Forum Replies Created
Thanks RedWood. I wish I had your suggestions before I dealt with ParkTrent. It could have saved me from lots of headaches and heaps of money.
Hi Jack Di,
Your exact situation has happened to me in year 2014. It's my bad luck that I didn't head to this forum to read up the lessons learned from Park Trent victims like you.
I fell into their ONE STOP INVESTMENT SOLUTION tactics and in addition to their Property Investing service, end up getting their FINANCIAL BROKER (Easy Plan) + SOLICITOR, which made my case even worst.
In my case, the first property that ParkTrent showed to me was around $50,000 under valued so I couldn't secure bank loan, then they promised to get my 10% deposit back from the builder in condition that I buy another property (second property) from them, which I end up buying.
They didn't properly disclose to me that to save my 10% deposit, I've to pay them half of it (Around $15,000) to them as On Sale commission of the first property (for which my 10% deposit was held). The second property is also not that great and I had no choice but to forcefully buy that property, just to save my deposit.
I feel like I'm ripped off by ParkTrent and felt that I am mislead by them with their pressure tactics.
Just wondering how are you going with your Investment Property that you bought with them? Are you still with ParkTrent for rentals? Did you take any legal actions against them?
Your comments/suggestions would be much appreciated.
Regards.
Hi All,
The stories that happened in the past since 2008 is still happening in the year 2014. This is happening to me right now. Massive undervaluation of the property (First Property, Around 50,000), bank not willing to provide loan, Park Trent moving 10% deposit to other property (Second property), and charging massive Commission for the on sale of the first property. Is this the profitable business model of ParkTrent to lure new Property Investor and take advantage of their ignorance and dire situation?
Is it happening to others as well?
Has anyone taken or thought of taking joint class against ParkTrent? Has anyone reported ParkTrent to ACCC or gone to current affairs/today tonight?
Regards,
Ditto and 100% true.
Sad but true stories.
I am very sorry suez8 for your situation and feel very bad on how you were treated. When I went through your posts, I felt like I'm reading my own story. The very unfortunate thing is, this is still happening today and I think I am also one of the ParkTrent's victim, very much like you.
Hi Andy and Jack Di,
First of all JackDi, it's been over a year that you had your entry posted here, how did you go with getting back your deposit.
Now I'm here after a year, with the same situation. I regret that I didn't research on internet about all these dodgy dealings.
I have Similar situation like JackDi, our FIrst property from ParkTrent fell short of $50,000 during bank valuation and Bank didn't approve our home loan. The vendor then terminated the contract after we couldn't settle on the advised date and even if our solicitor asked for an extension of settlement for extra two weeks, the Builder, didn't give us extension which we've requested. Then solicitor advised that vendor has advised our deposit has been forfeited.
To save our deposit, ParkTrent then advised us to get another property from them and transfer the deposit on that property after On Sale of the First Property. We had no choice but to accept their offer. With the fear of loosing our 10% deposit, we then signed another contract for another property. And now they are asking for significant amount of money as commission for On Sale of the First Property. Is this approach fair?
How can we get out of this situation get all or deposit back without paying them any Commissions? Any suggestions would be highly appreciated.
Hi All,
I'm also dealing with ParkTrent and my experience about ParkTrent Properties Group is very similar to RIPPED OFF and many other unhappy customers. I can see lots of complaints about ParkTrent here and in many other sites (see links below, if the moderator of this site allows links here). Seems that many people have been ripped off by ParkTrent and made their lives stressful and difficult to live.
Just wondering if anyone has ever reported ParkTrent Properties Group to the Fair Trading Department about their unethical business practice (Including but not limited to: Pressure Sales Tactics, needing investors with limited amount of knowledge to decide to buy and sign contracts on Investment Properties when they visit their Wollongong Office, giving limited options to choose properties from their listings and many more). Has anyone taken any legal action against them for their unfair practices? Has anyone thought of Class Action against them?
Please take your time to read through below posts:
http://www.notgoodenough.com/viewtopic.php?p=324434
http://www.businesslistings.net.au/Real_Estate_Agencies/Wollongong/Park_Trent_Scam/2891.aspx
