Hi wazerians,
Can anyone tell me whether he/she has ever experienced any con cases when purchasing land through SACCOs? I heard of this plots in Kisumu(near Lake Basin) that are being sold through KISUMU MWALIMU SACCO going at 200,000 for (members) 220,000 for (non-members). What caught my interest was that the current value of the land is at a whooping 500,000/= but still speculative to draw figures of 600,000+ by the end of the year 2010. Simple math :: going for 3plots would have me (280,000 * 3) in profit. Despite speculating, the place is potential for Residential and housing projects and Hostels(Uzima Catholic University is 8-10Km away which offers a great opportunity). I am still in progress to conduct full payment for purchase of this plots, but i have no certainty(confidence) on the genuine nature of the sale of this plots. I was given a point of reference of someone i would contact and work with when i visit Kisumu. KISUMU MALIMU SACCO has no regional office where you can make inquiries while visiting Kisumu. My major concern is, how do i determine whether am a potential candidate for swindle??
When i visited the place i was toured around the track of land and below were the details of the plots:
Cost of land: 50million
Size of Land : 20.6 ha == 50acres
Size: 15 by 30 Meters
Free Hold land
Owner: Phillip Ochieng
Apart from this, was shown a search report conducted by the SACCO officials to confirm TITLE DEED registration under Phillip Ochieng as due owner of land.
Im still not contented despite the above having being availed to me. Ooooh plus i was also sent a scanned copy of a sales agreement entered between the SACCO and Phillip Ochieng the owner of the land.
Wazurians DO YOU THINK I SHOULD GO AHEAD with PURCHASE??