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thepupp1e
New Member
We received the same email - but as we have not had any contact from Zeiad at all we no longer consider ourselves to be part of the group and will not be using him now.
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samui13
New Member
Hi the pupple,have you let zeiad know?? - did you officially instruct him separately?? He did send a report on Friday - did you not get this?? also are you on our group emails? If so, please can you let me know your email and I will take you off the list - if you are not on the list then I do apologise, have been trying to keep things together but the whole thing has proved rather time consuming - would you like to use zeiad? He now has all the information he needs to produce a report and would still consider you as part of the group (or have you made other plans)
Thanks.
Lou
Thanks.
Lou
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kc67
New Member
Hi Neil,Kc67, don't forget what i have mentioned to you and definitely keep your money in the bank until happy. On the contract it needs to be in English and Arabic, when clients first purchased on DP they only had English contracts and are now having to pay to get them translated into Arabic, so make sure it is done for you initially.
It is ludicrous that some of you have been "told off" for checking out the DD, this should raise alarm bells
Yes I remember what you mentioned - the due diligence leaves a lot of questions unanswered and we are not happy. As for the letter telling us off - I resent being treated like a naughty schoolchild - I feel that if the developer had been up front in the first instance i.e. about the escrow account being held by the developer, not an independent body - and the due diligence looked even half reasonable, then unknown persons would not feel the need to check out the details for themselves and I for one can't blame them for doing so. This is a lot of money the developer is asking us to part with up front (and then also charging us an escrow fee on top while we give them an interest free loan !!) so why smack our hands when we feel the need to check out the details which are not contained in their due diligence. The fact that the due diligence has not even verified the financial status of the developer makes me extremely cautious. For all we know they may be up to their eyes in debt. I am about a miniscule away from pulling out of this charade and looking elsewhere.
Karen.
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cin7166
New Member
I'm getting fed up of this too. However if Zeiad is happy with the investigation, and amends the contract to reflect what he feels is needed and we get the arabic contract to read the same, then I'm happy. If not I will pull out. I will find somewhere else to buy.
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kitty
New Member
hi all
just to let you you all know i will be pulling out aswell sooner rather than later if all is not fixed ,thank god for people who give a sh..t about our money and as we wait for further info we lose other possibilities!!!!
brian.
just to let you you all know i will be pulling out aswell sooner rather than later if all is not fixed ,thank god for people who give a sh..t about our money and as we wait for further info we lose other possibilities!!!!
brian.
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Lsab
New Member
Hi Brian
Just to reassure you that though you may be missing out on some new developments, there's lots more following. The downside of course is that prices seem to be rising but maybe not as much as you would think.
Sorry to hear that things aren't going well for you here. I know how you feel having now pulled out of 3 developments in Hurghada. It's disappointing and annoying all at the same time. Even worse when you lose money on deposits and solicitor's fees. At least if you went with Zeiad you won't lose too much of the latter.
Of course I've been following this thread and all that I can add is that I hope it turns out well for you all.
All the best
Linda
Just to reassure you that though you may be missing out on some new developments, there's lots more following. The downside of course is that prices seem to be rising but maybe not as much as you would think.
Sorry to hear that things aren't going well for you here. I know how you feel having now pulled out of 3 developments in Hurghada. It's disappointing and annoying all at the same time. Even worse when you lose money on deposits and solicitor's fees. At least if you went with Zeiad you won't lose too much of the latter.
Of course I've been following this thread and all that I can add is that I hope it turns out well for you all.
All the best
Linda
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kc67
New Member
Hi Linda, thanks for that. Hopefully if we pull out we will not lose our deposits as we have not been provided with the full due diligence documents that were promised.
Karen.
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chriscross34
New Member
Hi Louise, and all, I am not happy with the Due Dilligence nor the purchasing agreement. I am really disappointed as this was going to be a place where Mom and Dad could go as they get older. I haven't given up yet though. I think we need to stand together united as we have more power that way.
Chris (Sunny Birmingham)
Chris (Sunny Birmingham)
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samui13
New Member
Hiya
I just got a shirty reply from the developer about my response to their email that we were not allowed to check up on due diligence, if you would like a copy PM me your email address and I am also waiting to get permission to post it on the forum. I also asked the question of amendments to the arabic contract and the reply I got was ....
"IF any changes to your contract are approved, then the arabic contract will reflect this. All contracts are a standard version and individual changes are not allowed. So if any changes are made to your contract they will be amended for all future contracts as well. Obviously we cannot have 1434 different contracts."
Thats obviously a big IF then!!
I am slightly gutted since my heart has been telling me to go ahead all the way through and now ive got this shirty email it has totally made me question again the whole thing. It was very defensive
I just got a shirty reply from the developer about my response to their email that we were not allowed to check up on due diligence, if you would like a copy PM me your email address and I am also waiting to get permission to post it on the forum. I also asked the question of amendments to the arabic contract and the reply I got was ....
"IF any changes to your contract are approved, then the arabic contract will reflect this. All contracts are a standard version and individual changes are not allowed. So if any changes are made to your contract they will be amended for all future contracts as well. Obviously we cannot have 1434 different contracts."
Thats obviously a big IF then!!
