Should I take the money and run - Bulgaria bought a front line apartment 2 years ago.

Re: Should I take the money and run - Bulgaria bought a front line apartment 2 years

Take the money and run. I bought an apartment in Bulgaria in 2006, still haven't got the deeds or the apartment. If I was offered the money back I'd take their hand as well.

No resale in Bulgaria or rental. Lucky you. Take the money


asjmum said:
I bought a front line apartment 2 years ago in Sinemorets, Black Sea Coast. There were/are major delays and the title deeds are just about to be transferred - I paid my money in stage payments. Due to fault/delays on the developers side he has agreed to give back my money and terminate the preliminary contract if I wish.

Should I take this offer and run, I will lose about 3500 euro on legal fees and expenses. The apartment was 36000. There are so many horror stories about not being able to resell I am thinking of taking the loss and chalking it up to experience.

What are your thoughts/advise?
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Re: Should I take the money and run - Bulgaria

angela59 said:
Hi Asjmum,

E36,000 sounds very cheap for frontline property - as the previous poster said if it is for personal use and you can get the use from it - well and good. If you're buying to resell quickly I'd thread carefully. I bought a frontline in Nessebar 2004 which was completed in 2005 have rented it successfully in summer 2006 and summer and winter 2007 - trying to sell it now - good interest but am selling it for about E5,000 more than what it cost to purchase and furnish it in 2004 as am looking for a "quick Sale" - however long that takes as there are that many apartment for sale - I would hold out another couple of years and rent it out but need to release the equity now. The only other thing I would say to you is that Aer Lingus are now flying to Bourgas from June onwards if you were going to use it yourself. Rental was you really do have to be in a good location as there is so much competition. I know another couple who own an apartment in the same complex I purchased and they absolutely love Bulgaria and the people. It boils down to what you want if for, investment I'd say lose the E3500 - personal use hold on to it. Best of luck in your decision and let us know what you do.

Angela59
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Angela, I would be grateful to receive a PM from you (like others I'm sure) about the agent that you're using to rent your property in Bulgaria. I am about to sign title deeds on something similar. Would really appreciate it. Thanks.
 
Re: Should I take the money and run - Bulgaria bought a front line apartment 2 years

run, anyway you can,
 
Re: Should I take the money and run - Bulgaria bought a front line apartment 2 years

Hi Ajsmum,

any update? have you decided?

Just a suggestion from me....
if the develper does indeed have a new buyer lined up, why not try to strike a deal with him to resell the property? that way you may be able to recoup your legal fees? If for eg he can now sell it for 45k then he can easily get his money nack from you, and split the 10k difference with you. That way he still makes money and you get your 3500 back. i doubt he is giving it back to you to sell on without making an additional profit, especially when he has had to cover late fees etc already??

Or as others say push for legal fees returned?

but €3500 for legal fes - whoa! as someone said, they may have used an Irish co to outsource the legal work, and that is why the costs are high.

here in Turkey you are looking at €150-€1000 absolute maximum!

Anyway, let us know how you get on?????
 
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