BUYING APARTMENT WITH REMAX

nortenomore

Member
Jul 26, 2019
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Banco Popular loan?

Oh, they'll have their own people all over that unit and every piece of paper attached to it before they release a single red peso.

But yes, get a lawyer.
 

JD Jones

Moderator - Covid 19 in DR & North Coast
Jan 7, 2016
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Banco Popular loan?

Oh, they'll have their own people all over that unit and every piece of paper attached to it before they release a single red peso.

But yes, get a lawyer.

I've done 3 mortgages with Banco Popular. All three went without a hitch. They had their own assessor value the property, and their lawyers did all the paperwork.

I have sold all three properties and the bank handled the sale from start to finish.

All I did was walk into the local branch where I made an effort to get to know the manager and sub manager and told them the property I wanted to buy and they called me a couple of weeks later to sign the paperwork. One of the easiest things I've ever done.

I don't think you're talking about the same Banco Popular Dominicano that I'm talking about.
 
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nortenomore

Member
Jul 26, 2019
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I've done 3 mortgages with Banco Popular. All three went without a hitch. They had their own assessor value the property, and their lawyers did all the paperwork.

I have sold all three properties and the bank handled the sale from start to finish.

All I did was walk into the local branch where I made an effort to get to know the manager and sub manager and told them the property I wanted to buy and they called me a couple of weeks later to sign the paperwork. One of the easiest things I've ever done.

I don't think you're talking about the same Banco Popular Dominicano that I'm talking about.

You don't realize it but you just agreed with everything in my post.

Try reading it again. But maybe this time without a preconceived notion of the intent... ..
 
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JD Jones

Moderator - Covid 19 in DR & North Coast
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You don't realize it but you just agreed with everything in my post.

Try reading it again. But maybe this time without a preconceived notion of the intent... ..

Yes, of course I did.

The difference is I see their help and expertise as a good thing (protecting me and my assets) while you apparently think it's not a good thing.
 

yeptruthhurts

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Feb 10, 2021
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Well... here is my experience with REMAX so far.

The apartment i was referring to, i did not purchase. I got as far as revising the promise to purchase contract. Turns out the agent is also a relative of the seller. And seemed to be covering up that the building was way in the red. And that there were many apartments owing 100,000pesos in maintenance.. that the people who live in the apartment that were going to move out, sure did not have any intent to move out. In fact they are still there.

2 months after seeing that apartment, i found a house in zona universitaria..also with remax. Went to the remax office to close the deal with the seller, turns out the low price was due to a brutal murder in the apartment a few months previously. I found out by luck googling the name of the seller. The head big shot REMAX guy said he didnt know...his face told me differently. I guess there is no law to disclose that information but I would have liked to know upfront and not from neighbors or ghosts...Didnt want a place like that because of superstitions.

Then they dont want to tell you where the property is located! I need to know exactly where it is. I look it up on google streetview to see whats near, walking routes etc etc. They tell you "its in piantini", "its close to the park". It's like pulling teeth. But I guess that goes for all realtors down here.

anyway thats life
 

melphis

Living my Dream
Apr 18, 2013
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Well... here is my experience with REMAX so far.

The apartment i was referring to, i did not purchase. I got as far as revising the promise to purchase contract. Turns out the agent is also a relative of the seller. And seemed to be covering up that the building was way in the red. And that there were many apartments owing 100,000pesos in maintenance.. that the people who live in the apartment that were going to move out, sure did not have any intent to move out. In fact they are still there.

2 months after seeing that apartment, i found a house in zona universitaria..also with remax. Went to the remax office to close the deal with the seller, turns out the low price was due to a brutal murder in the apartment a few months previously. I found out by luck googling the name of the seller. The head big shot REMAX guy said he didnt know...his face told me differently. I guess there is no law to disclose that information but I would have liked to know upfront and not from neighbors or ghosts...Didnt want a place like that because of superstitions.

Then they dont want to tell you where the property is located! I need to know exactly where it is. I look it up on google streetview to see whats near, walking routes etc etc. They tell you "its in piantini", "its close to the park". It's like pulling teeth. But I guess that goes for all realtors down here.

anyway thats life
If I was in your shoes I woukd kiss off Remax at this point. Try super casas and do a lot of your own leg work. There is no such thing as a reputable realtor in the DR.
 