I am slightly gutted since my heart has been telling me to go ahead all the way through and now ive got this shirty email it has totally made me question again the whole thing. It was very defensive
queenie40something
Senior Member
Hi all
Just to let you know that Zeiad is away at the moment ( he does answer my emails as a friend ) and he will be back in Sharm soon. If you have not heard from Zeiad then I would strongly advise ( as 1 nobody to another - u know what I mean ) that you DO NOT hand any monies over or do anything else until you have been given the go ahead xx
Just to let you know that Zeiad is away at the moment ( he does answer my emails as a friend ) and he will be back in Sharm soon. If you have not heard from Zeiad then I would strongly advise ( as 1 nobody to another - u know what I mean ) that you DO NOT hand any monies over or do anything else until you have been given the go ahead xx
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SuziQ2708
Guest
Hi Samui,
I'm sorry to hear that you are feeling disheartened at the moment, although quite understandbly from what I've read.
Just wanted to remind everyone that quite often statements made in text rather than voice can come across as being 'shirty' or 'offensive' to the recipient, when it is not always the intention. Plus, with language barriers etc. this will also have a bearing on the way things come across.
It may be worth starting afresh and emailing the developers again tomorrow, just to see if the response is explained in a better manner.
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Lsab
New Member
Great post Suzanne - I was thinking the same myself. If you are corresponding with an Egyptian, Samui, it's easy to get wires crossed. I've been married to one for almost 20 years and it still happens regularly!!
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samui13
New Member
Ha ha Lsab.
Its actually a londoner so I am guessing exactly how to take him but I could be wrong!!
Its actually a londoner so I am guessing exactly how to take him but I could be wrong!!
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SuziQ2708
Guest
Ahhhh ... well that explains all then Samui ... LOL (only joking)Ha ha Lsab.
Its actually a londoner so I am guessing exactly how to take him but I could be wrong!!
Ok, so it's not the language barrier then. It can still be the text thing though. I would still start afresh tomorrow, let him know that you were slightly offended by the manner of his previous email and see what he has to say for himself.
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cin7166
New Member
That's why I'm not saying very much and leaving it in my lawyer hands. If he's happy, I'm happy.
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anthonyday
New Member
Exactly, thanks cin7166
queenie40something
Senior Member
Tony and welcome - but - thats what a forum is for - opinions so how can you come on a forum and tell people to keep them to themselves??
Can you expand on the 17 you have bought?? How many and where in Egypt as this is very different from other countries. Who has done your due diligence for you? You say it is very thorough so what qualifications in Egyptian law do you have to make that statement??? Where have you bought / reserved in Marsa if you dont mind me asking?
I believe some have had problems with Seddons not only on this but other developments.
I will ask you straight out are you an Agent or a genuine investor?? If an investor where on Marsa have you bought??
Also forgive me for my negativity but you have only just found this forum but have purchased 17 and this is the biggest overseas forum and you have bought on Zafarana as well - why have you only just joined and made a rather large post.
Again if you are genuine I apologise if my post comes across to you as a negative one.
Regards
Alison
Can you expand on the 17 you have bought?? How many and where in Egypt as this is very different from other countries. Who has done your due diligence for you? You say it is very thorough so what qualifications in Egyptian law do you have to make that statement??? Where have you bought / reserved in Marsa if you dont mind me asking?
I believe some have had problems with Seddons not only on this but other developments.
I will ask you straight out are you an Agent or a genuine investor?? If an investor where on Marsa have you bought??
Also forgive me for my negativity but you have only just found this forum but have purchased 17 and this is the biggest overseas forum and you have bought on Zafarana as well - why have you only just joined and made a rather large post.
Again if you are genuine I apologise if my post comes across to you as a negative one.
Regards
Alison
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kc67
New Member
Well said Queenie and Stew, there are a few of us in the same position with the same doubts and frustrations. Anthony, if I may say so, you seem a little niaive and I from your post I find it extremely difficult to believe that you have invested in so many properties. This forum is all about people voicing their different opinions and experiences - and as investors, we are free to make our own choices based on the information. At the moment (in my opinion) IPI have not supplied the full due diligence, they and their solicitors (who they wish us to instruct at an extortionate cost and who appear to be totally unaware of Egyptian law - scary!) are unaware that their english contract is not worth the paper it is written on in an Egyptian Court, they have delayed and then delayed some more, not been upfront about the signatories for the escrow account - making us believe our money is to be held by a totally independent body. I could go on, and on, and on.......... my patience and trust is failing fast! However, Anthony, if you are willing and happy to believe every single word said without checking, then go for it and I hope that it all works out for you.
Karen.
Karen.
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johnwayne
Banned
long may this forum continue to run, with its free opinions both negative and of course the positive ones! Many people raise their concerns about certain developments that others are less unaware of either because it is their first time purchase abroad or because they have doubts. People must be allowed to express themselves freely - sometimes we don't agree and sometimes tempers/rants run quite high on occassions!
Long may TP reign!
Long may TP reign!
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chriscross34
New Member
Daft question I know but is anybody signing the contracts/transferring funds?
I noted the comment about the financial status of IPI in the DD report, nothing really tells us whether the company are in good financial health. We only have the word of their paid auditors. Regarding a standard contract, I know from another potential investor that they have sent them an amended contract but not everyone else. Would have made sense for them to collate peoples comments but I suppose the less people complain, the less work.
I am going to send them a letter tomorrow requesting more time. Failing that, I may pull out, which is a big disappointment.
I noted the comment about the financial status of IPI in the DD report, nothing really tells us whether the company are in good financial health. We only have the word of their paid auditors. Regarding a standard contract, I know from another potential investor that they have sent them an amended contract but not everyone else. Would have made sense for them to collate peoples comments but I suppose the less people complain, the less work.
I am going to send them a letter tomorrow requesting more time. Failing that, I may pull out, which is a big disappointment.
