Foreclosures? Is there a market in DR?

snowball

New member
I live in united states and average home price is 100K+ but you can buy a foreclosure for a fraction of that price sometimes as low as 10k-40k.

Are there foreclosures in DR? What is the minimal price a 2 BR can be purchased. I see rentals are very cheap compared to the united states market.

A little background about me I run a succesful kiteboard school in chicago but am thinking about possibly moving in the next few years and starting bussiness in DR. My other job is I am owner of a production company and throw dance club parties. So also I had question of what would cost of a bar or club be to purchase in DR at the cheapest be or what opportunities are out to make money off tourism.

I am looking at cabarate and will possibly be spending my summer there this year to get a feel of the place.

Thank you for responses
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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Mortgages in the DR don't exist as they do in the states, and the gubmint has never pressured banks to lend $$$ to unqualified buyers.

If mortgage foreclosures did exist in the DR the elite would be picking them all up.

Consider an alternative strategy...
 

Randall Bell

New member
Feb 17, 2012
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Further to this line of conversation, I see lots of ads in the newspaper offering to loan money against the deeds of houses. Perhaps this is where the 'foreclosure' market exists in the DR. Although I imagine it's tough to actually collect on a house for unpaid debts - double hard if it's a gringo trying to do it to a local...
 

Castellamonte

Bronze
Mar 3, 2005
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Cabrera
www.villa-castellamonte.com
Foreclosed mortgages in the Dominican Republic are extremely difficult to obtain, in my experience. The banks place unrealistic prices on properties they hold. Executing mortgages to foreclosure appears to be very difficult and costly. I watched someone foreclose on a perfect mortgage and it took an additional $$$ over 18 months in court in the DR to get the title.

It's best to locate someone who is in financial distress (maybe they have a mortgage or maybe not but they have a loan they have to pay) and negotiate hard with them. Work with the individual, not the bank, and you can get some extremely good deals...I mean, really good ones.