Selling Purchase Contracts

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This topic contains 18 replies, has 10 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 6 months ago.

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  • #54007
    Profile photo of Anonymous
    Anonymous
    Participant

    Having just returned from a visit to the UK. The friends we were staying with have just sold their Polaris World purchase contract through a company called contracts4trade. They didn´t get a particularly high price but they were in trouble having been talked into buying 2 properties about a year ago.

    They attended a property type exhibition at their local golf club in Dorset and found this company actually looking for purchase contracts. Within about 3 weeks it was all completed and they were fairly satisfied though as I say the price wasn´t great.

    I´ve tried to download the list of contracts for sale but the page asks for a password. I´d be interested to see what they actually sell these contracts on for and who actually buys them.

    Anybody here used them before?

  • #83323
    Profile photo of Anonymous
    Anonymous
    Participant

    An unusual phenomena.

    Most agents will only try and sell purchase contracts for the clients they sold to in the first place.

    I get dozens of contract owners who are deperate to sell on but have no hope at all. Their original selling agents are usually closed/gone out of business and no other agent is going to sell on a contract for 5% when they can earn 10% selling a new one through the builder.

    The idea makes sense if they can get the contracts for a low price and sell it on for a slightly higher price to an investor.

    I´m sure they will be very busy with distressed contract owners.

  • #83329
    Profile photo of katy
    katy
    Spectator

    Sounds fishy 😉

  • #83331
    Profile photo of Anonymous
    Anonymous
    Participant

    I’ve done a search on them but not come up with a web page or anything at all.

    Anybody else heard of them?

  • #83332
    Profile photo of Anonymous
    Anonymous
    Participant
  • #83333
    Profile photo of Anonymous
    Anonymous
    Participant

    This is the reply i got when i enquired about purchasing a contract through the site.
    “To obtain a password for our contracts for sale page, an investor must be part of the BMV network. They need to have a proven track record in volume property investment and submit their portfolio and trading accounts. They must also guarantee to make available a considerable fund contribution to be managed by the fund manager in their respective country of interest – i.e. Thailand, Dubai, Florida and Spain.

    If you would like to receive an invitation to a regional BMV meeting you can qualify by emailing me your accountant/bank references accompanied by a summary of your present investment portfolio.

    I look forward to hearing from you in due course and hopefully seeing you at one of our world-wide venues”.

    Regards,

    Keith Newman – Team Member – contracts4trade.com

    Maybe i am a little out my depth here as my portfolio consists of what i am actually sitting in and the shed in my garden!!

    website is http://www.contracts4trade.com

  • #83334
    Profile photo of Inez
    Inez
    Participant

    From what you have supplied Paddy this does look dodgy and along the same lines as Inside Track – go to a seminar, pass over money etc.

  • #83335
    Profile photo of Anonymous
    Anonymous
    Participant

    Doesn´t look like Inside Track to me Inez.

    Seems to be a closed shop. They don´t have a single property to offer or a rental guarantee insight.

    I am currently looking into a service like this for one of my clients but as yet they have not heard back.

    I shall fill in the work with us section to see if I am eligeable to join as a supplier of contracts.

  • #83336
    Profile photo of katy
    katy
    Spectator
    Paddy wrote:
    This is the reply i got when i enquired about purchasing a contract through the site.
    “To obtain a password for our contracts for sale page, an investor must be part of the BMV network. They need to have a proven track record in volume property investment and submit their portfolio and trading accounts. They must also guarantee to make available a considerable fund contribution to be managed by the fund manager in their respective country of interest – i.e. Thailand, Dubai, Florida and Spain.
    If you would like to receive an invitation to a regional BMV meeting you can qualify by emailing me your accountant/bank references accompanied by a summary of your present investment portfolio.

    Peter, read it again…they just want your money, it’s a scam!

  • #83337
    Profile photo of Anonymous
    Anonymous
    Participant

    It does look like a scam.

  • #83340
    Profile photo of Anonymous
    Anonymous
    Participant

    like i say my friends used them and although slightly dissapointed with the price they got,they seemed reasonably happy with the way they were treated.
    Maybe if there is any scam involved it has to be for the purchasers although why bother pretending to trade them and actually part with money as in my friends case?

  • #83359
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    Peter, read it again…they just want your money, it’s a scam!

    Don´t worry katy I don´t have any money to give to them 😀

    I am intrigued though. I have been thinking about the many thousands of buyers duped by agents into purchasing 3, sell 2, pay for the first sales scam. They and many others must be left holding a pile of unwanted contracts with most people in up to many thousands of euros.

    Think of all the agents, myself included, who cannot sell a contract on because there are no clients wandering into my office asking for them.

    Then think of all the Below Market Investors with their closed bridge funding salivating at the thought of buying a UK property at 15% below market valuation. Imagine if someone pushed several hundred unwanted purchase contracts under their noses at not 15% under market valuation, but 85% under market valuation!!!!

