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OK then, why does it take so long to sell a piece of real estate?


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smokey

it seems from other threads I read that the biggest problem in buying a house in the Philippines is obtaining title. There's no such thing as title companies or title insurance in the Philippines. For this and other reasons I would only buy a lot in a subdivision from a well established development company. Buying a raw land might seem cheaper but it is not a wise move. In the Philippines you got the problem of somebody suddenly appearing claiming they own it after you bought it. In both the Philippines and the U.S. you also need to consider what it's going to cost to put in utilities which could be very expensive.

now your getting smarter LESS stress is the key to retirement not more
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Much of the raw land here is owned by pinoy who set the price high and are willing to wait years and years for a buyer hoping that someday a foreigner will come along with deep pockets and maybe not s

It does not take long to sell the right house at the right price.  I know 2 individuals (foriegners) in Cebu (and then there is a rumor of one in Davao) who make a living here by building and selling

The only land deals in the Philippines are those purchased from desperate sellers. 

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Monsoon

I would modify that the say that the only really GOOD land deals in the Philippines are those purchased from desperate sellers. There are plenty of real estate sales done where the seller is NOT desperate. In fact, sometimes the buyer is desperate.

I wouldnt think anyone needs help finding a bad deal. But then again, the place does seem to attract its share of foreigners who turn up there with $50k to their name acting like multi-millionaires....

 

Personally I wont buy anymore real estate in the Philippines unless the seller(s) is on super desparation terms.

 

When in Rome...

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smokey

I wouldnt think anyone needs help finding a bad deal. But then again, the place does seem to attract its share of foreigners who turn up there with $50k to their name acting like multi-millionaires....

 

Personally I wont buy anymore real estate in the Philippines unless the seller(s) is on super desparation terms.

 

When in Rome...

well some guys look for super desperate sellers of real estate and some come with money looking for desperate women we all have our wants
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tomaw

 

now your getting smarter LESS stress is the key to retirement not more

Thanks Smokey. I'm glad to hear you say that.
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Headshot

it seems from other threads I read that the biggest problem in buying a house in the Philippines is obtaining title. There's no such thing as title companies or title insurance in the Philippines. For this and other reasons I would only buy a lot in a subdivision from a well established development company. Buying a raw land might seem cheaper but it is not a wise move. In the Philippines you got the problem of somebody suddenly appearing claiming they own it after you bought it. In both the Philippines and the U.S. you also need to consider what it's going to cost to put in utilities which could be very expensive.

 

That is the most expensive way you can go. True clear titles are not that difficult to come by. A competent lawyer (who specializes mostly in real estate) will go a long way toward ensuring that you don't get screwed in a real estate deal. Vicente Roco is my lawyer, and he has helped me a great deal.

 

First, make sure that the property you are looking at IS titled. Do NOT mess with tax declaration properties unless you have been doing this a long time and have connections (because it can get really messy). You need to make sure there is a Transfer Certificate of Title (TCT) for the property. The property does NOT have to have a clear title (free of liens), but you need to ensure that all liens are satisfied as part of the sale (before the seller gets any money). That way, when the title is transferred to your wife's name, it will be clear.

 

Do NOT trust a real estate broker or agent to take care of your interests. They won't. That goes for brokers and agents representing big developers too. Remember that they are NOT working for you. You will NEVER get a decent deal from a developer, and there is no guarantee that the Title they give you (and developers are often very slow in getting titles done) will be better than what you can get anywhere else.

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jtmwatchbiz

 

stay in a rented or leased place, that is where the cost /performance ratio is best.

 

bingo

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Contango

Much of the raw land here is owned by pinoy who set the price high and are willing to wait years and years for a buyer hoping that someday a foreigner will come along with deep pockets and maybe not so much smarts.  It's not so much supply and demand as it is PT Barnum's principal of a sucker being born every minute.

~

That's sort of true everywhere, the greater fool theory is behind pretty much any type of buy and hold speculation, everyone wants to sell XYZ for more than they paid and or more than its really worth...Filipinos in general don't like to negotiate or haggle or do a deal, so prices remain stubbornly high.

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hchoate

you need to ensure that all liens are satisfied as part of the sale

 

Don't mean to be a jerk, but- can't potential liens be unknown or unknowable or are you meaning those already filed? Is it possible to make this a stipulation so the seller is back in the loop if something pops up. What I'm thinking about is situation where seller knows his cousin has a valid claim to the property but wants to grab the cash himself.

 

 

Do NOT trust a real estate broker or agent to take care of your interests.

 

This is true anywhere. It's amazing how many people close without their own lawyer present. They thereby save a few hundred bucks on the biggest purchase of their life.

 

 

For this and other reasons I would only buy a lot in a subdivision from a well established development company

 

You will NEVER get a decent deal from a developer

 

Good to know it's that definite. Am thinking about how to get a place for a sister-in-law to retire and the family seems to think a development is a good option.

 

 

Filipinos in general don't like to negotiate or haggle or do a deal

 

Would love to hear more about that! Or do you mean that they would prefer you to just pay up!

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smokey

That is the most expensive way you can go. True clear titles are not that difficult to come by. A competent lawyer (who specializes mostly in real estate) will go a long way toward ensuring that you don't get screwed in a real estate deal. Vicente Roco is my lawyer, and he has helped me a great deal. First, make sure that the property you are looking at IS titled. Do NOT mess with tax declaration properties unless you have been doing this a long time and have connections (because it can get really messy). You need to make sure there is a Transfer Certificate of Title (TCT) for the property. The property does NOT have to have a clear title (free of liens), but you need to ensure that all liens are satisfied as part of the sale (before the seller gets any money). That way, when the title is transferred to your wife's name, it will be clear. Do NOT trust a real estate broker or agent to take care of your interests. They won't. That goes for brokers and agents representing big developers too. Remember that they are NOT working for you. You will NEVER get a decent deal from a developer, and there is no guarantee that the Title they give you (and developers are often very slow in getting titles done) will be better than what you can get anywhere else.

well we have title from santa lucia no problem , unlike locals the big developer is connected
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tomaw

 

That is the most expensive way you can go. True clear titles are not that difficult to come by. A competent lawyer (who specializes mostly in real estate) will go a long way toward ensuring that you don't get screwed in a real estate deal. Vicente Roco is my lawyer, and he has helped me a great deal. First, make sure that the property you are looking at IS titled. Do NOT mess with tax declaration properties unless you have been doing this a long time and have connections (because it can get really messy). You need to make sure there is a Transfer Certificate of Title (TCT) for the property. The property does NOT have to have a clear title (free of liens), but you need to ensure that all liens are satisfied as part of the sale (before the seller gets any money). That way, when the title is transferred to your wife's name, it will be clear. Do NOT trust a real estate broker or agent to take care of your interests. They won't. That goes for brokers and agents representing big developers too. Remember that they are NOT working for you. You will NEVER get a decent deal from a developer, and there is no guarantee that the Title they give you (and developers are often very slow in getting titles done) will be better than what you can get anywhere else.

........... Thanks Head Shot. That was very good advice particularly giving me the name of your lawyer. I'll probably contact him when we're ready to buy which will be at least two years from now. I was thinking of getting a lot in Crown Heights in Compostela. But recently I have had more of an interest in Moalboal. It looks like there's good deals on raw land lots there but nothing in a subdivision. I'm not sure raw land is such a good deal as compared to subdivision because with raw land I would have to put in utilities and amenities that the subdivision would come with as part of the package. Water and power alone could be very expensive. Still this might work out if water and power are available nearby. We could possibly create your own little mini subdivision. Between my wife and myself, her sister and her American husband and her other sister and her husband and kids, we're looking at 3 houses to be built. I read some ads on some large lots in Moalboal that might be ideal for this.
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smokey

........... Thanks Head Shot. That was very good advice particularly giving me the name of your lawyer. I'll probably contact him when we're ready to buy which will be at least two years from now. I was thinking of getting a lot in Crown Heights in Compostela. But recently I have had more of an interest in Moalboal. It looks like there's good deals on raw land lots there but nothing in a subdivision. I'm not sure raw land is such a good deal as compared to subdivision because with raw land I would have to put in utilities and amenities that the subdivision would come with as part of the package. Water and power alone could be very expensive. Still this might work out if water and power are available nearby. We could possibly create your own little mini subdivision. Between my wife and myself, her sister and her American husband and her other sister and her husband and kids, we're looking at 3 houses to be built. I read some ads on some large lots in Moalboal that might be ideal for this.

you can call it compound a la tomaw
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tomaw

 

well we have title from santa lucia no problem , unlike locals the big developer is connected

....... I'm glad to hear that Smokey. Santa Lucia is also the development company for Crown Heights, the place we've considered the most.
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tomaw

I wouldnt think anyone needs help finding a bad deal. But then again, the place does seem to attract its share of foreigners who turn up there with $50k to their name acting like multi-millionaires....

 

Personally I wont buy anymore real estate in the Philippines unless the seller(s) is on super desparation terms.

 

When in Rome...

.... From everything I've read that sounds a bit unrealistic. I might as well look for a place in Malibu up on a hill overlooking the ocean for the same price as Crown Heights in Comootela! LOL !!!
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Monsoon

.... From everything I've read that sounds a bit unrealistic. I might as well look for a place in Malibu up on a hill overlooking the ocean for the same price as Crown Heights in Comootela! LOL !!!

What do you mean? At least once a month someone turns up at my inlaws looking to offer my wife the deal of the century because someone has a hospital bill.

 

I would run out of money before running out of desparation deals in the Philippines.

 

Retail is overpriced there period. Especially when they find out there is a white guy involved.

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goldote

It does not take long to sell the right house at the right price.  I know 2 individuals (foriegners) in Cebu (and then there is a rumor of one in Davao) who make a living here by building and selling houses.

 

They make a living because they do their market research to see what houses are in demand and that is what they build and sell.  Usually it is low priced, entry level homes.

 

It takes a long time for foreigners and locals to sell those fantasy homes that they build for their own benefit.  Often I hear:  "Why are you asking so much?"  and then the reply "Oh you could not replace this house for that much money" and I think:  Who gives a phoque.  You wanna sell your house then price it for the market and it will sell.

 

 

Yup, we want it our way.  No talk of comparables or compromise.

Not many estate or garage sales.

We figure it out and predict.....then  comes inflation.

Tiered prices for locals, OFW's and us white guys. 

I'm satisfied with the family farm friendliness.....and happy if I hear:  'you got it cheap'. 

 

Sometimes the ROD or attorney will have you publish your intentions if they feel

there may be some outstanding liens.   Then they issue title. 

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