Foreclosure in the DR

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tourjoy

New member
Mar 13, 2004
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Foreclosure in the DR. Basic questions
How does one learn of properties to be sold or auctioned in foreclosure?
What % of winning bid is needed at the auction?
How much time to pay balance of the bid?
Does foreclosure auction clear all liens and insure clear title?
Are back taxes wiped out, if applicable"?Are condo dues,fees, liens wiped out?
Is the start price the balance owed on the property?
How can one learn what the balance owed is, or what the upset price will be?
Are there a few attorneys who specialize in holding these sales?
Or is it done by a government official?
Is it an honest process? (smile)
Do any North Shore condos or villas get to auction?
Can one learn which properties are in distress and make offers prior to an auction? Do condo associations report when owners fall behind?
Any papers or attorneys or officials who have listings of these properties?
How much notice is given in advance of the auction or sale?
What % of foreclosures reach auction?
Do properties found this way come in destroyed condition?
Is ecviction necessary? A problem to execute?
What are major risks involved?
 
J

JAMIE

New member
Jun 10, 2002
47
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Foreclosure in DR??

All your questions are the relevant points in the US foreclouse cases. In DR, I personally asked the same kind of questions thru the banks before, but get no where. You know how slow they response your questions, God!!!

I don't personally believe there are any systematically ways to handle the foreclosure houses or any properties, banks are the best sources I think. H/e, If you know, please share with me, I would like to know.
 
E

Escott

Gold
Jan 14, 2002
7,716
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www.escottinsosua.blogspot.com
Foreclosures are not done in the same way as they are in the US or other places. Most if not all are held in the name of the lender until it is paid off. Never heard of a foreclosure auction in the DR.

Regards,
Scott
 
F

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
2,359
252
83
www.drlawyer.com
A primer on foreclosures in the DR:

All foreclosures (public auctions) must be announced in a newspaper and also placed on a bulletin board in court at least 20 days before the auction.
The first bid (?start price?) is set by the creditor unilaterally. It?s usually the amount owed plus legal fees but it could be different.
Bidders have to deposit 10% in court before the auction. Balance to be paid within 10 days.
Auctions are held in court just as if it were a hearing with the Judge, Clerk and Attorneys present.
Each bidder must be represented by an attorney.
Bidders may learn about the conditions of the auction ahead of time by reviewing the documents that must be filed by the creditor?s attorney called ?pliego de condiciones?.
Once the foreclosure procedure begins, offers can only be made at auction before the Judge.
Foreclosure clears all liens.
Eviction is necessary.
 
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