JD Jones

Moderator - Covid 19 in DR & North Coast
Jan 7, 2016
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If I was in your shoes I woukd kiss off Remax at this point. Try super casas and do a lot of your own leg work. There is no such thing as a reputable realtor in the DR.
FWIW, I have dealt with REMAX on a few occasions and was not impressed, at all.

Specifically, I was looking for an apartment to rent, gave the "agent" what I was looking for, and she led me on a goose chase of apartments that did not match my requirements whatsoever.
Her: "Here's a nice 5th-floor penthouse"
Me: "I told you I'm looking for a ground floor"
Her: "But you should take a look at this one"
or
Her: "I have a nice 4 bed/4 bath in Piantini"
Me: "I told you I'm not interested in the center of the city"
Her: "But you should take a look at this one"

And on and on.

Also very elusive about real monthly rent , changed contracts, hidden fees, tried to get me to pay for a contract with incorrect info I walked away from. Also very impolite phone calls from her superiors.

I could go on and on but it was anything goes.

Note: That was 20 years ago. They could be a lot better these days.
 
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Yourmaninvegas

I am here to protect and serve
Feb 16, 2016
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If I was in your shoes I woukd kiss off Remax at this point. Try super casas and do a lot of your own leg work. There is no such thing as a reputable realtor in the DR.
I worked with a sales agent that did exactly what I wanted them to do (Not Remax).
They found me a property that I wanted to buy.
I had a team that performed due diligence on my behalf.
And I was happy with my purchase.

Just because business and real estate transactions are not easy here in 🇩🇴
Does not mean you need to smear an entire group of people.
 

johne

Silver
Jun 28, 2003
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In every case of dealing with(__________________________) it comes down to you are "dealing with an agent, sales rep, broker, server, customer service . A person. Many times it's the luck of the draw. If you throw out the baby carriage, hold on to the baby as it might grow up and know his/her job.
 

melphis

Living my Dream
Apr 18, 2013
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I worked with a sales agent that did exactly what I wanted them to do (Not Remax).
They found me a property that I wanted to buy.
I had a team that performed due diligence on my behalf.
And I was happy with my purchase.

Just because business and real estate transactions are not easy here in 🇩🇴
Does not mean you need to smear an entire group of people.
If you had success with a realtor here I think you are in a minority.

I have met several. Referring to them as pond scum would be a disservice to pond scum. What you have is a group of greedy, self serving people that are not regulated or controlled in any way shape or form. Their only purpose is to get as much money off you as they can in the shortest time possible.

Most of them are forgein to the island from Europe, the US and Canada. They couldn't make a go of it in their home countries so they came here and did the easiest thing possible. They bought a box of business cards and a cell phone and they are now a realtor in the DR.

I have to go wash my hands now as I feel dirty even talking about them.
 

Yourmaninvegas

I am here to protect and serve
Feb 16, 2016
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If you had success with a realtor here I think you are in a minority.
Well that has been my situation my entire life.
In my country of origin.
Here in the Dominican Republic 🇩🇴
DR1 too.

I make my own success.
If anyone here in 🇩🇴 expects the kind of service that they received in their countries of origin...
They are going to be disappointed.
A realtor here is not going to hold your hand.
A realtor here is not going to keep you from walking into a real estate transaction that is a land mind.
A realtor here is not going do anything that is not in their interests.

With that being said...
If you use them for what they can do for you.
Then put together your own team to handle your due diligence.
Then anyone can have the same success that I have had.
You see this is one area of my life where I do not have to be in a minority.
And neither does anyone else.
 
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FGUnsworth1

Member
Oct 18, 2003
54
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Buying an older apartment via Remax and Banco Popular loan. Would like some tips, here's what happened so far:

Apartment building 20 apartments near Jardin Botanico. Nice little apartment. The owner has people renting it.
Saw the apartment and met the renters (cubans) who seem decent and told/showed us everything wrong, good, etc about the place. They have 7 years renting and will be moving out in 6 months. A signed and stamped letter from the company who manages the building says the apartment is uptodate with maintenance.

