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  1. #31
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    Human nature and man's dependence on money pretty much ensures that greed and avarice will endure. In the absence of enforced regulations, codes of conduct and direct consequences for professional excesses, the real estate market in this country is a minefield.

    The saying I heard not long after arriving in this country and that sticks with me to this day:

    "A local will take you for a 1000 pesos, a foreigner will take you for a 1000 dollars"

    Whether you are buying a table, chair or a house, the purchaser in this country is solely responsible for determining the best possible price or choosing to walk away and look elsewhere. No one here other than you is interested in or focused on the lowest possible price. You cannot rely on the advice of someone whose own personal interests are in direct competition with your own when they are not governed by a code of professional conduct that protects their clients and allows for some sort of redress if that client is taken advantage of.

    This is the same for many professions in this country. Builders, lawyers, plumbers, electricians, police, doctors, judges and of course let's not forget the politicians. All operate within a nebulous environment with limited or nonexistent accountability for their failings.

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  3. #32
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    Based on different factors you can easily calculate the price of the property.
    Location of the property
    Size of the property and
    Amenities available in the property.

  4. #33
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    In the DR, value of property is "What are you willing to give for it" and moreover, "What the owner is willing to sell it for".
    Those numbers are very fluid depending on personal situations of the parties involved.
    Those are the best comps you will find.
    Always have a trusted local do your original leg-work on the property. A gringo will always get 2x or 3x the true price.

    Just my experience over the years.

  5. #34
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    In my experience, you find a place a drive around talking to people. Do this frequently.

    I just bought 1600 m2 on the rio Ozama with 44m of river frontage for 450k. When I first inquired about the lot, I was told they owner would never sell. lol

    Usually people sell land very cheap when they have economic troubles and most usually will at some time or another. Be patient.

  6. #35
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    Quote Originally Posted by DR_Guy View Post
    In my experience, you find a place a drive around talking to people. Do this frequently.

    I just bought 1600 m2 on the rio Ozama with 44m of river frontage for 450k. When I first inquired about the lot, I was told they owner would never sell. lol

    Usually people sell land very cheap when they have economic troubles and most usually will at some time or another. Be patient.
    Sounds like Cuesta Brava...lol

  7. #36
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    Just look at property see what you think it’s worth 1/2 it and your close...

  8. #37
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    Quote Originally Posted by eperc002 View Post
    Hello,

    I have been traveling a lot to DR, and I will like to purchase a property with financing options. (I will be getting my dominican citizingship in the next couple month - parents are dominicans).

    I'm a real estate broker in the U.S and have flip some properties, here you can determine the value of a property by looking at the comparables properties that have sold in close proximity in the last 3 month. Here in the states property sale records are public and are available on the internet.

    How can this method be applied in the DR? Are those record public somehow? How do appraiser really determine the value of a property in DR? I don't want to hire an appraiser for every property I look at (and I like to look at a lot & make multiple offers)

    I'm used to making offers here in the U.S without even seeing the property in person sometimes.


    Help will be appreciated, thanks!
    Seems very difficult to get comps.

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