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Beware of CDC Realty

r4bidindoa · 39 · 15707

r4bidindoa

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on: May 15, 2014, 08:23 PM
Very bad experience with this realty. Fully paid the DP for an RFO unit, done all the paperworks with them, and did all the paperworks with he bank. The bank notified them of the loan approval and that it will be released as soon as the CDC provided them with the docs they require (CDC is tied up with them so it should be fast and easy). What happens is that CDC took too long to provide the docs and the bank had to follow up with them a couple of times. Considering the 96K processing fee they charged me, they dilly dally until the 1st monthly payment with them is due (since the loan has not yet been released). I paid over 13K for the first monthly payment and guess what, only around 1K went to the principal and the rest to the interest. THIS IS A COMPLETE RIP OFF. The whole balance I had is already payable from the bank loan just 3 days after the 1st monthly payment. They would be OVERPAID by 1 month worth of payment so the CROOKS deducted the over 90% of the monthly payment I made to the interest and only a meager 7.6% went to the principal. And one more thing, they said it'll take at least 2 weeks after they received the full payment before they will turn-over the unit. WTF? Fully paid for the unit, yearly condo dues paid, and still have to wait for at least 2 weeks to turn over the unit? Had i known this beforehand I would have gone to a more reputable condo developer.

I guess this is how they operate, delay the submission of documents so that at least the buyer would have to pay 1 monthly amortization, from which they will deduct mostly the interest. Any overpayment (that they would have to refund, if they will do at all) would be really small that it will cause you more trouble to do the paperworks. Sadly I was also planning to buy a parking slot but because of this experience, I will no longer deal with CDC. Beware of this Realty.


vicces

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Reply #1 on: May 15, 2014, 09:08 PM
what does "CDC" stand for? is it ok if u share/divulge which projects they are developing, or even just the location?

:thankyou: for the caveat.


mxherr5

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Reply #2 on: May 22, 2014, 10:26 AM
what does "CDC" stand for?

Whoa seriously? You couldn't just google it?
HereI googled it for you.
Check this out http://cdcresidences.com/
(It doesn't say what CDC stands for though lol)


@ r4bidindoa, I feel your pain. I experienced almost the same
scenario. But who can you blame about the delay though?

Ultimately, its due to delays in processing the paperwork
with the RD and the BIR.

Is the Government liable for the lost you incurred?

I'm not sure what the timeline in your story is like but
mine took almost a year. But we were already living
in the property so I just treated the money "wasted"
as rent.

Too bad about your 1st monthly payment though, sounds
like they are charging you a very very high interest rate.


julz

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Reply #3 on: Jun 19, 2014, 02:29 PM
I also don't trust CDC much. But I had friends who already bought the one in Rivercity. They didn't pay the downpayment in spotcash, they had 10% in installment, so I think they had a different experience altogether. 90% was bank financed, I know most banks don't give as high as 90%, so my friend had trouble raising another 10% in spotcash, so only 80% would need approval to be banked financed.


radio_head

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Reply #4 on: Jun 24, 2014, 09:46 PM
Dito ko lang narinig yung CDC. Saan saan ba located ang mga properties nila?


vicces

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Reply #5 on: Jun 24, 2014, 11:04 PM
Whoa seriously? You couldn't just google it?
HereI googled it for you.
Check this out http://cdcresidences.com/
(It doesn't say what CDC stands for though lol)

haha u are cheeky. yes I could've, but I didnt becoz I wanted to up/keep active the thread then, and give the TS the opp to discuss further his experience and allegations. he created a thread with a somewhat accusatory title, i assumed he's willing and capable to supply the simple details. plus, sa stock market meron ding CDC na property firm din (Cityland Devt Corp)... sila ba yan o iba pa, nakakalito diba... so bkit ko pa iggoogle kung nasa harap ko na ung pwedeng magkumpirma based on personal/first hand experience diba... yun lang, nawala na si TS...

