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MRI Overseas Property / Misleading information /lies

1 Cyprus Review updated:

MRI Overseas Property's staff in Cyprus showed me several properties. As I found them all too expensive comparing to their good prices on their website, she decided to show me an off plan appartment reduced by 20, 000 euros from 145, 000 euros to 125, 000 euros. It also only needed a 10% deposit on purchase and a further 10% on completion. She told me that the ground floor would be composed of garages and the appartments would start on the first floor. She showed me the sea view, the garden view and an appartment completed with kitchen and appliances. She told me that the management charges were so low in Cyprus that I did not need to worry about them.

I went last week in Cyprus to view the property and it does not represent anything that I was told. Level 1 is not the first floor as indicated by MRI's representative, it is the ground floor. Instead of having a sea view and a garden view, I have a view over a road and some houses. The kitchen does not include appliances. I should have read the contract better! The management charges represent three months of rent. It is a disaster...

I have offered the buyer my 12, 500 euros deposit to retract from the contract, but they have not accepted my offer yet. What can I do? The property is unsellable and unrentable as it is facing a road.

Can anyone help me? Have you had a similar experience?

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  • To
      19th of Feb, 2009
    0 Votes

    Hi Alison

    we have started to combine groups now and are collecting people's stories and statements of their experience with this company, CFP and the solicitors legal Independence. We are all people who are going through the same ordeal. There is a member who has worked very hard to recognition from their MP and MEP. These in turn are contacting the OFT and others.

    Anyone else who feels lost in this, please get in touch and add your story to help prove there are many people who have been misled by these companies.

    It is called the MRI Support group.

  • Ag
      21st of Feb, 2009
    -1 Votes

    similar story happened to me in a Florida trip. i am takingthem to court. do you want to do so?

  • Mg
      20th of Mar, 2009
    0 Votes

    I have similar experience ... havesetup a personal webspace with some info ...

  • Do
      19th of May, 2009
    0 Votes

    I used to work for them, so did my husband
    they are disguisting, so much so that we both left the company along with hundreds of others on a weekly basis! we are decent people who will not lie to people for money, well i say money thats if you are lucky and get paid. I would advise anyone to avoid MRI like the plague.
    DCC international property is the new name for the company, it is the same owner, same staff, same offices, just a different name. The company CFP worldwide is the mortgage company they push on you, CFP office is in MRI office lol they share desks with MRI staff and give out your personal details when you ask for financial information which is supposed to be private, well its not!
    I would not trust any Real Estate company that is registered in Spain, you basically have no rights if something goes wrong and you get ripped off. If you can speak spanish you can make a complaint to the courts but it wont really get you anywhere as the judges are paid very poorly and will accept backhanders from companies such as MRI.

  • Ph
      12th of Jun, 2009
    +1 Votes

    My wife and myself also purchased property via MRI in Cyprus. However the person with whom we dealt we believe to be honest (so much so he was fired shortly after our visit) and the builder responsible for the development has been first class (Andreas Georghiou) in keeping us up to date with pictorial evidence of progress. No problem with finance via Alpha Bank either. We took out an after sales package costing £420. which was supposed to provide assistance when we made progress visits to Cyprus. Of course nothing has happened as far as MRI are concerned. When we tried to contact them regarding a visit in May of this year, no reply. We eventually made contact with a Greig Obeney in Spain whose e-mail reply to us can best be summarised as 'tough, you are on your own'. When we suggested a refund was in order because of their non performance he quickly advised us he was unable to comment on 'legal matters'. What can one say other than to warn others never to deal with such a disreputable company trading as either MRI or DCC. Funny isn't it to see DCC operating from the old MRI offices in Chlorakas and dealing in the same old way. But then I forgot, they are one and the same but deny it!

    T.E. & C.M. Phillips, Worcester, UK

  • Cu
      6th of Nov, 2009
    0 Votes

    Couldn't agree more about the comments regarding MRI. We had the misfortune of dealing with them - lying, cheating, thieving so and so's! They took refundable deposits from our account and when we cancelled the aftersales contract they kept the "refundable" deposit of €400 as an admin fee!

    We were never able to speak to anyone...unless you went through to new sales when there was no problem getting through!

    Would strongly recommend you never EVER even consider involving yourselves with the like of MRI.

    C. UK

  • Is
      10th of Nov, 2009
    +1 Votes

    Totaly agree with all comments I payed mri deposits on two appartments with the promise of full support and a garantee of a morgage only to be refused the full amount of morgage when I tryed to contact mri about this matter no one would answer my calls, when i tryed to cancel the agrement no one would call me back, untill the time it was acording to mri too late to cancel, I have lost a total of £45, 000 on all these fulse promises and are now in breach of contract and mri are trying to sue me for the outstanding amount. BEWARE

  • Cl
      19th of Jan, 2010
    0 Votes

    The same happened to me in Cyprus in September 2008 I put down a deposit of 5000euros for a property, then 10000euros to prove I can pay the 10% deposit on the property to get a mortgage only to know 1 year later no bank would give me a mortgage and contrary as what I was told that I would get a refund of my deposit, I was told now it is not the case and I am answerable for the 90000euros remaining to pay for the property. I tried to contact MRI Spain they told me they cut all contacts with Cyprus and are no longer in the contry, the solicitor and financial adviser don't waqnt to answer my calls and the developper proposed me a smaller property which I don't want.

    We should get together to make MRI answerable for their SCAM and try to get our money back
    please contact me

  • Pe
      19th of Jan, 2011
    0 Votes

    Myself and my wife had saved liked crazy in better financial times back in 2006 and were in the fortunate postion for the first time in our lives to invest in a overseas property to use as a holiday home for us and our three boys to go to now and again and rent it for the rest of the time and maybe have a asset to pass on to our children later on.We purchased off plan an apartment reccomended by MRI as the best investment in Spain at the time as it was not only a new build but a new up and coming resort with amazing facilites.We feel for there charms and trusted the sales people to the point we took one out for dinner on our trip over there.After some time being put under pressure we agreed to purchase the new build with completion in two years.We parted with 55, 000 euros and were taken to there recommended solicitors(Martinez Echevarria)and were told its normal to sign power of attorney over to the solicitors.The build was late completing by over a year and the resort it was built in had become a run down ghost town with no businesses left and even no taxi rank as there was no one in the resort.we complained that we had been miss-sold to and MRI convinced us to pull out that development and buy off plan in portugual then they would take catre of all legal obligations in Spain.We had major reservations but after several meetings with there managing director we were assured we were doing the right thing.We were pressured into parting with a further 50, ooo euros and told the build would start in six months.two days after transfering the money to Martinez Echevarria solicitors in Portugual, we recived an email from them informing us of reservations they had with MRI not signing a licenece in time and we should pay them a further 4000 euros to defend our case and take legal action against MRI which could take two years to recover our money.Basically we are now 105, 000 euros short(our whole life savings)with nothing to show for it except a possible legal fight in spain because surprise surprise mri did not pay any of our legal fees to defend us in spain.Anyone who can advise or help us please get in touch.

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