Tips on how to find real estate.

belgiank

Silver
Jun 13, 2009
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We have been house-hunting for a while now, using all methods possible.

We tried the local agencies, the locals, the endless driving around, etc...

I have assembled a couple of usefull tips:
- whoever you are talking to, tell him the exact opposite of what you are looking for. If you tell him you are looking for a 3 bedroom house, with a large garden and a pool, completely fenced, and not in a gated community, you will be shown either a 10 bedroom mansion or a 1 bedroom shack, with no garden, pool or fence, and it will be in a gated community. They just do not listen to you.
- do not tell them your real budget. Strangely enough all houses shown will be just above your budget.
- almost all real estate agents are so poor they do not own a car, and insist on you driving them around. Whilst you are doing this, they happen to pass several other properties where they just need 5 minutes to measure something, or to talk to someone. In other words they are using your gasoline and time to their own work.
- a real estate agent gets tired very easily, as after showing you 3 worthless properties, and you not biting, they give up. I assume they need to lay down.
- in all the areas around Cabarete and Sabaneta they have very good electricity, and almost no outages!!! Edenorte has improved!!! I am just joking of course, but that is what they tell you, even if you are in an area where you know this is not the case.
- the owner of a house is always prepared to repair everything, after you pay the deposit.
- the presence of a switch for a water-heater does not mean there is actually one.
- if you want to buy or rent from a Dominican owner, let a Dominican friend ask for the price.
- owners who rented to Russians are convinced that the renters will leave on the agreed date. The Russian renters are convinced they will not leave.

Ok, I vented my frustration. Back to the hunt.
 

janlindy

Active member
Mar 8, 2011
344
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28
We found very simular experiences. While looking in LT we were shown everthing we did NOT want. When we found a villa we liked with in an hour there were several "very interested people" in the same house.:knockedou: We have not given up just delayed.:cry: keep us posted, it gives us hope!
 

Criss Colon

Platinum
Jan 2, 2002
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yahoomail.com
BEWARE of even the big "International Real Estate agents/companies!
About 10 years ago,I wanted to see what the current value of my single family home here in Arroyo Hondo,was "worth".
I went to the "Big,impressive office building",and told a broker,"I want to sell my house in Arroyo Hondo.He said he would come by that night.He arrived in his new "Yepeta with his sister,also an agent.They toured the house,and grounds.They asked me how much I "wanted" for the house.I told them that I didn't know what it was worth,that's why I called them.I didn't notice them,
Licking-Their-Chops" at first!
They kept asking how much I wanted.I asked them for some "comparables",sold in the area.They didn't know any.I told them of a much smaller house,with no "grounds" down the street that was for sale for 1,500,000 pesos.They said that was about the same as my house was worth.I insisted that they must be wrong."If you don't believe us,we will send a registered appraiser to give you an "Official Price"!
I guess they though because there was a "Pumpkin Wagon" in front of my house,that I had just "Fallen Off"!
I'm sure they wanted to "steal" the house from the "Ignorant Gringo",and keep it,or sell it to someone else.
How can you tell when a real estate broker is lying"????????????????
CC
 

Criss Colon

Platinum
Jan 2, 2002
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yahoomail.com
"Tambo" when we gonna' take our show on the road?

"Take My Wife,PLEASE"!
"I just flew in from Bufalo,and are my arms TIRED"!
and this one I heard only today on DR!...
"My dog has no nose".
"How does he smell"?
"AWFULL"!!!!!!!!!!!!!!!!!!!!
"Henny CC Youngman"
 

pi2

Banned
Oct 12, 2011
961
0
0
When I have been hunting for houses in the UK, Spain and here an approach I use is:
Talk to 4-5 agents and say show me 2 or 3 properties within price range x - y within a certain not to large area but in the first instance I don not want to spend more than 2-3 hours as I have other appoitments. This helps clarify the market, prices, properties that the agents really want to sell.
Look in locl magazines etc.
Try and get some background on the agents; how long in business; ties with banks lawyers etc.

You should then have notes on 15 properties or so. Make a matrix of your requirements and the properties attributes.
Mark the squares No match , Near Match , Exact match. Requirements like within 3 minutes walk of the beach, swimming pool etc.

