Bulgaria - MRI Overseas Apartment bought through MRI Review

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Guest's Review of Bulgaria - MRI Overseas Apartment bought through MRI

19th Jan 2009

Overall Rating

0.5 stars
  • Value for money
    0.5 stars
  • Estate Agent
    1 stars
  • Investment Value
    0.5 stars
  • Motivation
    Investment
  • Buying Process
    2.5 stars

MRI Overseas Property are overpriced. I bought in Bulgaria near Sunny Beach. Before going on the Inspection Trip I gave them my budget and they assured me I could get 1-bedroom apartment, but it was proved otherwise. I ended up buying a studio apartment but after further investigations with other real estate companies I now know I could have got the 1-bedroom apartment for the price I paid for the studio! They said the building would be frontline, this didn't mature. They said it would be 200 metres from the sea, it is 300 metres. They said (in email) that I would get guaranteed rentals increased when it turned out the building wasn't frontline. Quite the opposite, they have backed out of any guaranteed rentals whatsoever. They have done snagging as part of the After Sales I paid for, but they shouldn't have bothered as they missed some very obvious errors and damage - they now ignore my requests for them to get it sorted. They offer free pick-up and drop-off at airports as part of After Sales. This is great except for the fact they didn't arrive to pick me up for my return journey. I was left stranded to deal with it myself after making several phone calls to them at the time. They simply said there was nothing they could do as they didn't have any other drivers (remember you are dealing with supposedly the biggest worldwide real estate company - not very reassuring at all). They advise you to use Capital Financial Partners for mortgage arrangements in Bulgaria. Don't do it if you want to secure your guaranteed rentals. It took almost a year to sort my mortgage even though I continually raised concerns. The banks will not consider giving a mortgage offer until Act16 is granted. You must then 'complete' with the developer in 4 weeks, but the banks take several more months. Therefore, there is no chance to 'complete' on time, risking the developer pulling out of the deal and keeping your full deposit (in my case 40%) but also ensuring the developer does NOT have to pay guaranteed rentals at all.

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