Rivercity? yun sa Manila yan diba? if im not mistaken, from our chatroom, merong isa na kakalipat lang jan, but prior to their move in, may ilang problema din syang namention at napagusapan namin... but im in no position to divulge, so hanggang jan lang macocomment ko..
« Last Edit: Jun 24, 2014, 11:20 PM by vicces »


r4bidindoa

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Reply #6 on: Jul 24, 2014, 09:30 PM
Just an update:

I have already accepted the fact that they have ripped me off in the 1st monthly amortization. Now another thing happened. I wanted to have my unit furnished (interior deco) so I enlisted the service of one legitimate (licensed) interior designer. I have paid the construction bond (50K) in CDC-Manila Rivercity, and had already paid 100K DP for the interior designer. They have already issued an approval for the start of construction and just when the interior designers workers started working, they suddenly issued a stop on all on-going interior constructions. Seems they plan to have their own interior designing company to cater for the whole condo project. WTF, deliveries for the appliances and furnitures are already scheduled 1 week prior to the indicated completion time of the interior designer. I will have to cancel all those deliveries and maybe have to pay for their safekeeping in the suppliers warehouses. I tried calling up HLURB to report this matter but no one is answering their freaking phone. Not that I expect much from a government agency, but still there must be someone in during office hours. Moving in will be delayed, I will have to continue renting, and still unable to use any of the furnitures or appliances I am already paying for.
CDC REALTY IS A VERY EVIL COMPANY.


af2013

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Reply #7 on: Aug 20, 2014, 03:38 PM
I guess this is how they operate, delay the submission of documents so that at least the buyer would have to pay 1 monthly amortization, from which they will deduct mostly the interest. Any overpayment (that they would have to refund, if they will do at all) would be really small that it will cause you more trouble to do the paperworks.

sir, the same thing happened to me -- i was charged interest for 3 months because it took them that long to hand over documents to the bank.

and that's not all they've done. acoording to the latest SOA, i've already received my overpayment refund check which i haven't -- mga magnanakaw talaga >:(

i've already considered getting help from HLURB, good luck to me >:(


superEggy

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Reply #8 on: Dec 26, 2016, 08:59 PM
Hi, bump ko lang yung thread.

Mayro ba sa inyong bumili sa Rivergreen? Share niyo naman experience niyo...

Ok ba sya as investment? Yung tipong paparentahan mo after turnover.

Thanks!


wilch23

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Reply #9 on: Dec 28, 2016, 12:15 PM
Why ask pa?
Did you not read the posts from before?


Keefepot

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Reply #10 on: Feb 28, 2018, 01:19 AM
Nais ko pong malaman kung nai WAIVED po ba ni yo yung INTEREST na kinuha ng CDC sa Monthly Amortization?

I am facing the same problem now
Two months na nila kaming ininteresan.

Almost 90% ng binabayad namin since January 2018 ay sa CDC lang napupunta...

Nakakapagod na silang kausap.
Please let me know what to do.

And kung naibalik ba nila sa inyo yung kinuha nila.?

Thanks


Keefepot

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Reply #11 on: Feb 28, 2018, 01:40 AM
sir, the same thing happened to me -- i was charged interest for 3 months because it took them that long to hand over documents to the bank.

and that's not all they've done. acoording to the latest SOA, i've already received my overpayment refund check which i haven't -- mga magnanakaw talaga >:(

i've already considered getting help from HLURB, good luck to me >:(



Sir any update kung naisauli sayo yung interest na kinuha nila?

Thanks


Mila

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Reply #12 on: Mar 20, 2018, 04:27 PM
The Condo developer mentioned here really  sucks! Why buy from  this type of residence when all they gave you is pain in the ass...stress in all sorts... Oh my... You don't even have the  freedom to choose your own interior designer... Really WTF... So to anyone who is planning to buy a place to call home,  buy a house and lot instead....may lupa at Bahay ka na na Malaya kang gawin anything  you want... Call this number for house and lot listing... 09267511660


SeekJustice

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Reply #13 on: Apr 20, 2018, 06:03 AM
Please lang po ang CDC REALTY we thought tapos na kmi sa balance nmn sa rivergreen nagbayad kmi dapat move in na kaso ang sinasabi  meron daw kmi bayaran na interest wala po kami loan how come they will charged an interest. 2016 turn over daw pero hindi natuloy un dahil sa issue ng museum nasa news pa noon yun then natuloy ng 2018 1st qrtr kaya kmi napauwi ng Philippines para ayusin at bayaran lahat ng dapat bayaran sa Rivergreen yun pla gugulatin kami ng ganun unfair ang ginagawa nila i want to report to HLURB kaso me mga cases hindi nla naasikaso meron po ba mkakatulong po sana na magrecommend na abugado po ng real estate please thank you


SeekJustice

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Reply #14 on: Apr 20, 2018, 07:54 AM
Sir just want to know kung nakontak nyo po ang HLURB gusto ko dn magdemanda nlng


 


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