Choose 2 or 3 that are close matches and visit again. Raise ojections to the agent: I would like this if only the swimming pool were bigger etc.

Obviously an agent wants to sell something that has been on the books a long time.

But does not want to miss a sale.

Maybe he then suggests something out of his bottom draw that is closer to your precise requirements. Or maybe some positive attributes of the properties you have been shown outweigh the negative aspects and the price is right.

When there are 2 or 3 properties that suit enter the next stage.

Find out subtly if the vendor really wants to sell - talk to neighbors etc. Visit the area(s) day and night.

Get some cash in the bank to put down a deposit quickly.

There are helpful books on negociation of property prices.

Get the paperwork in order for your lawyer to review.

........................

pi2
 

belgiank

Silver
Jun 13, 2009
3,251
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Some more things I noticed about real-estate agents here:

- none of them can type correctly. When you read "this dream-project can be yours for just 495,000$. With a small investment of 25,000$ it is finished." it should have been "this nightmare can be yours for just 25,000$. With a huge investment of 495,000$ you might actually make something of it."
- all of them suffer from Alzheimer. They all keep forgetting to mention some minor problems with the property. Like the owner is involved in a lawsuit, and there is a lean on the house. The land is actually owned by 25 family-members and 1 is trying to sell it. The other 24 have no idea.
- some real-estate agents are not waterproof, and only want to show you properties while it has been sunny for 2 days. Instead of being imaginitive and saying that when it rains you will have a wonderfull natural pool surrounding your house.
- they never tell you were a property is. Most likely because they do not know, have to call a colleague first, and then find out directions. They will then show you a property which you have seen the day before, with his colleague.
- they all say the market is fabulous now, and they cannot keep up with the work. So how come they do not own a car? And how come 3 of them tried to borrow 500 rds from me?

Let me think of some more... lol
 

Bob K

Silver
Aug 16, 2004
2,520
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I agree with Camden Tom...Ouch!
You obviously are not dealing with the correct people.

Bob K
 

kampinge

Member
Jan 18, 2012
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Hi,
With great interest i red all this comments about problems in connection to by a property. All that problems you mention exist,without doubt.
But beside of this it is possible to sell or by even in this country.
look for serious advertisement, ex in dr.com
Estimate the value of the property by a bank accepted firm. Contact the owner directly and let him proof everything.
Don't expect that you can by something good very cheep just because it is the Dominican Republic. Thats one of the problems with foreign buyers here, most of them think they can buy or rent here for almost nothing.
I am myself running a real estate company here since 6 years ago and are owner of 60 condos in the Dom rep.
It is often easier to do business with dominican people than with foreigners.
Thats my experience and good luck with previous real estate business
 

belgiank

Silver
Jun 13, 2009
3,251
103
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I agree with Camden Tom...Ouch!
You obviously are not dealing with the correct people.

Bob K

Unfortunately I think I have contacted almost every agent in the neighborhood, and only found one semi-decent one.
 

SantiagueroRD

Bronze
Apr 20, 2011
766
1
38
Good Morning, For whatever it is worth althoguh I had lived i Santiago several years before I first made a dozen or so long trips looking around while staying at the Colonial. Once I had determined a general location I met with six different apartment complexes for market research before selecting one. I lived there for 2 years while still looking. Then I went to the Watchys in the areas where I wanted to live and told them if there is a divorce, death, or reposession to call me and I would give them a reward while giving them 50 pesos for the call. Two weeks later I got a call about a reposession. I had my lawyer make a low ball (60%) offer to the bank (Progresso). They countered with an amazing offer of accepting with only a $RD 5,000 peso raise. I did an inspection with my engineer. The lived happily ever after. More or less. Good luck
 

Hillbilly

Moderator
Jan 1, 2002
18,948
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I can attest to the "happily ever after..." part of the above....At least he seems happy.

As for RE agents, they are out to make a buck. Okay.

As for appraisals: Got to the Banco Popular and have them send you their guy... At least you get a ball-park figure that is probably fairly close to the mark.

I have my fingers crossed right now....

