Written on: 23/06/2008 by Sarahhawth (1 review written)
MRI claim to help people buy and sell property abroad. They are a multi-million pound organisation, who in my experience (and many others I have spoken to) take advantage of their potential customers and are unable to deliver. If you were considering using them then think again'
As soon as I arrived in Bulgaria, the local MRI sales person meets you at the airport for 2 days of viewing property. In actual fact, the MRI sales person knows exactly which property they are going to sell you as they take you round a number of poor developments and then end up at the one they want you to buy.
There were 3 couples in the group when we arrived at Panorama Beach, the salesman said there were only a few apartments left (however in actual fact on returning home there were many better apartments available at the same development). I would warn you to not sign anything while you are there until you have researched the developments when you return home.
If you were considering using MRI then I would say, save your money and use another company. You will pay an approx. 30% extra by going through MRI (their marketing has to be paid somehow) and you will not get the hassle-free service you thought.
Do not listen to the 'Independent 'Financial Adviser in the MRI Welcome Sessions, MRI provide them with over 95% of their business therefore they are in no position to offer independent advice. All the money you were hoping to make on the investment will go to MRI, over 3 years I am still paying out to MRI and have not gained a penny. It is certainly not an investment, and you would be much better off keeping your money in a bank account and earning interest.
I was told that the Bulgaria properties were expected to increase by 25% the year I purchased my property. In actual fact, real figures show growth rates of 31% on Bulgarian house prices. The actual real price increase of the MRI property was less than 2% and that was due to the original over inflated prices charged by MRI.
Don't get sucked into the cheap inspection trips with cheap travel and accommodation to view properties as the sales person will not leave you alone. You will be bombarded, even if you say you need to consider the options.
Don't be fooled as I believe that all the companies they put you in touch with such as lawyers, furniture companies, after-sales care and even the mortgage companies get paid from the success of MRI, therefore they operate in the interest of MRI and not the customer.
I am now undergoing legal action, which is costly, time consuming and stress inducing.
MRI offer a 'Lifetime after-sales 'care membership, which, yes you have guessed it, you have to pay an annual subscription to. If you want my opinion, this is completely worthless for the following reasons:
- MRI say they provide updates on the build of your property, however during the 12 months I did not receive a single report and when I logged online there were no reports available for my development.
MRI supposedly offer a free Industrial Clean of the apartment on completion. This wasn't actually true and they didn't even sweep the floor, therefore don't waste your money on this.
They offer a telephone service for problems and issues. This again was not true, my apartment had problems such as missing items, poor quality workmanship (the wooden floor did not fit, the apartment walls were not straight, the internal doors did not close, the kitchen was not installed'. Need I go on?) and I am still waiting 3 months later for a response (even though I am in weekly contact with them)
They supposedly offer free snagging (i.e. checking your apartment for missing items and building issues) " In actual fact they did not, and you have to do the checklist yourself.
MRI are expensive, made sales promises they backed out of, have poor after-sales service and wherever possible try and get more money out of you. If you want my advice do not use MRI Overseas.