Who wouldn't be enticed with the AD above?
In 2011, when I was age 21, I was approached by a sales agent from New San Jose Builders offerring about Victoria De Makati. I was enticed by the low monthly payments that I could own a condominium and stop paying rent.
With this in mind, I went back after a few days with 2 friends and asked for their ideas and eventually decided to buy in with the agent's recommendation that I buy a condominium so I won't be able to pay rent. The agent told me that I could move in early 2013. So I issued the cheques and complied with the requirements.
When 2013 came, I was surprised that I couldn't be able to move in. But despite that I said to myself I will give them a chance to fulfill their promise by 2014.
When 2014 came, I received news that it was moved to 2015 and then when I called them again its now 2016.
Imagine the frustration that I had. I was supposed to move in by 2013 and stop paying rent by then. Now I have to continue paying and still pay my rent till 2016.
But who would believe in a company who has promised for 2013 and now promised for 2016? What is the chance that they will really fulfill their promise for 2016 when they have already broken several promises?
Thus in February 2014, I decided to finally send a demand letter asking for full refund plus interest because that is the remedy provided by us according to law.
Initially I was denied for my request for refund. But eventually they approved it but with no interest. This for me is unfair because had I invested it, I could have earned from it. Although P500k may not be a significant amount for most of you but for a 25 year old like me, it is very significant. And so I agreed to their terms even if I feel I was ripped off.
Ms Liezel "Ice" del Rosario promised me that the refund will be given within 6 months. But true enought to New San Jose Builder's reputation of being trustworthy, even after 6 months from February there was still no refund.
September came and now October but still nothing from New San Jose Builders.
As a financial advisor, my advise for those who are planning to invest in real estate properties, never ever invest in New San Jose Builders whatever the sales agents tell you.
Pursuant to Section 23 of Presidential Decree No. 957 which reads:
Sec. 23. Non-Forfeiture of Payments. - No installment payment made by a buyer in a subdivision or condominium project for the lot or unit he contracted to buy shall be forfeited in favor of the owner or developer when the buyer, after due notice to the owner or developer, desists from further payment due to the failure of the owner or developer to develop the subdivision or condominium project according to the approved plans and within the time limit for complying with the same. Such buyer may, at his option, be reimbursed the total amount paidincluding amortization interests but excluding delinquency interests, withinterest thereon at the legal rate. (Emphasis and underscoring supplied),