anyone sell to shared ownership company

B

bailey

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Hi,

I have been contacted by a company who specialise in shared ownership to buy my apartment in Bulgaria. Just wondering if anyone out there had a similiar experience and if so how did it pan out.

Thanks Bailey
 
Hi,

Have never heard of this company but this company may be similar to another company which we all heard of and may be looking to buy property at Fire sale prices or looking for people desperate to sell. My advice hang on to your property if you can don’t give it away. The market will turn and if you have property in a good location by beach and not in Sunny Beach hopefully you will sell. The Bulgarian Banks will start giving credit out soon again hopefully and with Britain coming out of its recession and the Russians still interested in property in Bulgaria you will sell in time. Estate agents are saying lots of people interested but no credit available.
 
Vista capital is a timeshare outfit that buys up cheap property, often in areas where the market has slumped. They then persuade buyers to purchase "fractional ownership" of these properties, with all the usual promises about free holidays for life and the "ease" with which the timeshare (sorry, "fractional ownership") can be sold on afterwards.

Going down this route is a possibility if you need to offload a worthless property that nobody wants, but don't expect anything but a firesale price for it. The fact that they will then resell it in "fractions" for a multiple of what they pay you is neither here nor there.

This post is interesting though for one reason. The fact that the timeshare operators are now targeting the Bulgarian market means that they still see a possibility for dealing with bottom feeders in the property business -- people with very little money who have a dream about owning a home abroad. These unfortunate people will of course be relieved of their few pounds in due course. Can we now expect a flood of timeshare offers from developers stuck with unwanted junk in Bulgaria?

For a general idea of the workings of this particular market, see http://www.complaintsboard.com/?search=timeshare
 
Hi,


Did a little research this company only interested in properties in Bansko at present this makes sense market is in bits in Bansko at present looking for firesale properties and people with no option but to sell. Will move on to coastline too later I would think.
 
Hi Just been browsing and came across this forum
I am currently dealing with Vista Capital on recommendation from a friend who met with them while on holiday in Florida.
They sold two apartments for him in May this year one in four seasons on the Golf course and one in Paradise Verde which I think is in Bansko.
The only thing is that they said it would take 6-8 weeks and it took 12 for him to get his money.
The way it has been explained to me is that fractional is freehold shares in property so different from timeshare which is just weeks
To be honest I am just glad to get out and get my money back and have been told I will be paid out in the next two weeks
I will let you know

P Neil
 
Hi,

This is the first post I have seen from P Neil and this makes me a little bit worried the jury is out on this company Vista Capital as we have no history to go on.
 
Hi,

Vista Capital looks for a deposit upfront for legal fees ets of up to 1500 euro before it will buy your property and this can take up to 12 weeks. I dont know if you will get your money back if the deal fall through only time will tell?.
 
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