SheldonThinks Forum

Date: Sep 28, 2008

Buying Philippine Properties

Date: Sep 28, 2008

OFW wrote:
I'm a new visitor to this forum, and just noticed that you're an Aussie, plus seem to know a bit about real estate in the Phils.

We're planning on moving over in a few years time, and have been looking at real estate. I note you say it's illegal to pre-sell? Just about everything I see on the net is pre-selling stuff.

IS there such a thing as a licensed estate agent in the Phils? We're hearing that there are plenty of scams, which is not surprising (knowing the Phils). How would YOU avoid getting caught?

Appreciate your help.

Yes it's illegal to pre-sell condominium projects. A HLRUB technical head said there's no such thing as pre-selling... it's just a fund raising scheme to finance a proposed project. It's required by law that the buyer should be able to see something concrete when he buys the property or interest to the property (as in a condo). The condo corporation is required to describe the property for sale in all their sales materials and it wouldn't be right to sell something that's just a "plan" and there's no actual development yet. So carefully read what you are signing up for when considering condos.

There are some of condo projects in Philippines that get delayed (even those wherein big companies are associated with). It's either they were issued a TRO (temporary restraining order) because they didn't follow the guidelines or rules in advertising or due to lack of funds.

http://sheldonthinks.ecrater.com/product.php?pid=2660019 - we offer more information from this 320-page book. We also provide a list of bank foreclosed properties with over 3000 listings. This should guide you with almost all possible issues dealing with purchasing property in Philippines.

Date: Sep 28, 2008

Anonymous wrote:

OFW wrote:
IS there such a thing as a licensed estate agent in the Phils? We're hearing that there are plenty of scams, which is not surprising (knowing the Phils). How would YOU avoid getting caught?
Yep, there is a process for licensing real estate agents in the Philippines, but there are several problems.
1. The course content is weak - 1 month seminar
2. Weak enforcement
3. Alot of unlicensed practitioners
4. Low ethical standards

Having said that things are slowly improving. In my book I talk about how to pick the cons, and the types of things they do. Thats from my experience buying. Generally its foreigners & balikbayan are the targets, but also Manilans buying in countryside. You can work around it; just risks to negotiate.

valuesourcer · Member

Hi OFW, just wanted you to know that only 46% of real estate broker - wannabees actually pass the real estate licensure exam in the philippines.

I took the test... and it was so hard that i had a headache 2 hrs after it.

http://www.myhappysky.com/?p=57 - please read my post on my blog.