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buy back guarantee ajman

Discussion in 'UAE Property' started by rooney, Sep 6, 2008.

  1. rooney

    rooney New Member

    just been offered a full floor on a 6 month buy back guarantee, i just have to make first payment of 10%. is this possible from the developer or just a gimmick, and i will be chasing a non existant cheque.
     
  2. Roshan

    Roshan New Member

    You are playing with fire. A piece of paper ( a cheque in your case ) could be a worthless piece of paper if the developer runs away or declares himself bankrupt.

    You would then be running to the court and not to office. As the saying goes " Don't trouble - trouble, until trouble - troubles you.

    A friend of mine made 22% in 3 months, but he says he will never do it again.

    The call is yours anyway.

    Regards

    Roshan
     
  3. Ali786

    Ali786 New Member

    Buy back is a good option but this option is only for thoes who know nothing about market or how to invest. Generally if the market would be healthy which is more likly to be, then developer will happily buy from you but in other case forget about it.

    If you want to invest invest in good areas. buy some thing close to sea or creek and you will deafinatly get good returns more than 50 % per year. I have bought Orient Towers near ajman marian in 615 per sq.ft six months back and now the price is going 760. Out of ten i have already sold 4 in current price.
     
  4. Lil-John1

    Lil-John1 New Member

    Buyer be ware.....
     
  5. Trend XP

    Trend XP Banned

  6. Maha_elali

    Maha_elali New Member

    It is not in the advantage of the developer to fake or not proceed with a buyback deal. Laws on Post Dated Cheques (PDC) are very strict in the UAE. Make sure you get the PDC(s) while signing the buyback deal.

    For more security, check if the developer has an Escrow Account whih is not the case of all the developers in Ajman. But some of them do have an escrow account.
     
  7. memo123

    memo123 Member

    What about Islamic developers doing buyback

    Many developers are offering buy back deals at very high premium but dont give any PDC for it is against sharia compliance , they are well known developer . I have done one deal with them , they are huge and have so many properties all over Uae , do you think they would risk their reputation and dont payback at maturity ?
    That would be really scary .
    also if you are holding a check in the hand doesnt the developer go to jail if he gives a check with no money to cover it , that is in case of PDC.
    Also regarding your friend that went through hell to get his money plus profit , how did he go through hell before getting his money back?
    I have all the fear in the world in my heart now , can you please ellaborate on the trouble that he went through to get his money . all buy backs dont offer escrow for escrow is meant for the long term buyer with installment, however in buyback feals the money is in the developr's account
    I DONT WANT TO LOOSE MY MONEY
    Regards
    Memo

     
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