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  1. #1
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    Default A real estate scam to watch out for

    Basically what happened is a developer is selling land plots that they are using as collateral towards the loan they took out to develop the urbanizacion. This recent solar was being sold for 1.2million but when I had the attorney checked all of the paperwork, she discovered that the actual owner is the construction company and they owe over 80 million pesos to asociacion cibao.. Basically if they don't pay back that loan the bank can then go and take all of the solares they are selling. She said sometimes the owner can keep their property, but either way it ends up being costly and time consuming for the owner. She actually refused to do the traspaso on this property because she knew it would be a headache for all of us.

    P.S: The corredor (guy on a motorcycle who facilitated the meeting between the "representative" of the construction company and I) is demanding 1,500$ pesos for a "for sale" sign he took down because he thought the land was sold.. the whole situation is hilarious to me.

  2. #2
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    Default

    thanks for the heads up.

  3. #3
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    sounds like Grand Cabannnna Cabarette (spelling yes I know)

  4. #4
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    Are the Elliots back in town

  5. #5
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    You met your business contact on a moto chocho ??...caso cerrado

  6. Likes Criss Colon liked this post
  7. #6
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    Quote Originally Posted by pauleast View Post
    You met your business contact on a moto chocho ??...caso cerrado
    So you mean picking him up at jpd and carretera don pedro was a bad idea?

  8. #7
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    Do not ever buy anything in the DR if you can't see the construction that is taking place. Many "developer/builders" will want you to buy based on plans that they show you and ask for upfront money. This money may or may not go to construction costs. Many times it goes to past debts and construction never happens. BUYER BEWARE!

  9. #8
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    Quote Originally Posted by LTSteve View Post
    Do not ever buy anything in the DR if you can't see the construction that is taking place. Many "developer/builders" will want you to buy based on plans that they show you and ask for upfront money. This money may or may not go to construction costs. Many times it goes to past debts and construction never happens. BUYER BEWARE!

    Yea, I've realized that in my search for land.. A lot have really nice videos/plans/images of what the place will look like, and then you get out there and its a monte. I assume they are trying to sell land plots to continue the construction, so basically if people stop buying or price drops, you're SoL.

  10. #9
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    IF, they are selling LAND to continue construction, you have a "Teeny/Tinny" hope of ever getting a house!
    More likely they are "Selling Land" just to steal your money, and then "Run Away"!!!!
    Seen that a 100 times here on DR!
    The Dominicano who sold me my house, took out a secret "Second Mortgage" before we closed.
    I would never have found out about it, if the bank didn't come to the house, looking for the payments he never made!
    The bank would have taken the house.
    Thanks "Guzman Ariza" for clearing up all the "Mess"!
    CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

  11. #10
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    Quote Originally Posted by Criss Colon View Post
    IF, they are selling LAND to continue construction, you have a "Teeny/Tinny" hope of ever getting a house!
    More likely they are "Selling Land" just to steal your money, and then "Run Away"!!!!
    Seen that a 100 times here on DR!
    The Dominicano who sold me my house, took out a secret "Second Mortgage" before we closed.
    I would never have found out about it, if the bank didn't come to the house, looking for the payments he never made!
    The bank would have taken the house.
    Thanks "Guzman Ariza" for clearing up all the "Mess"!
    CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    Interesting. How much was the secret second mortgage? and how did it get cleared up?

    Frank

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