A
Alan Cockayne
Banned
Where did it go?
Over the years OPI readers will either have loved or hated my comments. I hope most view them as constructive criticism.
I would like to take this opportunity to remind visitors who may be holidaying in Egypt’s Red Sea coast and may contemplate investing in any of the Red Sea properties we discuss, that there are certain criteria you should be well aware of :
First and foremost, large up-front fees are taken for one reason only – to cash flow the business as a cheaper and less risky alternative to bank overdraft/borrowing. Banks will not be fobbed off for months on end if repayments are not made as will many trusting investors.
With respect, people make their own choices in life and their own decisions of whom to hand money over to. Each of us must take personal responsibility for our actions and not try and blame others.
This community has done all it can to warn people of the dangers and certain of us have taken a lot of flak for it. Regulation is the only way to protect naive people from parting with their money to a slick operator or deceitful developer. The property community needs to learn from its failings.
Investors, please stop paying money upfront to own property other than to YOUR solicitor’s “client holding account” or Escrow account that is fully refundable if the nature of business is not concluded.
Fully scrutinise your purchase contract. It will be full of loopholes which will never be in your favour without an independent lawyer making it such.
Only purchase from reputable companies who have a good reputation, good track record and can provide references from at least 5 people who have purchased in Egypt. (How many of you have ever asked for references) ?
The best rule of all is to only pay your costs and fees on successful exchange and before Agents state this is not the way Egypt does it, please remember the risks and the many posts that wished they had this hindsight.
And finally, in 2011…… research, research, research…….
Thank you all that have contributed to make this OPI forum a special one.
Staff, my colleagues and myself at Coralife-Style hope you all have a safe and pleasant visit to your investments over the festive season and we wish you a very Merry Xmas and a Happy & Prosperous New Year.
Alan. Coralife-Style Consultants.
Over the years OPI readers will either have loved or hated my comments. I hope most view them as constructive criticism.
I would like to take this opportunity to remind visitors who may be holidaying in Egypt’s Red Sea coast and may contemplate investing in any of the Red Sea properties we discuss, that there are certain criteria you should be well aware of :
First and foremost, large up-front fees are taken for one reason only – to cash flow the business as a cheaper and less risky alternative to bank overdraft/borrowing. Banks will not be fobbed off for months on end if repayments are not made as will many trusting investors.
With respect, people make their own choices in life and their own decisions of whom to hand money over to. Each of us must take personal responsibility for our actions and not try and blame others.
This community has done all it can to warn people of the dangers and certain of us have taken a lot of flak for it. Regulation is the only way to protect naive people from parting with their money to a slick operator or deceitful developer. The property community needs to learn from its failings.
Investors, please stop paying money upfront to own property other than to YOUR solicitor’s “client holding account” or Escrow account that is fully refundable if the nature of business is not concluded.
Fully scrutinise your purchase contract. It will be full of loopholes which will never be in your favour without an independent lawyer making it such.
Only purchase from reputable companies who have a good reputation, good track record and can provide references from at least 5 people who have purchased in Egypt. (How many of you have ever asked for references) ?
The best rule of all is to only pay your costs and fees on successful exchange and before Agents state this is not the way Egypt does it, please remember the risks and the many posts that wished they had this hindsight.
And finally, in 2011…… research, research, research…….
Thank you all that have contributed to make this OPI forum a special one.
Staff, my colleagues and myself at Coralife-Style hope you all have a safe and pleasant visit to your investments over the festive season and we wish you a very Merry Xmas and a Happy & Prosperous New Year.
Alan. Coralife-Style Consultants.
