Do I have a word stamped across my forehead?

[dopey]

OK before you start flaming

Dopey is because in all the disney films this one I laughed the most.
I 'was' married to a filipina for 8 years (she got her British passport citizernship and off.

OK here I go
REAL ESTATE
Some real nice lookimng properties for sale, BUT not yet built.
So they want a down payment from me of 4k
Then a bank loan for
blah blah over 15 years.

But wait...when can I move in?
"Sorry Sir its not build yet, when we sell all lots then we start to build"
"Der do you have a notion, of when you're gonna start building?"
"No Sir, but if you pay down-payment I keep you informed" "How you like to pay Sir?"

Do I really look like my avatar?

Seriously....why dont they build the whole estate and THEN sell the house?
OFW, are now not sooo ill-advised as they used to be, especially where pera is concerned

[Terpe]

I remember when I bought my first house here in UK.....it was just the same.......not built.......just waiting for other houses to get sold.

Just the same for the last house I bought here too.

[grahamw48]

I'm assuming the property is a Condo' ?

Otherwise how do you propose to 'own' it, as a foreigner ?

[tiger31]

just a word of warning a guy in cebu he is from belgium ,he paid 10 million for a house in a sub division he has owned it for 6 years and still has not received the title for the house and so cannot sell the house after numerous letters and phone calls being ignored to the developer .he has now no choice but to take legal action and has even made a video on youtube warning people about it .apparently others on the sub division are in the same boat ,it looks like a scam.

[dopey]

Tiger...wow thanks for the info
Graham, as you know there are 'ways' a forienger can legally own property in the Phils, just gotta have trust I guess.
I'm a builder here in the UK and my skills/knowledge/managerial blah blah will come in handy as I propose to buy foreclosed from BPI, PNB, PSB, BANCO DE ORO (you get the drift)
While I was out there (July, Aug, Sept) I visited many banks and went on their 'mailing' list for foreclosed properties (Not really a list but when a property comes in matching what my description they email it to me) BPI is the bank with most properties...Phew!!

[grahamw48]

Well, good luck in your ventures.

Probably Fred on this forum is a good man to speak to about such things.

He has a house construction thread going at the moment (and many years experience in the Phils).

Perhaps you could get his attention by posting on that thread.

http://filipinaroses.com/showthread....ruction-thread

[fred]

Graham, as you know there are 'ways' a forienger can legally own property in the Phils, just gotta have trust I guess.

As far as I know there are three legal ways a foreigner can legally own property here..
1. Acquisition of property before the 1935 constitution.
2. Hereditary succession.
3. Purchase of a condo where the Filipino institution/corporation owns at least 60% of the building.
At best a condo purchase can only be seen as a 50 year lease as in reality these buildings are demolished after about 50 years.

If anyone can add a number 4 then I`m all ears!!

[jake]

If anyone can add a number 4 then I`m all ears!!

Denounce your citizenship and become a Philippine citizen!

[irishman12]

marry a filipina?@dopey "Sorry Sir its not build yet, when we sell all lots then we start to build" -its not built yet -its called pre selling-thats when they sell units cheaper than when already built,they dont all require bank loan -you can pay cash -monthly payment or whatever suits you best

[dopey]

As far as I know there are three legal ways a foreigner can legally own property here..
1. Acquisition of property before the 1935 constitution.
2. Hereditary succession.
3. Purchase of a condo where the Filipino institution/corporation owns at least 60% of the building.
At best a condo purchase can only be seen as a 50 year lease as in reality these buildings are demolished after about 50 years.

If anyone can add a number 4 then I`m all ears!!

# 3 Fred, but I'm informed as a corporation it is 51% & 49%
Maybe I'm mis-informed on this, I'll take a GOOD look when I get back 'home'

[chrisincebu]

I expect the building corporation need all the money 1st before building.
I can see Fuente Tower 1 across from my condo here in Cebu (rented). They were accepting down-payments for the 2nd Fuente Tower almost 3 years ago, and today i see no construction work happening at all. Meanwhile over in Ayala, apartments are rising very fast especially those which are adjacent or connected to the mall. These, i am sure will be completed before too long but of course they come with a over-inflated price tag and they are owned by the mall so the funding to build might be different.
The other downside with condos are reselling with the agents. When i was looking for a condo 3 years back, the agent wanted to deter me from anything pre-owned and go choose brand new (maybe due to commission from the developer). Either way, condos are popping up everywhere, so i guess the only benefit of buying pre-owed is that it is already built....