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selling a house in the Philippines


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#1 Davaoeno

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Posted 24 July 2015 - 6:39 AM

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Buying - or even building - a house here is pretty easy , and much the same as where most of us came from.

 

However- selling a house here is very very different.  Some people try to sell their house for several years, unwilling to admit that they overbuilt it, or just that they dont understand how the system works here.

 

I see one guy with a fabulous house becoming very frustrated at not being able to sell his truly nice house  So here is my advice to him - and to anyone else in a similar situation.  

 

.Sir  - some advice for you . You obviously dont need a huge downpayment [ because if you did then you wouldnt be saying that you will just rent the place instead of selling it ]. So why hamstring yourself and demand a 30%-60% % downpayment - something which most foreigners dont have , and which most pinoy will not give you .

Go for 10% down, with the balance payable over 5 years at 1% a month interest . [ its important to call it 1% a month and not 12% a year for pinoy buyers. Trust me on this one ! ]

not only will it be much easier for you to get a sale, you will also get a higher monthly payment than if you rented it, and you will also collect substantial interest at the same time. And since the title will not get transferred until the loan is paid in full the best thing that can happen to you is that at some point the buyer will default on you . If you rent it you will have ongoing problems, and when that tenant leaves will have to deal with getting a new one. But by getting a buyer in the house , even with a 10% down stroke , you will probably never have to worry about the house again.
I have watched you trying to sell this house and imho you have been your own worst enemy . It shows that you do not understand how the system works here.

 

Also , if you overbuild a house here, and by that I mean build a house to US or Australian etc standards, do NOT expect to ever be able to get your money back.   No pinoy will ever pay you for the extra cost that was involved.   And  every foreigners wife or gf will tell him that he can build the same house for millions less.- so not to buy yours at the price that you are asking [ no matter how reasonable ]





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#2 Enuff

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Posted 24 July 2015 - 6:51 AM

great information


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#3 sugbu777

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Posted 24 July 2015 - 6:57 AM

great information

ditto



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#4 tim

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Posted 24 July 2015 - 6:59 AM

Could U give some advise regarding building your house in the best locations in case U decide to sell a decade later ?

 

thanks... 


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#5 NOSOCALPINOY

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Posted 24 July 2015 - 7:41 AM

Davaoeno's OP is the reality of things that does occur to those who overbuilds and in a not so nice location! It comes with the territory, especially here in the Philippines! It's all about location, location, location and the appeal of one's home to prospective buyers!



#6 Aerosick

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Posted 24 July 2015 - 7:55 AM

Davaoeno's OP is the reality of things that does occur to those who overbuilds and in a not so nice location! It comes with the territory, especially here in the Philippines! It's all about location, location, location and the appeal of one's home to prospective buyers!

 

Not so nice location??? I can see you've never been to Argao, huh !!!


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#7 NOSOCALPINOY

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Posted 24 July 2015 - 8:07 AM

NOSOCALPINOY, on 24 Jul 2015 - 07:41 AM, said: Davaoeno's OP is the reality of things that does occur to those who overbuilds and in a not so nice location! It comes with the territory, especially here in the Philippines! It's all about location, location, location and the appeal of one's home to prospective buyers!  

 

Not so nice location??? I can see you've never been to Argao, huh !!!

Did I mention any specific locations in my thread? No I did not! So, don't get so defensive and start something out of it on here! :idontknow:  


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#8 ex231

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Posted 24 July 2015 - 8:25 AM

It's all about location, location, location and the appeal of one's home to prospective buyers!


Exactly! And although it might appeal to some, a Barbie Doll size house on a postage stamp size lot in a subdivision for a minimum of 2 million p more wouldn't interest me at all. I'd go for the cheaper western style house with a pool on a decent size lot surrounded by a wall all day long.

As for the sales terms if all the perspective buyer could scratch up for a down payment was $9,000 I'd be very skeptical about him being willing and able to make $1350 per month strokes for 5 years.
Sure, it takes the right buyer to purchase any house but I don't think a potential buyer that has liquidated his assets in another country and having $80k in his pocket is like finding a unicorn. Sure there are lots of foreigners here that don't have that kind of money and probably a lot of the ones that don't, don't have $1350 a month for a house payment either.
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#9 NOSOCALPINOY

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Posted 24 July 2015 - 8:36 AM

Exactly! And although it might appeal to some, a Barbie Doll size house on a postage stamp size lot in a subdivision for a minimum of 2 million p more wouldn't interest me at all. I'd go for the cheaper western style house with a pool on a decent size lot surrounded by a wall all day long.

As for the sales terms if all the perspective buyer could scratch up for a down payment was $9,000 I'd be very skeptical about him being willing and able to make $1350 per month strokes for 5 years.
Sure, it takes the right buyer to purchase any house but I don't think a potential buyer that has liquidated his assets in another country and having $80k in his pocket is like finding a unicorn. Sure there are lots of foreigners here that don't have that kind of money and probably a lot of the ones that don't, don't have $1350 a month for a house payment either.

So why do homes like you mentioned above do not sell quickly? Again, it's all about location, location, location and appeal, let alone conveniences nearby! 



#10 sugbu777

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Posted 24 July 2015 - 8:42 AM

The OP had some great advice and was not addressing any particular piece of property in general. Take it for what it was meant. :twocents:

 

 Now I'll sit back and watch the show :popcorn:


Edited by sugbu777, 24 July 2015 - 8:43 AM .

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