Have Any Questions On Real Property / Condos ?

[Dave Hounddriver]

Thanks for the advice but none of those posts offer details instructions on how to buy property while its under mortgage so that you are fully protected and receive the proper paperwork in a timely manner. There is also zero advice on this forum about reputable lawyers and it's basically impossible to find one over the internet unless you're talking about big corporate law firms.

:hystery:

Welcome to the Philippines. There are no 'one size fits all' detailed instructions. Have you been listening to the tales of people who got screwed over buying condos or property or leasing same? There are NO guarantees here. People who successfully purchase and own property are more lucky than anything else. People with all the guarantees in the country lose their property to schemers and yet people who buy without the slightest bit of legal protection have 'owned' their property for decades. Anything that seems to be a guarantee is illusory.

As the saying goes: Don't blame the players, blame the game. The only rule to this game is don't invest more than you can afford to lose.

[wolf larsen]

Thanks for the advice but none of those posts offer details instructions on how to buy property while its under mortgage so that you are fully protected and receive the proper paperwork in a timely manner. There is also zero advice on this forum about reputable lawyers and it's basically impossible to find one over the internet unless you're talking about big corporate law firms.

:hystery:

Welcome to the Philippines. There are no 'one size fits all' detailed instructions. Have you been listening to the tales of people who got screwed over buying condos or property or leasing same? There are NO guarantees here. People who successfully purchase and own property are more lucky than anything else. People with all the guarantees in the country lose their property to schemers and yet people who buy without the slightest bit of legal protection have 'owned' their property for decades. Anything that seems to be a guarantee is illusory.

As the saying goes: Don't blame the players, blame the game. The only rule to this game is don't invest more than you can afford to lose.

Yeah, connections and street smarts seem to matter a lot more here than in developed countries.

[JJReyes]

Definitely not. 2 months deposit and 1 month advance should be enough. Are you sure they didn't say 1 year of post-dated checks?

I rechecked the response email. The price was removed, but here is part of the message:

"Average Rental for the unit is around ........ pesos up (some are inclusive of association dues ). Price will also depend on the quality of furniture and interior design of the unit. Owners normally ask for 1 year advance rental payment + 2 months security deposit."

[Old55]

There are many topics to do with condos if you use the search function.

so true. :th_goodidea:

Thanks OLD55(57) for the :AddEmoticons04230: best post in a long time :AddEmoticons04230:

Thanks for the advice but none of those posts offer details instructions on how to buy property while its under mortgage so that you are fully protected and receive the proper paperwork in a timely manner. There is also zero advice on this forum about reputable lawyers and it's basically impossible to find one over the internet unless you're talking about big corporate law firms.

Sorry Wolf, I was not tiring to be sarcastic to you I wanted you to read all those stories. the point is you have little or no protection buying a condo or other real-estate property's in Philippines. I agree completely with Dave who has lived over there for some time now.

My wife and I looked at buying a lot or lot and home in a nice gated community from 1999 to about 2010 we found so many screwy deals and prices all over the place. The best advise I can give you is to buy a 100%finished condo from a very well established company. There are honest solid deals to be had but no guarantees. For me I would NEVER buy only rent.

Edited September 18, 2012 by Old55

[luke]

Definitely not. 2 months deposit and 1 month advance should be enough. Are you sure they didn't say 1 year of post-dated checks?

I rechecked the response email. The price was removed, but here is part of the message:

"Average Rental for the unit is around ........ pesos up (some are inclusive of association dues ). Price will also depend on the quality of furniture and interior design of the unit. Owners normally ask for 1 year advance rental payment + 2 months security deposit."

That's usually the practice with diplomats. But I would not go in to a 1 year advance payment. Perhaps post-dated checks with a provision in the contract that in case of early return (to the homeland) the postdated checks can be canceled. If after a few months the apartment/condo turns out to be hell, your stuck with it.

have done some condo-hunting in the past and find out that lots of older condo building are rundown. Low ceiling, smelly, old furniture, old worn out kitchen noisy surrounding, steel window frames that don't close properly etc... Don't sign anything before you have seen the place!! Even new condo's.

[wolf larsen]

Definitely not. 2 months deposit and 1 month advance should be enough. Are you sure they didn't say 1 year of post-dated checks?

I rechecked the response email. The price was removed, but here is part of the message:

"Average Rental for the unit is around ........ pesos up (some are inclusive of association dues ). Price will also depend on the quality of furniture and interior design of the unit. Owners normally ask for 1 year advance rental payment + 2 months security deposit."

I talked to at least 10 landlords before renting my unit. I've also rented 3 different houses. None asked for 1 year in advance. Most was 2 months deposit and 2 months in advance.

Edited September 18, 2012 by wolf larsen

[GregZ]

prices all over the place.

PRICES: How do you determine a fair market value here. In the US I could pull up comparable sales online. I know THAT won't work here. Are there appraisers??? Any consistency??? Listing values are of NO USE to me as asking prices are all over the place.

In the end I know that a property is only worth what someone is will to pay. Finding that point or at least SOMETHING reasonably close is what I am after. I'm not after a rock bottom deal, just something less than 3 times the real value. ANY help in this is appreciated.

I've found a property that I am interested in that is located 100 meters from a beach area outside of the city on Cebu Island, 86sq meters and has a low value wooden structure on it. When in CDO the locals told me that IN THE CITY 1000 pesos / square meter for empty property was reasonable??? (in city, different island)

[wolf larsen]

prices all over the place.

PRICES: How do you determine a fair market value here. In the US I could pull up comparable sales online. I know THAT won't work here. Are there appraisers??? Any consistency??? Listing values are of NO USE to me as asking prices are all over the place.

In the end I know that a property is only worth what someone is will to pay. Finding that point or at least SOMETHING reasonably close is what I am after. I'm not after a rock bottom deal, just something less than 3 times the real value. ANY help in this is appreciated.

I've found a property that I am interested in that is located 100 meters from a beach area outside of the city on Cebu Island, 86sq meters and has a low value wooden structure on it. When in CDO the locals told me that IN THE CITY 1000 pesos / square meter for empty property was reasonable??? (in city, different island)

Same as anywhere. Locate similar properties and offer a sum for it. If people are willing, lower your offer. If unwilling, raise. Go to sulit.com, real estate agents, and visit the neighborhoods and ask people if they know someone who's selling.

Edited September 18, 2012 by wolf larsen

[Old55]

Anotherr problem is when a number of family members own a property (very common) and a signature or three have been forged. After you buy it they come after..... YOU for more money or yank the title.

[JJReyes]

That's usually the practice with diplomats. But I would not go in to a 1 year advance payment. Perhaps post-dated checks with a provision in the contract that in case of early return (to the homeland) the postdated checks can be canceled. If after a few months the apartment/condo turns out to be hell, your stuck with it. have done some condo-hunting in the past and find out that lots of older condo building are rundown. Low ceiling, smelly, old furniture, old worn out kitchen noisy surrounding, steel window frames that don't close properly etc... Don't sign anything before you have seen the place!! Even new condo's.

Thanks. I will follow you advice. The assistance request is for a daughter of a friend who will intern with a financial institution. I will set aside two half days during my October visit to meet with property rental agents. My wife, son and I jointly own a real estate company in Honolulu. My role is limited to treasurer/administrator, while my wife is Principal Broker and our son is Broker-in-Charge. We also have a Broker who heads our company's property management division. Accurate, reliable data is available through the Multiple Listing Services. One of our websites includes detailed photographs plus all sales prices for the past five years, unit size, floor level, etc. The individual condo's database is updated once a month by our son. It's a public service, which generates potential clients. Unfortunately, similar information is not available in the Philippines.