    Someone with a database of these contracts and let´s face it they are spread far and wide, no one agent has access to them all, just a fraction. If that same company also had access to lots of these UK below market value buyers, and probably provided the funding as well, then you have captured a niche market.

    It sounds like a well thought out idea.

    I have emailed them a few questions and am looking forward to some answers.

  • #83378
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @peter Good wrote:

    An unusual phenomena.
    Most agents will only try and sell purchase contracts for the clients they sold to in the first place.
    I get dozens of contract owners who are deperate to sell on but have no hope at all. Their original selling agents are usually closed/gone out of business and no other agent is going to sell on a contract for 5% when they can earn 10% selling a new one through the builder.
    The idea makes sense if they can get the contracts for a low price and sell it on for a slightly higher price to an investor.
    I´m sure they will be very busy with distressed contract owners.

    we’ve done several. It all depends when the person bought the off-plan. If they bought early and the sales price was low, then it possible. As the developer will probably have several on their books at a substantialy higher price.
    Also where we are based most developers do not offer 10% unless the location is crap (technical term 😉 ) or you are a big aggressive agency that is going to bring every flyby/vewing visit/discovery trips/etc their way regardless of what the buyer wants.
    Also the off-plan resales are generally better than what the develpors still has as the best positioned properties tend to be the ones snapped up first.

  • #83379
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @Paddy wrote:

    ….
    I look forward to hearing from you in due course and hopefully seeing you at one of our world-wide venues”.
    Regards,
    Keith Newman – Team Member – contracts4trade.com[/b]
    Maybe i am a little out my depth here as my portfolio consists of what i am actually sitting in and the shed in my garden!!
    website is http://www.contracts4trade.com

    although they have a website, it appears it has not been indexed by google. So either the site is particularly poor or very new.
    also i don’t like the fact that it does not say where the company is based, company registry number, etc…

  • #83381
    Profile photo of Anonymous
    Anonymous
    Participant

    @fuengi wrote:

    although they have a website, it appears it has not been indexed by google. So either the site is particularly poor or very new.

    With you there Fuengi.

    If I happen across a commercial website where the content has not been proof-read, and littered with typos, I wouldn’t touch that company with the proverbial bargepole.

    Eg ‘What we do’ page…

    Professionals will only speculate a fraction of their wealth whilst amatures will mortgage their family home

    In fact ‘Amature’ is mentioned 4 times in that one paragraph.

    Doesn’t look too proffesional does it? 🙂 🙂

  • #83431
    Profile photo of Anonymous
    Anonymous
    Participant

    i think the whole company is very new,my friends seemed to think it was started by investors who found themselves in the same situation and decided there was a niche there to be used.
    I have been looking at the site as it does seem to be changing slightly so maybe it is still being worked on,are there any other companies around that have done this before?

  • #83432
    Profile photo of katy
    katy
    Spectator

    Study the wording sounds similar to the companies (fraudsters) who offered to buy your timeshare and the unfortunate (gullible) owners finished up paying them money. Wouldn’t touch it with a bargepole 👿

  • #83468
    Profile photo of Anonymous
    Anonymous
    Participant

    @iano wrote:

    Eg ‘What we do’ page…

    Professionals will only speculate a fraction of their wealth whilst amatures will mortgage their family home

    In fact ‘Amature’ is mentioned 4 times in that one paragraph.

    The aforementioned typos on the website have now been corrected. 🙄

  • #83469
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi all,

    Here is the information for the website. Seems to have been created last month.

    Registrant:
    Contracts4trade
    Paraje Lo Jorge
    La Pinilla, Murcia 303 35
    GB

    Domain name: CONTRACTS4TRADE.COM

    Administrative Contact:
    Ltd, Microlite registrations@uk-cheapest.co.uk
    145-157 St John Street
    London, EC1V 4PY
    GB
    +44.8704740237
    Technical Contact:
    Ltd, Microlite registrations@uk-cheapest.co.uk
    145-157 St John Street
    London, EC1V 4PY
    GB
    +44.8704740237

    Registration Service Provider:
    UK-Cheapest.co.uk, tech-support@uk-cheapest.co.uk
    +44.8704740237 (fax)
    http://www.uk-cheapest.co.uk
    This company may be contacted for domain login/passwords,
    DNS/Nameserver changes, and general domain support questions.

    Registrar of Record: Everyones Internet, LLC dba Resellone.net
    Record last updated on 24-May-2008.
    Record expires on 24-May-2010.
    Record created on 24-May-2008.

    Domain servers in listed order:
    NS2.MICROLITE19.COM 75.125.167.4
    NS.MICROLITE19.COM 75.125.167.3

    Best wishes

    Bernard

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