House in SDQ

[PICHARDO]

have 2 big ones across the street from me, both for sale for years..,.what they are worth and what sellers want , are not even close...if you let some of these cement houses sit for years with no upkeep...then they are worth what the land they are on sells for..............

Exactly!

RE in the DR is a toss up. Sellers want a pie in the sky, buyers want 1980’s pricing.
Banks generally work on the real valuation of the properties based on comparable closed contracts in the same area within last 5 years and actual construction costs.

When property is deemed in the level of a “mejora” it’s then valued on the land alone and a trim.

Most sellers will set prices based on their willing point, until they need the money.

The best way to buy property here is to place a binding bid with an expiration date. It puts their mind to work and creates opportunities to barter.

 

[johne]

How do you get in? Do you have a lock box?

I believe he meant outside pics...

Yes but what is the purpose for a drive by? I hought he wanted to sell it. Can't sell from outside photo. He can get that on google.

 

[johne]

Exactly!

RE in the DR is a toss up. Sellers want a pie in the sky, buyers want 1980’s pricing.
Banks generally work on the real valuation of the properties based on comparable closed contracts in the same area within last 5 years and actual construction costs.

When property is deemed in the level of a “mejora” it’s then valued on the land alone and a trim.

Most sellers will set prices based on their willing point, until they need the money.

The best way to buy property here is to place a binding bid with an expiration date. It puts their mind to work and creates opportunities to barter.

And in writing and in spanish. Then who cares if they are sitting on a fence and will remain a holdout. You can keep moving to another opportunity.

 

[johne]

Exactly!

RE in the DR is a toss up. Sellers want a pie in the sky, buyers want 1980’s pricing.
Banks generally work on the real valuation of the properties based on comparable closed contracts in the same area within last 5 years and actual construction costs.

When property is deemed in the level of a “mejora” it’s then valued on the land alone and a trim.

Most sellers will set prices based on their willing point, until they need the money.

The best way to buy property here is to place a binding bid with an expiration date. It puts their mind to work and creates opportunities to barter.

Are there really comp prices in the RD? How accurate are they? Does only the bank have access to this information? And "within the last 5 years"....thats quite a long time!

 

[PICHARDO]

Are there really comp prices in the RD? How accurate are they? Does only the bank have access to this information? And "within the last 5 years"....thats quite a long time!

Appraisals are carried out using data from several sources, including area closings within a 5 year span. Five years is a good block given how slow things change economically other than exchange rate/inflation. Construction costs is the other factor. The rest is construction sqm and details.

Banks by norm chop a further 10% to 20% off from appraisal as well.

 

[USA DOC]

Exactly!

RE in the DR is a toss up. Sellers want a pie in the sky, buyers want 1980’s pricing.
Banks generally work on the real valuation of the properties based on comparable closed contracts in the same area within last 5 years and actual construction costs.

When property is deemed in the level of a “mejora” it’s then valued on the land alone and a trim.

Most sellers will set prices based on their willing point, until they need the money.

The best way to buy property here is to place a binding bid with an expiration date. It puts their mind to work and creates opportunities to barter.

Thats what I did in the USA.. Where I lived most houses sold within a few months.. so I looked at houses in a desirable place that didnt sell in 6 months, made the offer without a realtor and put a expiration date on the offer.......

 

[PICHARDO]

Thats what I did in the USA.. Where I lived most houses sold within a few months.. so I looked at houses in a desirable place that didnt sell in 6 months, made the offer without a realtor and put a expiration date on the offer.......

Works like a charm, when seller is willing.
The expiration date does 99% of the work

 

[Yachtmaster]

Get the house appraised and quickly put it on the market!
Forget renting!
Pitch to foreigners online as well.
The appraisal value is the one you must go by if you really want to sell it.
Asking price based on personal goals will see you waiting years to sell it.

Best of luck!

How do I find an appraiser in the city...? Especially one that would be trustworthy and reliable and maybe speaks some English...?

 

[PICHARDO]

How do I find an appraiser in the city...? Especially one that would be trustworthy and reliable and maybe speaks some English...?

Santo Domingo este:

ECHENIQUE & ASOCIADOS SRL

Servicios Jurídicos y Bienes Raíces enSanto Domingo Este

echeniquedr.business.site

ehmedina ingenieros tasadores | Santo Domingo - Bávaro

tasaciones y avalúos - ingenieros & arquitectos

www.ehmedina.com

Main regulator:

Inicio - ITADO

El instituto de Tasadores Dominicanos Inc. es la única Organización de Profesionales de la Tasación de Bienes Raices.

itado.com.do

 

[wuarhat]

Get the house appraised and quickly put it on the market!
Forget renting!
Pitch to foreigners online as well.
The appraisal value is the one you must go by if you really want to sell it.
Asking price based on personal goals will see you waiting years to sell it.

Best of luck!

If you really want to sell it now, not three years from now, you should be prepared to do as another poster says the banks do - lop another 10-20%, or more, off the appraisal. Back in August my wife and I took a one year lease on an apartment. In September the owner put it on the market at $X million after consulting two appraisers, saying she would prefer to accept an offer from us of $X million - $100k. I offered $0.7X million and she didn't come off her $100k discount. About four people have seen it since then and there are no takers yet.

 

[ElNaranjo]

Good day, I have a two story three bedroom house in Ensanche Isabelita in the South East part of the city near Avenida Espana. As I do not visit and use it much anymore I would like to either rent it out or sell it. Can anyone recommend a good and trustworthy Realtor near that area to handle this for me...?

Thanks in advance...

Is the house still available?

 

[Yachtmaster]

If an expat sells a house or property in the DR. how can he have the proceeds converted to US dollars and legally and securely be sent to a bank outside of the DR...?

 

[william webster]

Why not sell in US$$ ?

Once the lawyer has the money, he'll send it where you want
Most have accounts in the US and the DR

 

[Yachtmaster]

Why not sell in US$$ ?

Once the lawyer has the money, he'll send it where you want
Most have accounts in the US and the DR

Good point...

 

[Liberator]

Good point...

2x Selling contract? 1 in RD$ (legal, taxes etc) and 1 in US$. I do not know if you can sell property directy in foreign currency.

 

[johne]

2x Selling contract? 1 in RD$ (legal, taxes etc) and 1 in US$. I do not know if you can sell property directy in foreign currency.

You can.