Buying in Poland

P

phil1147

Registered User
Messages
76
I would advise anyone if they are thinking about investing in Poland thats its a bad idea. I just lost a lot of money trying to buy their and i will never invest their again.

For anyone who has had a positive outcome investing there i'd love to hear it but my experiance was woeful for the last 14 months. NOTHING went right.
 
Poland can be extremely bureaucratic and has largely a very old school attitude in their local authorities/systems etc - is that the kind of thing you are talking about?
 
It does have a very old school attitude but i found it terrible from day 1 trying to find a legal representative that could speak good english. Also the banks were a disgrace. i had money to put into it myself yet the banks were afraid... and this was during prosperous times, not recession.
 
You say you lost money there and wonder why the banks there were loathe to lend you money to invest there ?
 
aetius said:
You say you lost money there and wonder why the banks there were loathe to lend you money to invest there ?
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what i meant by "i lost money there" is that i paid a deposit, paid legal fees, paid agent fee's. I didnt actually go over to Poland and waste money on a Casino. Hence the reason for this thread was to talk about me losing money i had put into the invesment because the banks over there do not know how to conduct business.
 
Just curious, in what way did the polish banks treat you as opposed to how an Irish bank might have treated you?
 
aetius said:
Just curious, in what way did the polish banks treat you as opposed to how an Irish bank might have treated you?
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Maybe they actually exercised due diligence and examined the proposal in front of them...that would be unlike the Irish banks Not having a go at the OP there!
 
The only time i was unfairly treated was when the last bank i tried refused me due to my age. Yes, they seem to openly discriminate over there.

Most other banks over there would have me fill out painfully big app forms, then get me to get additional documents, get 2 letters from my employer, then get me fathers passport no. they would also get me to pay for history checks/reports on myself, translations etc etc. Also they would be looking for power of attorney forms, the list goes on and on.... and on and on.......

Admoriarty, you may be right that they probably should be stringent on there policies in lending byt they should know whether they want to give you a loan way befiore they lead you down a path of thinking that you have good chance of getting the mortgage.
 
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Sorry to hear about your experience Phil. I don't have anything to add, except that hopefully one good thing that might come out of this recession is that it'll put a stop to the rampant Irish property splurge abroad.
When I was in Krakow 2 years ago the Polish people I met said they couldn't afford appartments, because Irish & Uk investors were paying huge prices & pushing up prices. Hopefully they'll have a chance to buy over the next few years.
 
Phil you say "The only time i was unfairly treated was when the last bank i tried refused me due to my age" lol, and you are wondering why they want to run certain checks on you, your from a foriegn country, you could be anyone. Age, well what age are you 15, what ever age, any one going to a bank from a forign country especially young would beg questions as to how and why they are investing here, never mind how they acculated.If these questions are not asked, and there is a problem down the line ppl could loose there Job while you walk off into the sunset. Well thats very obvious to me, maybe Irish banks should take a good look at the Polish banks
 
im 27, thats not a good enough reason to be refused a mortgage. I gave them all the documents they required and thats there only excuse that im too young, well to me thats 1st degree discrimination and i will never invest my money in that country again.
 
How's your Polish? It's a fairly colonial type attitude going over there and demanding they speak english.
I think you've been done a favour, if you had bought over there you'd probably have lost more money than you spent trying to get a mortgage.
 
Phil, okay well I do not think it was your age, thats my opinion. Even if they said it was or you assumed it was, it would not make any logiacl sense. As in if you had the Swiss bank behind you and you were 15 I'm sure you would get a loan, where as if (with respect) your Johnny come lately from a little Island of the coast of Europe looking for a mortgage (which they themseleves wish they could afford) they will steer in the direction of safety first with a compensating factor, to be honest makes sense to me. If I was a bank manager, some one walked in to me and had no ties, no Job here I would want what they had for breakfast and a DNA sample, just me.
 
Anyhow your young and why dont you wait till things level out, the Polish economy including building is pretty how do you say, walking on a egg shells as ours is. Put into a good bio technology lol, just my 2 pence worth.
 
thanks for all your comments, maybe they had a right refusing me a mortgage but they still should ahve told me the real reasons, other than reasons such as me not owning more than 1 property here, or that i was too young... really i would have preferred them to say, look dont waste your time looking for a mortgage coz we aint giving you anything... What a WASTE of a year, i probably would have invested in Bio tech(whatever that it) but now im going to wait til everything pans out....
 
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