I found FMI through an acquaintance that had used FMI’s services recently. FMI referred us to a professional Mediator who had dealt with the same developer and also similar cases in the past. They proceeded to propose a solution to the developer on my behalf. The package they offered was for them to accept 50% of the money I had initially paid and for me in return to pay the balance of the unit in cash. This became a feasible resolution for myself as the mediator was able to get the developer to offer me the unit at the same price level as I had originally purchased at: AED 670 per sq.m (Jumeirah Village in 2007). The current market price was calculated at: AED 850 per sq.m and due to the property being complete I could easily sell it and partially cover the loss I had on the 50%.
Due to the process my investment was back to life and I then realised what people mean when they say “cash talk” and how powerful it can be.
I recommend Freehold to all off-plan property purchasers and investors who are stuck with meaningless paper and documentation of their purchased projects. FMI can help them to revive their investment.
I decided to invest in an apartment in Dubai in 2007. My real estate agent advised that instead of buying one unit and paying for it in full I should buy a full floor in an off-plan project and only pay 20% maximum. This method I believed would be a “quick flip” and would be the opportunity to make some money fast. I was escorted to the developers office and there the sales manager convinced me that it was indeed a good plan. I insisted that he put it in writing and he did. A years later when I went back to the developer there was a new management and they said that they had fired that sales manager and that letter was ultimately meaningless to them.
I come across the name of FMI online before but I was not sure how good and reliable their service were. I was referred by another investor to go to FMI who had used their services recently and was very happy with the outcome.
FMI registered me and after 3 weeks they gave me booklet in which they provided 3 different solutions. From the start I was determined to take a legal action and based on the 3+ Market Report I selected from the list of lawyers. The lawyer sent me to an expert and after studying my case he said that I had an excellent chance of winning the case. I was financially struggling and it was difficult for me to spend any further money for me to get my initial investment back and we came to a mutual agreement that the fees would be wavered and in return work on a payment only if he was successful with the case.
I highly recommend FMI service to those who invested money in property and they were given false promises. I would advise anyone to not get diss-heartned whatever your problem and FMI can certainly help find the best solution.
I bought a property in 2008 at CityScape and paid 20% upfront. 5 years down the line from the date of my purchase the project has only reached a level of 30% construction. Due to me not making any further payments they cancelled my contract. The completion was meant to be in 3 years. I couldn’t understand why I would receive a cancellation notice when they had only built 30% of the project. Safe to say I was not very happy.
I found Freehold Mediation & Investment through a group of investors who owned properties in the same project and had also had received notices of cancellation. We had been in touch together for few years in an online forum dedicated to people with same issues. I visited the FMI office in JLT and explained my situation and registered myself with FMI. I explained that I had informed the developer that I was interested in a ready property and I was willing to pay the remainder of the money. They would not co-operate and continued to claim that the property was cancelled and I have no rights in respect to that cancelled property. FMI provided me a 3+ Market Report in which there were 3 different possible directions.
I chose the option of Asset Relocation as my solution as it was the fastest and the easiest way to resolve my issue. I did not have the time or the patience to deal with that developer anymore.
If like myself you are close to breaking point and don’t know where to turn for answers then FMI is the best option to come to a solution. Their services have helped not only myself but a number of others who all faced issues after investing in the same project.
Situation analysis
By providing 3+market study (provided in PA research book).
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
providing consultancy for best settlement options (provided in PA research book):
- Price : dependent on current market study and time of construction delay
- Payment Plan: initial payment plan, construction status , maximum security for client and required cash flow for project.
Execution:
Providing list of mediators
depends on :
- experience with developer
- value of investment
- level of construction
- location of project
Organising meeting with mediators and providing update
Situation analysis
By providing 3+market study (provided in PA research book).
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
By providing update information from previous litigation cases (provided in PA research book)
Execution:
Providing list of law firms
Dependant on:
- experience against developer (win cases )
- value of investment
- level of construction
- location of project
Organizing meeting with law firm and providing update
Situation analysis
By providing 3+market study (provided in PA research book)
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
Providing list of options for asset relocation (provided in booklet)
Including :
- names of developers (who will accept the credit )
- master plan developer
- project name
- unit details
- Deal and payment terms
Providing market study for options of relocation (provided in booklet)
Execution:
facilitating meeting with investment advisor for:
- Matching client category of investment with selected unit
- approving payment capability of client due to payment plan
- reporting counter offer from client to developer
