There is a documentary (auf Deutsch) on YouTube about the Adler Group. They're connected to a larger real estate scam that has been plaguing Germany for the past 7+. Unfortunately, we fell victim to it when we purchased a neubau apartment from a smaller developer in 2018.
Basically, these companies buy a property, start a residential construction project (either a new build or a renovation), complete 50-70% work to justify charging the buyers the pro-rated amount that was agreed upon in the sales contract, then they simply abandon the project -- often not even paying their contractors.
Despite the fact that the sales contracts stipulates that the builder must pay the buyers a compensation fee for the delay, buyers spend years filing lawsuits against the builder, who refuses to pay the fees, finish the building, or file bankruptcy.
It's assumed that most of this type of fraud is connected to organized crime and also has deep connections within the government, as we have encountered judges who have made some very questionable rulings in favor of the builders. One judge ruled against one of our lawsuits because we had not properly defined the steps needed to complete our apartment, despite the fact that the builder refused to allow us access to the property!
That was my fear when we bought new, thanks to covid our place sat untouched for over a year they, suddenly and very thankfully, put a big rush into finishing it. BTW what happened in the end did you get your building back?
Sadly, no. Our building has sat abandoned for over 2 years. It was originally scheduled to be completed in April 2020. We just recently won our third lawsuit against the builder, which they immediately appealed.
Sorry I couldn't find what's the best way to contact you guys. I have trying to do the online anmeldung and it seems like the process is outright broken, tried with wife's Blue Card, my German ID and no option actually works. Do you know if there are people who were able to do it recently? Just thought it would be something interesting to bring up on the newsletter.
There is a documentary (auf Deutsch) on YouTube about the Adler Group. They're connected to a larger real estate scam that has been plaguing Germany for the past 7+. Unfortunately, we fell victim to it when we purchased a neubau apartment from a smaller developer in 2018.
Basically, these companies buy a property, start a residential construction project (either a new build or a renovation), complete 50-70% work to justify charging the buyers the pro-rated amount that was agreed upon in the sales contract, then they simply abandon the project -- often not even paying their contractors.
Despite the fact that the sales contracts stipulates that the builder must pay the buyers a compensation fee for the delay, buyers spend years filing lawsuits against the builder, who refuses to pay the fees, finish the building, or file bankruptcy.
It's assumed that most of this type of fraud is connected to organized crime and also has deep connections within the government, as we have encountered judges who have made some very questionable rulings in favor of the builders. One judge ruled against one of our lawsuits because we had not properly defined the steps needed to complete our apartment, despite the fact that the builder refused to allow us access to the property!
That was my fear when we bought new, thanks to covid our place sat untouched for over a year they, suddenly and very thankfully, put a big rush into finishing it. BTW what happened in the end did you get your building back?
Sadly, no. Our building has sat abandoned for over 2 years. It was originally scheduled to be completed in April 2020. We just recently won our third lawsuit against the builder, which they immediately appealed.
Totally going to watch this. Heard about this when we bought our place.
Hey Andrew!
Sorry I couldn't find what's the best way to contact you guys. I have trying to do the online anmeldung and it seems like the process is outright broken, tried with wife's Blue Card, my German ID and no option actually works. Do you know if there are people who were able to do it recently? Just thought it would be something interesting to bring up on the newsletter.
Thanks for the work!
Just to update that a few days later I managed to do it, seems like there was a bug and it was fixed :)