Mechi Chal

[fiona123]

Has the thread about Mechi Chal been removed or have I just missed it in the search? We no longer have our investment here but was wondering what has happened with other investors?

 

[Lysos]

A quick internet search would indicate it never happened; usual Bulgarian scenario - buyers left with nothing.

 

[fiona123]

yes- I knew it hadn't happened but wondered if other investors had had money refunded. We did get an exchange for another development which doesn't seem to be happening yet either.

 

[Lysos]

This con of exchanging your half built/non-existant property for another similar headache (or even a worthless patch of land according to one busy thread) seems to be fairly common; it seems to be nothing more than a delaying tactic so the agents & developers can hide their assets before the naive victims finally wake up &, too late, consider legal action.

 

[JustinBarley]

A quick internet search would indicate it never happened; usual Bulgarian scenario - buyers left with nothing.

you can't say that for the whole Bulgaria... that's kinda offending you know?
i agree there are a lot of scams
but you can`t say that for all...

 

[Lysos]

I didn't say "all", I said "usual", dictionary definition: 'common occurence', which, reading these threads, seems to fit admirably

 

[KayJay]

I didn't say "all", I said "usual", dictionary definition: 'common occurence', which, reading these threads, seems to fit admirably

That's still rather unfair and untrue; the "usual Bulgarian scenario", in my experience, is more along the lines of "investors" not bothering to do their homework (often not even visiting Bulgaria),not understanding that they're doing business in an alien environment, not grasping that the system is very different to what they think they're used to at home, and foolishly using lawyers and notaries recommended by the developer.

Yes, people DO get scammed or fall victim to developers who can't complete but most often these "investors" are like turkeys queuing up for Christmas. They don't take the most elementary precautions to protect themselves and it's sometimes very difficult to summon up any sympathy for them.

 

[Lysos]

KayJay,

I totally agree with your last sentence. Paying way over the odds & believing totally unrealistic rental projections by sales reps is a result of not doing due diligence. However, the number of "troubled" projects is disturbingly high. Based on threads on here & other sites we are not talking about one or two unfinished (or even 'unstarted', if there is such a word !) or abandoned projects, but lots. Even site visits and independent legal advice does not protect against crooked agents/developers/builders.