Need Help Recognising Honest Real Estate Developer

[Thomas]

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.

Well. Possible, but

/in such cases they DECIDE THEMSELVES to sell to me

/while when it's foreclosed, then it's TAKEN from them.

So I believe it's a difference  :)

 

So I will stay out of foreclosed real estates, because old owner will know where it is,

but I can find it interesting to buy foreclosed VEHICLES, because such can be moved to elsewhere. =Buy in OTHER place than where I will be.

[Dave Hounddriver]

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.

 

This reminds me of a true story.  Some 10 or 15 years ago an Australian purchased some land at a bargain price from a filipina (and put it in his gfs name)

 

The rest of the story is that another Australian had originally bought the land for the girl and they had an argument so she sold it cheap (why not, she didn't pay for it).  This all led to a drama where the two Australians ended up in a fist fight.  It could have been worse.  But the bottom line is that a sale is a sale and the purchaser still had the property at his death, well his wife did anyway.

[Thomas]

 

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.

 

This reminds me of a true story.  Some 10 or 15 years ago an Australian purchased some land at a bargain price from a filipina (and put it in his gfs name)

 

The rest of the story is that another Australian had originally bought the land for the girl and they had an argument so she sold it cheap (why not, she didn't pay for it).  This all led to a drama where the two Australians ended up in a fist fight.  It could have been worse.  But the bottom line is that a sale is a sale and the purchaser still had the property at his death, well his wife did anyway.

(Off topic.

1. I will not buy any much expensive in wife's/gf's name. If it costs more than a "bride's gift" then the purshase will be together with a loan deal with that land as collateral. And in any case, if having more than a hut on it, then I will have the house in my name with a long time lease contract.  =Trying to cover up, so I don't need to be suspicious DURING a marriage, making so I'm worth more kept than left/dead  :)

2.  /I can fight FOR a woman  (=defending)

/but I would never fight ABOUT a woman, because IF she find that making any difference for who she chose, then I don't want her anyway  :)    (Not odd I think that now, but actualy I thought same back when I were young!!! and good at fighting   :)

[billygoat993]

I haven't heard of foreclosed property investors who had issue with former owners. I had done this twice and about to do is as business.

Usually the properties I go for are inside villages and only needs renovation or a full demolition. It is better to buy property that is sold by the bank and have no legal issues of people still living there to avoid problems cause i would never be able to kick out those people for i would feel their pain. Its safe and would be cheaper to acquire property thru bank that had been foreclosed for a long period thus your offer/ bid can be lower than their asking but its a must to check everything like survey of lot, titles, taxes cause at times bank do not shoulder such. Also meter and water.

[efigy]

i have a buyer for my place,,but problem is the place was bought with my baby son named on title,,his mother needs court order to be the one to sell but tagatay has one judge for thousands of cases and it has to go through court,,,of course the lawyer that handled the purchase didnt tell us about that when we bought,,and the reason im returning to aust is the inability of court system to do its job,,i have had case against scamming contractor builder now for over 2 years ,,no end in sight for judgment,,,,the justice system sees no problem with cases not being heard,,,,this is why scammers and con artists are everywhere they know if they are summonsed to go to court it will never happen,,,,so looks like i will return to aust in may and have to forget about selling this place,,i'll just be happy to be gone from this disfunctional sick place

[MikeB]

i have a buyer for my place,,but problem is the place was bought with my baby son named on title,,his mother needs court order to be the one to sell

Good point, I hadn't considered that. Hope things work out.

[Thomas]

Usually the properties I go for are inside villages

Rural villages or suburbs of cities?

 

I guess the more rural. the biger risk for grumpy neighbours, because of many relatives to the old owner living in the neighbourhood. Alcohol can be the trigger.

 

Do you believe it's no risk to buy foreclosed property in a country where some get killed for LOOKING at someone??   But of course small risk for YOU, if you don't live in the foreclosed property yourself  :)

[robert k]

My fiancee wanted me to buy a house a couple days ago. Her aunt is the seller, the price ridiculously low. I had been in the house before and it is worth much more than the 70,000 piso asking price [reduced from 100,000 piso for family]. I had to explain to my fiancee that the purchase price on real property is not the only factor. I asked her if the aunt alone owned the house or if we would just be buying her interest in it? Whose name is on the title and who has been paying the taxes? Is the property tax in arrears and if so how much? I told her I would spend 70,000 piso on title research, if necessary, to make sure of what we were buying. I'm thinking that the house does not even come with ownership of the land under it. The house was probably the original house on the property and a more modern house had been built a short distance away. After explaining all this, I told her that if the bank will loan the money against the home as collateral, that I will make the payments and at worst, I'm out the price of an ok motorcycle. I haven't heard another word about it though. Maybe one of the points I raised turned out to be not favorable.

 

When I get back I will look into what it will take to actually buy the place in my future wifes name and enough land under it to make a decent garden. I think you just can't buy real property from a distance and expect a great outcome, otherwise I would buy 10 houses sight unseen in Detroit Michigan for pocket change.

[Dave Hounddriver]

Robert, I bought my ex a lot on the family plot for 60,000 pesos so it is not uncommon.  The land is one big lot which the family have 'subdivided' amongst themselves so there is no real title.  The family 'Godfather' who owns title to the big lot decides over disputes and it seems to work but there is no actual title involved and if the family turn on her they could burn her out in a heartbeat.  Bringing a foreigner to live in that situation may work or may be a recipe for disaster.  Depends how much the foreigner is willing to 'help' the rest of the family when they are hungry or needy.

 

Note that I also 'bought' her 1,000 meters or so of rice and coconut growing land on the same deal for 45,000 pesos.  The plan was to help her support herself after we split.  I would never rely on this kind of arrangement for my own dwelling or investment interests.

[robert k]

I seem to be well received by the family. The grandmother lives in the house the last I heard. When I met her and she raised her hand to give me her blessing I kissed it before raising it to my forehead which brought a smile. :)

 

I have no illusions, even with actual title in my fiancees name that we could not be made uncomfortable enough to move. The house while nice and well built for a native house would still not be worth dismantling and moving but if I own it I would have the legal right to say who did live in it, if it wasn't going to be me, future wifes parents probably. Maybe the title problem can't be solved if it's all treated as communal property on the farm. Come to think of it, if all nearby relatives houses are on the farm itself, it's a pretty big farm. I should maybe ask more about this. It could well be that I am out of sync, as the westerner, being used to buying a house with the land under and surrounding.

 

Thank you Dave, I will have to ask more questions. The sum involved isn't great but it's never a good idea to let people think they can put one over on you. Strangers scamming you is one thing, a family member scamming you would be worse in my estimation because the line would start forming on the left.

 

Of course if the worst came about, it could be an excuse to not give a dime beyond supporting the parents and contributing to the education of the nieces and nephews]. Thought of that way, 70k piso well spent and I don't see how I could lose. :thumbsup: