Need Help Recognising Honest Real Estate Developer

[Medic Mike]

Update: The property I was interested in ended up not be on the "registry of deeds". Turns out to be another Philippines property scam.

[robert k]

Sorry it didn't pan out. Someone told me a few years ago that I should only buy bank forclosed property for someone else because the bank will be sure to have up to date title. We're just foreigners and aren't supposed to own real property anyway.

[Call me bubba]

Update: The property I was interested in ended up not be on the "registry of deeds". Turns out to be another Philippines property scam.

can you share w/us . what was the "sellers" reaction?

did he know that you knew that he was trying to "scam"you?

[Thomas]

Sorry it didn't pan out. Someone told me a few years ago that I should only buy bank forclosed property for someone else because the bank will be sure to have up to date title. We're just foreigners and aren't supposed to own real property anyway.

Well. That's more secure concerning being sure of OWNER,

BUT I believe it can be DANGEROUS to buy a foreclosed property, because that can have crushed someones dream and even their income. It's easier for them and friends to "revenge" on the new owner, who have "their" property, than the bank, which took it...

[billygoat993]

Thomas you scare me with that remark... Lol was just eyeing a foreclosed property but of course it should have no lis pendens and i want a clean title been up for the market. I want to do buy and sell. Big renovation since its delapidated but with the market of house and lot in the area properties get sold fast...

[Medic Mike]

 

Update: The property I was interested in ended up not be on the "registry of deeds". Turns out to be another Philippines property scam.

can you share w/us . what was the "sellers" reaction?

did he know that you knew that he was trying to "scam"you?

 

No reaction. He is ignoring my emails now.

[Thomas]

Thomas you scare me with that remark... Lol was just eyeing a foreclosed property but of course it should have no lis pendens and i want a clean title been up for the market. I want to do buy and sell. Big renovation since its delapidated but with the market of house and lot in the area properties get sold fast...

Oh just as business, not for living there yourself (?)  

THEN I think it's a good idea, not dangerous for YOU, but for the one you sell too   :)

 

I guess banks check documents BEFORE they accept properties as collateral, so it can be an alternative to look for such, which HAVEN'T became foreclosed.

[robert k]

Thomas, you talk like I would have to evict people myself.

 

I would make sure the property had been empty at least a year and no squatters.

 

It's not like property is selling like hotcakes, many locals don't have the money and foreigners can't own land in their own names. There is also the matter of asking price. A bank might be more realistic in pricing than the average person. I wouldn't be bargain hunting per se, but I would consider a property with good title you could actually become the owner of to be a bargain opposed to one you paid someone who doesn't own it.

 

Buying from someone who really owns it might be expensive but buying from someone who does not own it would be astronomically expensive. Even buying from a bank I would see if I could get title insurance because whatever you pay, it's too much if it's for 0 square meters.

 

I thought of doing some major improvements on my future inlaws home until I found out they have only a small ownership interest. Still making improvements but nothing costly that can't be moved aside from the new CR and shower, I wouldn't want them to get kicked out because the home was now too nice. :1 (103):

[Thomas]

Thomas, you talk like I would have to evict people myself. I would make sure the property had been empty at least a year and no squatters.

It's not like property is selling like hotcakes, many locals don't have the money and foreigners can't own land in their own names. There is also the matter of asking price. A bank might be more realistic in pricing than the average person. I wouldn't be bargain hunting per se, but I would consider a property with good title you could actually become the owner of to be a bargain opposed to one you paid someone who doesn't own it.

Collaterals need to be kept a year, before they are allowed to be sold anyway.

You are missing my point. I'm not talking about squatters, I'm talking about the earlier owner who LOST the property to the bank. I suppouse he and his family and friends aren't happy about it, so I suppouse it can be risk they will be "grumpy" when someone ELSE move there. Some Filipins can get angry for such even without alcohol/drugs...

(Even in Sweden, some who got their property forclosed, make huge damage to the property. I haven't heared of any attacking the new owner here, BUT here it isn't a big catastroph as it is at Philippines, so not odd if they react harder in Phils, where some get killed just for looking at someone... (E g in Bacolod recently.)

 

Yes, documents are a big problem, it's extra complicated by most properties for sale (at least outside cities) DON'T have titles, they are just Freehold.

 

Bargains can be found too, when someone need money urgent. (E g to hospital bill.) Then they have no reason to be grumpy at you, perhaps they even like you  :)   because of solving their huge cash problem by buying their property. As you say there are few interested buyers, who have money.

[robert k]

Thomas, you don't think the people who sold to you at a bargain price because they were in great need will not think you stole their property? I would suggest that was not safe either, by your terms.