HB
 

jrhartley

Gold
Sep 10, 2008
8,190
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be aware that with the big companies like century 21 the people are sort of freelance and they get more commission for the properties on their lists, therefore they are reluctant to show anything that is on a list of the person on the next desk

its often better to go to a smaller estate agent and they will show you whatever you want to see on their books

Most have the same properties for sale

What are you looking for by the way ;-)
 

belgiank

Silver
Jun 13, 2009
3,251
103
0
I have to be fair

As the title says, I have to be fair.

Although the nightmare continued, I have to admit I have found a real estate agent on the NC who is professional, listens, has a car, and does not ask to borrow money. More about him later...

As far as the rest is concerned... wow...

So we are looking for a property to buy, as well as looking for a property to rent long term. After all, even if I would find my dream property today, it would still be a number of months before I could take possession.

To rent we are looking for a villa, with a decent piece of land, 2 to 3 bedroom, seriously fenced off, a pool would be nice. 24-hour electricity is not necessary, if decent back-up system is provided. I always tell the agents we have security-dogs, which has 3 implications. First of all, we do not really need a gated community. Secondly, we do not want a busy road with people passing all the time, as this will make the dogs bark. Thirdly, we need a decent fence or wall, as we do not want our dogs to go walk-about.

Serious fencing for a typical NC real-estate agent means one of the following:
- a couple of sticks in the ground, connected by a couple of strands of barbed wire, of which the lowest one is about 15" of the ground. Height is no more than 3 feet.
- a solidly build wall, 2' high
- some chickenwire, 3' high, not cemented into ground
- the best by far... none at all

A decent piece of land means the following:
- a slab of concrete 10' x 15'
- a huge garden, meaning 3' on each side of the house, and about 5' in front and back of the house

A pool is understood as follows:
- a pond
- an in-house jacuzzi dragged outside, placed on the slab of concrete mentioned above
- a weird-shaped pool with all lamps hanging loose in the water
- a concrete hole, filled with green water and frogs, but no pump or filter
- a leaking concrete hole, with filter and pump, but they assure you that the 3 mm of cement they are slapping on the leak will solve the problem.

Electricity:
- 4 irregular hours of electricity, witn a 2.4kw invertor and 4 batteries, will insure you have 24 hours of electricity. Yes, right, might work for the one lightbulb.
- 4 hours of electricity a day, will cost you 3,000 rds per month, with no airco or fans. Yes, right, you think there might be another problem?
- I actually saw a house with the meter inside. I asked how that would work, and got told this was quite normal. Yes, of course, perfectly normal. In the US, in Belgium, but not here.

Water:
- this water is potable. Ah yes, can you show me proof of that? The owners have been drinking it for 10 years. So, where are the owners now? Well, they had to return to their home country to be treated for cancer. Ah, ok...
- no cisterna is needed. This small tinaco will supply you with all the water you need.

To be honest, if I did not have to waste my gasoline, I would have fun with this. I mean, if they would ever fail as real-estate agents (which they will...), they will have a great future as stand-up comedians.

OK, now about the positive experience. I called the guy, set up an appointment with him at his office, and had a good chat with him. General impression was that this guy knew what he was talking about, listened, took action, and was honest (as far as real-estate guys or lawyers qualify for this of course). We made an appointment for the next day. He was going to pick us up (a first...), he was on time, and he showed us 2 properties, one of which has possibilities. The second one was a nice property, but not for us with the dogs.

He then showed us his project, which seems very promising and interesting. Unfortunately I have laid my eyes on a piece of land of his, which will be phase 2 or 3. As soon as he starts those, I will be in contact.

Nice and refreshing... you do not have to pre-finance the project.

He then drove us back to our house, and upon entering the road towards the house, he asked if this was the right time to borrow 500 rds... Apparently he had read my post on this board. He then asked me to report he asked to borrow 1,000 rds as he did not want to appear cheap... lol

Do not know his nick on DR1, but I can recommend him, and will keep in touch with him, and maybe will do business with him.

BelgianK
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
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I'd be skeptical of using a real estate agent in the DR. Fact is there is no legal control over them. Fact is many sellers will not pay their commission, the buyer has to. Fact is they often don't have an actual listing from the seller; if they get a hot prospect, they'll approach the seller with an offer.

I'd prolly look around for a property I like and just go knock on the door and say "I'd like to buy your house" and see what they say. Again, fact is, everything is for sale in the DR...