Copies of the title, ipi and another document were sent to me and seem to be inorder (i guess the bank will determine that?).

Any tips on what im missing to do or research with respect to the bank or remax or the apartment?

Do i need a lawyer... I am hoping not, since its remax and banco popular (where i am paying legal fees for the deal) I should be secure with respect to papers etc?!

Remax guy mentioned he can do a contract for less value so I pay a lesser amount of something..
The IPI has the value of the apartment less than have of what i am buy it for.

I have to get a banco popular assessment of value of the apartment.

Well thanks ahead of time.
If you are acting as your own lawyer...you have a fool as a client. Just saying... especially in the Dominican Republic where corruption is everywhere. Buyer beware. Once the cash leaves your hand, consider it gone.
 

melphis

Living my Dream
Apr 18, 2013
2,551
586
113
Well that has been my situation my entire life.
In my country of origin.
Here in the Dominican Republic 🇩🇴
DR1 too.

I make my own success.
If anyone here in 🇩🇴 expects the kind of service that they received in their countries of origin...
They are going to be disappointed.
A realtor here is not going to hold your hand.
A realtor here is not going to keep you from walking into a real estate transaction that is a land mind.
A realtor here is not going do anything that is not in their interests.

With that being said...
If you use them for what they can do for you.
Then put together your own team to handle your due diligence.
Then anyone can have the same success that I have had.
You see this is one area of my life where I do not have to be in a minority.
And neither does anyone else.
You must get awfully tired of patting yourself on the back in so many threads.
How you can continue to say how good realtors in the Dominican are, when even you say they will not protect you when things go wrong is somewhat strange.
If a person does their due diligence they don't need a realtor. A good lawyer is all you need.
 

Yourmaninvegas

I am here to protect and serve
Feb 16, 2016
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You must get awfully tired of patting yourself on the back in so many threads.
Actually, no.
I am a great person and I wake everyday and tell myself that in the mirror.
Now if you are tired of seeing my positive attitude in my posts all over DR1
The ignore function is available.
How you can continue to say how good realtors in the Dominican are, when even you say they will not protect you when things go wrong is somewhat strange.
If a person does their due diligence they don't need a realtor. A good lawyer is all you need.
I simply said I worked with a realtor that was good.
The realtor found me a property I wanted to buy.
I did my own due diligence.
I had my own attorney.
I cannot speak about all realtors like you can.
I worked with several before one found me a property I wanted to buy.
I did not have a problem with any of them.

If you have a problem with all realtors in 🇩🇴 simply do not use them.
Take your own advice.
And give a recommendation for a good attorney here.

Have a good day‼️
 

johne

Silver
Jun 28, 2003
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For years I have always wondered why there is always a poster coming here to discuss buying in the DR. There are probably 200 respondses in the archives that have a negative outlook....."not a good idea! " Yet, every year someone gets a taste of the Caribean sun, feels the gentle breeze and says "I'm going for the golden ring".

Reminds about a story I heard once about the guy that went to a restaurant. He asked "what's good tonight?"
The waiter answered" Everything BUT the fish". Patron says "I'll have the fish".
 

Africaida

Gold
Jun 19, 2009
7,631
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For years I have always wondered why there is always a poster coming here to discuss buying in the DR. There are probably 200 respondses in the archives that have a negative outlook....."not a good idea! " Yet, every year someone gets a taste of the Caribean sun, feels the gentle breeze and says "I'm going for the golden ring".

Reminds about a story I heard once about the guy that went to a restaurant. He asked "what's good tonight?"
The waiter answered" Everything BUT the fish". Patron says "I'll have the fish".
Here in LT, we have North American buyers who didn't even get a taste of the sun yet (!!!), asking about what is the best neighborhoods to buy. Of course, realtors and cogedores are more than welcome to help.

The fact that someone plan on dropping 300K+ in a place they have never set foot in will forever baffle me, whether it s DR or not. Makes me wonder if they know something I don't know :unsure: