than we paid for it and they still can't sell it.
My advice would be to get everything you are told in writing and get it put in a contract before you sign anything.
We and countless others have learned a very costly lesson.
Janet
Lancs
United Kingdom
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