Real Estate Brokers (Condos)

Hi.

I am a licensed Real Estate Broker.

Being a foreigner, you can buy and legally own a condominium or a townhouse unit as long as the title of ownership is a Condominium Certificate of Title (CCT).

Transfer Certificate of Title (TCT) is for house and lots, only for Filipinos or if you are married to a Filipino. Your name will be on the title, only for marital status, but legally you can not own it.

Most developers of condo units offer 0 % for the downpayment of 20 %, usually for 24 months. But, after that, you have to pay the balance of 80 % in cash or bank financing, if you are qualified. It is very hard to apply for a loan here in the Philippines.

You have the following options:

• buy a condo from an individual owner, with rent-to-own financing.
• buy a condo from a developer that offer in-house financing, not bank financing

***

I understand. Thank you.

My situation is simple. I have all FICO scores as Excellent. I am a retired American on fixed monthly pay from the United States. I can not afford a down payment so have chatted with a few contractors and explained details. Unfortunately, they keep sending me their "promotional" financing which is quite frankly the same as a down payment.

I have found it impossible to get financing for a condo without be required to pay tens of thousands of USD as a down payment. I have become very frustrated.

BTW....I am searching so that once I apply SRRV and pay the deposit I will have the documents to present PRA in order to get the deposit refunded. It is starting to get funny in many ways.

@avedisiandavid

David,

Hi again.

I had 2 foreign clients who withdrew their deposit from SRRA and, instead bought a condominium unit in exchange for their SRRA bond.  They accept the condominium title in exchange for your SRRA deposit.

Eugene

@avedisiandavid

David,

Based on my experiences with these 2 foreign clients, they talked to PRA first for the processing of buying a condo.  Then, PRA released the funds after the requirements were submitted and after the inspection of the unit.

You should buy a property costing same as your PRA deposit.

Eugene

BTW....I am searching so that once I apply SRRV and pay the deposit I will have the documents to present PRA in order to get the deposit refunded. It is starting to get funny in many ways.
-@avedisiandavid

OMO but I think you need to research further, If you can't afford a deposit for  condo and need to borrow all the funds then how can you afford to pay the PRA their requirements, wait a year or 3 until their name is on the condo title (yes that's the rule to release your deposit) stupid system and requires extra attorney fees to avail and if you want to get out, more fees.

Good luck.

Cheers, Steve.

avedisianndavid said . . . . My situation is simple. I have all FICO scores as Excellent. I am a retired American on fixed monthly pay from the United States.

*********************************

FICO scores count as Diddley-Squat in the Philippines.

@avedisiandavid
David,

Based on my experiences with these 2 foreign clients, they talked to PRA first for the processing of buying a condo. Then, PRA released the funds after the requirements were submitted and after the inspection of the unit.

You should buy a property costing same as your PRA deposit.

Eugene
-@Eugene Velante49

Where are you going to buy a condo for 10 or 20K US? not going to happen. As long  the property/lease is over US 50K then the funds can be released but and but pert of that deal is the PRA encumber the property title to maintain the SRRV status.

A pain in the proverbial.

Cheers, Steve.

@avedisiandavid David,

Hi.

After you made the PRA deposit, and you get your SRRA visa, I think , that's the only time you can buy a property, in exchange for your deposit.

You should buy a property costing same as your PRA deposit, and better to buy it from an individual owner (pre-owned unit), so the CCT, the title is available already.

Firstly it's the PRA and the visa options come under the SRRV and not SRRA.

Aside a stupid system that needs to reviewed big time. Who in their right mind would encumber a property to the PRA to save 10 or 20K and can't ever sell until you give that money back if you want to stay on the antiquated SRRV program.

Only an observation but if the OP can't afford a deposit for a condo and seeking finance how can he or she afford the SRRV? This is a third world country and even the local have a hard time borrowing.

Cheers, Steve

Avedisiandavid.

Are you currently Stateside? Have you ever lived in a condominium in the States or the Philippines for any length of time?

By your own admission you have limited funds which suggests caution should be your watchword. Wherever you reside in the world condominium living is far more restrictive compared to owning a house with land around you. Filipinos are NOISY - its the culture and Condos do not lend themselves to people who want relative peace and quiet.

A quality real estate broker in the Philippines is an oxymoron. They are a dime a dozen and are the equivalent of Hyenas - always looking for their next kill, sorry, score. They hover over this Forum waiting to pounce on any unsuspecting but well intentioned potential expat.

I personally would never own property in the Philippines but if you must go down that route I would suggest renting in a condominium development where you wish to live ( a big decision in itself) for say a year. There are many ‘mixed' condos with owner occupied and rentals. If you still wish to take the plunge then go for a private seller and spend your money on a locally recommended lawyer instead of Realtors commissions. Transaction fees (not to mention ongoing maintenance fees) represent a large % of property sale and purchases in the Philippines.

@avedisiandavid

you can speak directly with owner

just let me know if you are interested to buy a Condo in Makati

****

@avedisiandavid

You were looking for quality real estate broker.

I thought real estate brokers work/prey in specific geographical areas. A real estate broker especializing in the Bicol or Cebu region will suck in selling properties in Manila. But they'd be willing to take you on.

I would expect prospective condo buyers will first find a location they desire to live at. Second, check pricing. Once the perceived price falls in the buyer's perceived budget, then you find your quality broker working in that desired location. You will find a broker, yes, but quality broker is subjective. Remember, brokers work for themselves.

Suffice to say I am very confused about your original post.

@Lotus Eater Thank you. Yes I have owned condominiums in the past, and yes they can be noisy.

I will start searching for "rent" condos as you suggest but since I am still stateside I will tell you that finding reputable realtors in the Philippines is an interesting experience. You are right, they are in it for themselves.

Hopefully will be able to get information on available units. This far the realtors with whom I have spoken are only interested in pushing Makati properties, not my choice of location.

Again, thank you for your information.