Jump to content
Sign in to follow this  
Davaoeno

selling a house in the Philippines

Recommended Posts

Topper

Oh yes that will appeal to a large segment of the population.

True....but from what planet?

Share this post


Link to post
Share on other sites
billy

Put in a dining room like this one from Fashion House Versace.

 

attachicon.gifversacedining.jpg

 

Gross

  • Like 1

Share this post


Link to post
Share on other sites
smokey

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.

good point its not does he have the down stroke as much as what is his monthly income

Share this post


Link to post
Share on other sites
bkkmarlowe

And dont forget the taxes folks! There is around 9% tax on the various transfer documents plus another 12% VAT on hi-end properties..

 

Thats another 21% of the sale price that somebody  -- either buyer or seller, or half each -- must fork out to the Philippine government before the title deed can be transferred to the buyer.

Share this post


Link to post
Share on other sites
smokey

True.   But as the seller.  He maybe not keen on the idea having to negotiate any arising issues from other side of the world if things starting to go pear shape. financially or otherwise. Maintenance issues?  Private repayment system can be legally binding for five years, or is it?  I for one would have lots of worries.  Renting the place thru an estate manager would somehow seem lot more comforting if one cannot find an outright cash buyer or buyer with approved bank loan.  Hopefully one will come up and drop full payment on the table even at slightly reduced price would be the best result imho.  

Bingo.... I can see the problem the payment is not made 5 months then you come here and 3 months of court this and court that and finally the buyer gets walking papers and strips the house and destroys it for making him loose face a fair down I think to keep people in the game is 25% that weeds out the dreamers and gets the realist

Share this post


Link to post
Share on other sites
Woolf

And dont forget the taxes folks! There is around 9% tax on the various transfer documents plus another 12% VAT on hi-end properties..

 

 

There is no VAT on selling your private home

  • Like 1

Share this post


Link to post
Share on other sites
smokey

What about you buying the rest of the lots at a discount and throwing the squatters off?

he does not have a raincoat to protect his body against the poop bombs they will throw ... Gee foreigner kicking locals off property that should work .. ha ha

Edited by smokey
  • Like 1

Share this post


Link to post
Share on other sites
bkkmarlowe

Good point Woolf. But if a "certain property" is rented out to a tenant next month, and the owner lives overseas, then the BIR may not consider it to be a private home.

 

In any case there is still the 9% transfer taxes to be paid b4 deed is transferred to buyer.

Share this post


Link to post
Share on other sites
bargeman

 

 

In any case there is still the 9% transfer taxes to be paid b4 deed is transferred to buyer.

9% on whatever is declared as the selling price.

  • Like 1

Share this post


Link to post
Share on other sites
Monsoon

10-15k per dwelling

 

will remove most squatters

 

just gotta get 'em to vacate all at once (they will self-police and pressure the hold outs to accept)

 

make it a package deal, or else the hold-outs will get demandy.

 

been there, done that.

 

oh, and be sure and raze the shacks immediately.

 

but throw a party for them, keep the mood festive, and hire out a jeepney to help with the re-location logistics. it can be a win-win, if done right.

 

Squatters can certainly play a huge role here in buying or selling a property in the Philippines. 

 

I have personally seen squatter situations dealt with in two different ways here, in both cases  by affluent Filipinos. 

 

In one case he just hired them on as workers to take care of his farm and whatever else on the sprawling property and improved their dwellings. Everyone lived happily ever after - sort of. Truth be told he would rather burn their houses down and get them all off his property. 

 

In the other case he left his own personal army of security staff deal with the situation. Basically dealing with a mob of protesters, shot guns were fired, tear gas was launched, other things happened but eventually the mob left the property and then it was secured. This story happened in broad daylight of the NCR area. It turns out the squatters felt they were entitled to a portion of the sale proceeds of the property that was purchased. A huge commercial warehouse was erected on the site for a major international company. 

 

Something tells me the barangay captain wasn't consulted in either case. I know in the last case the only person consulted was the mayor and the chief PNP.

Share this post


Link to post
Share on other sites
Monsoon

9% on whatever is declared as the selling price.

 

So long as city hall / BIR  do not decide the that the market value is something else.

  • Like 3

Share this post


Link to post
Share on other sites
Lee

IMO there is a buyer for everything but in the Philippines it will usually take a lot more time to find one, thus it is never a good idea to be in a rush or to show your cards. I feel it is usually best to know up front that it will probably take one. two to three years to sell a condo or home and in the mean time it should only go up in value as time passes by, but only as long as it is being taken care of. Land prices keep going up and so does concrete, even if nothing else does

 

It is one thing to rent out or sell 4 walls and quite another to rent out or sell a home on time payments that has furnishings, a/c and any other features that a renter can and may destroy. Lets face it, a good part of people do not take care of property or the things in property that they rent and many do not even take care of property they own, that I have found out first hand and it does not matter if the property is in the US or the Philippines, pigs are pigs and people who were never taught right from wrong, exist everywhere, maintanence is not a high priority for renters and even for many who own, all one has to do is look around at the homes in the Philippines to see how poorly maintained many are. My wife and I spent years looking for a place to buy in the Philippines and could not find one and one of the main reasons was how poorly some places had been maintained. 

  • Like 5

Share this post


Link to post
Share on other sites
BossHog

On our main property we got fifteen or so squatter shacks

 

and we (read "I") used to consider it a nuisance

 

but they developed into trusted neighbours and friends. I did a topic on this a few years back. They're happily still in place.

 

(someone better with the search function than I am might find it)

 

But I needed to clear another property we bought ages ago and has since become valuable.

 

The squatters needed a little persuasion to go but it was just monetary and you'd be amazed what a smart family can build with 15,000 pesos on some new ground.

  • Like 5

Share this post


Link to post
Share on other sites
Baywak

Put in a dining room like this one from Fashion House Versace.

 

attachicon.gifversacedining.jpg

Early Gaudy

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..