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Beware - The Horror Stories begin

Discussion in 'Dubai property' started by jordandvdj, Oct 26, 2008.

  1. jordandvdj

    jordandvdj New Member

    Well - my worst fears have come true.

    Bought a 2 bed for 1.5m in march. Paid the deposit did the mortgage approval etc.

    Developer gives contract late and approval expires. Had to pay more money to re-do application. After 8 weeks of waiting the local bank call me today and say they just changed the LTV to 70% for CAO - they would be happy to process my mortgage if i could forward them over quarter of a million dirhams to bring my deposit up to the new LTV.

    Robbers the lot.

    Losses are the 500,000 it has alledgedly increased in value and the real 150,000 dirhams originally paid.

    Walking away - hope the market crashes and burns.

    Hope iran kicks off and they all lose their shirts. Greedy, cheating, dis-honourable cheats the lot of them :(:confused::mad:

    I have to laugh - i really do.:)

    My only saving grace is i borrowed sterling to pay deposit and will be paying it off this week but at 25% less due to sterlings crash.

    Fingers burned, burned, burned.

    I guess i could borrow more to bring deposit up - but i have zero faith in the development these days so will maybe look to buy in a year or so if the market settles and true values start to become apparent.
  2. cheemz

    cheemz New Member

    Quite fitting that Halloween is only 5 days away..!
  3. cheemz

    cheemz New Member

    Sorry, that in NO means was meant to kick you while you were down...
    I myself have the same horrors sucking the blood out of me!
  4. really_true

    really_true New Member

    BY any chances did any one borrow beyond their means . Did they try to strech themseles a lil to thin -- market vagaries are the nature of the market and if u cant sustain such changes on the down side you might as well hide u r money in a cookie jar . Delays are expected and the liquidy crunch causing the slow down is as imported as the inflation is so it is a double edged sword -- my self have had to revalue my investments. be ready always to loose the shirt of your back if you invest in anything -- if u dint know that then welcome to the world of investors start learning thru the school of hard knocks

    all the best

    Keep investing WISELY -- that is the only way u will really make money

    and hope the so called robber lot doesnt atget you the next time around.
  5. Investoman_uae

    Investoman_uae New Member

    Good luck mate. I know it aint easy but hang in there,... some banks have started to raise their LTVs to 75/80% ... so we all pray that the market picks up again in the next month or so.

    Meanwhile, I too have a 15% payment to sort out before the 8th Nov... and thats a 300,000 payment LOL

    You are wondering why am laughing? Cos thats the only thing I can do right now LOL.

    Lets be positive and optimistic!! Give it a few weeks see how the market changes.

  6. Fran

    Fran New Member

    the DFM closed at the bottom today - near 2900 points....perhaps the markets will close for a while .....panic rules irrationally
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