A real estate scam to watch out for

sayanora

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Feb 22, 2012
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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.
 

LTSteve

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Jul 9, 2010
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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!
 

sayanora

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Feb 22, 2012
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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!

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.
 

Criss Colon

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Jan 2, 2002
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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"!
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frank12

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Sep 6, 2011
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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
Interesting. How much was the secret second mortgage? and how did it get cleared up?

Frank
 

windeguy

Well-known member
Jul 10, 2004
31,761
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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.
Where/who is this?
 

Criss Colon

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Jan 2, 2002
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yahoomail.com
Frank, 600,000 pesos, but at about 18 to 1, If I remember the exchange rate back then.
"Cleared Up",??????
My "People", I "Went To The "VERY TOP",were much more powerful than his, "People"!
Later, "Guzman Ariza" swept up the "Legal" stuff!
It's NOT, "Who You Blow", in the DR, it's, "Who You Know"!!!!!!
Sadly, my old "TOP" people, died!
Of Old Age"!
CCCCCCCCCCCCCCCCCCCCCCCCCCCC
 

Criss Colon

New member
Jan 2, 2002
21,843
188
0
34
yahoomail.com
Frank, 600,000 pesos, but at about 18 to 1, If I remember the exchange rate back then.
"Cleared Up",??????
My "People", I "Went To The "VERY TOP",were much more powerful than his, "People"!
Later, "Guzman Ariza" swept up the "Legal" stuff!
It's NOT, "Who You Blow", in the DR, it's, "Who You Know"!!!!!!
Sadly, my old "TOP" people, died!
Of Old Age"!
CCCCCCCCCCCCCCCCCCCCCCCCCCCC
 

toriemannetje

New member
Aug 30, 2013
295
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no i don't know anything about this but isn't it clear that once your lawyer is getting involved with this like the story said that your lawyer will warn you for this mess! i mean don't you talk everything through with your lawyer??