Asking price and what you actually pay for House/Lot

[Mike J]

1 hour ago, BrettGC said:

Where we are it's approximately 2000PHP/m.  How did everyone selling in the area come to this conclusion?  About 12 months ago, someone put up a sign on the lot they were selling for that amount and then everyone else just did the same.

Herd mentality? 

[Tommy T.]

21 minutes ago, Mike J said:

Herd mentality? 

In my observations, many many things here seem to follow herd mentality.

Edited July 10 by Tommy T.

[BrettGC]

23 minutes ago, Mike J said:

Herd mentality? 

 

2 minutes ago, Tommy T. said:

In my observations, many many things here seem to follow herd mentality.

["P2"]

This is not giving me a lot of confidence in purchasing land/property....

[graham59]

Good... you need to be wary. 

[Gator]

2 hours ago, graham59 said:

Good... you need to be wary. 

Exactly. Buyer beware. 

@“P2”   Don’t believe anything a seller tells you unless you verify it for yourself. Check with the municipality for any encumbrances and ask to see the declaration (title) to ensure who the is owner(s). And if the seller is not the owner ensure he/she/it has power of attorney to act on the owners behalf. You also want to check with the BIR about any taxes that may be in arrears and they can also give you an estimate of the capital gains (sales) tax and document fees you’ll have to pay (negotiable with the seller). 
 

[Mike J]

9 hours ago, graham59 said:

Good... you need to be wary. 

I was going to say the same.   I have a friend who has bought a few houses while trading up.  What he does is finance via one of the large banks.  The banks do in depth research in case the loan goes into default and they end up with land that has problems.  Once the purchase is completed my friend immediately pays off the load because interest rates here are high.  He said you need to read the load agreement carefully to avoid heavy pre-payment penalties.  This worked for him as his wife was Filipina and was a teacher with salary.

[spaul]

On 7/11/2024 at 8:26 PM, "P2" said:

This is not giving me a lot of confidence in purchasing land/property....

Another thing is on FB marketplace, you'll see people advertising houses for sale. These are not legitimate real estate agents. They are just people who are getting a commission for bringing someone to see the house (same thing when going to see a rental). So expect the price to be higher than what the seller is actually asking. Buying a house here is a completely different experience than back at home, everything is different. Most important is you have to see the Title when buying and not many people have one. No Title, walk away. If you come across something that is "Mother Title", I would say that's even worse. That's my advice.

[GeoffH]

13 hours ago, spaul said:

No Title, walk away. 

That's one of the reasons why I prefer sub divisions and condos, less issue with titles.

[Graywulf]

On 7/14/2024 at 3:40 PM, GeoffH said:

That's one of the reasons why I prefer sub divisions and condos, less issue with titles.

Are condo prices seen online (Dotproperty for example) accurate? Or are these as subject to inflated prices for used units as house/lot appear to be?  I'm likely as a single, to be 'condo bound' as a property.