House in SDQ

PICHARDO

One Dominican at a time, please!
May 15, 2003
12,793
567
113
Santiago de Los 30 Caballeros
have 2 big ones across the street from me, both for sale for years..,.what they are worth and what sellers want , are not even close...if you let some of these cement houses sit for years with no upkeep...then they are worth what the land they are on sells for..............


Exactly!

RE in the DR is a toss up. Sellers want a pie in the sky, buyers want 1980’s pricing.
Banks generally work on the real valuation of the properties based on comparable closed contracts in the same area within last 5 years and actual construction costs.

When property is deemed in the level of a “mejora” it’s then valued on the land alone and a trim.

Most sellers will set prices based on their willing point, until they need the money.

The best way to buy property here is to place a binding bid with an expiration date. It puts their mind to work and creates opportunities to barter.
 

johne

Silver
Jun 28, 2003
4,369
1,046
113
Exactly!

RE in the DR is a toss up. Sellers want a pie in the sky, buyers want 1980’s pricing.
Banks generally work on the real valuation of the properties based on comparable closed contracts in the same area within last 5 years and actual construction costs.

When property is deemed in the level of a “mejora” it’s then valued on the land alone and a trim.

Most sellers will set prices based on their willing point, until they need the money.

The best way to buy property here is to place a binding bid with an expiration date. It puts their mind to work and creates opportunities to barter.
And in writing and in spanish. Then who cares if they are sitting on a fence and will remain a holdout. You can keep moving to another opportunity.
 

johne

Silver
Jun 28, 2003
4,369
1,046
113
Exactly!

RE in the DR is a toss up. Sellers want a pie in the sky, buyers want 1980’s pricing.
Banks generally work on the real valuation of the properties based on comparable closed contracts in the same area within last 5 years and actual construction costs.

When property is deemed in the level of a “mejora” it’s then valued on the land alone and a trim.

Most sellers will set prices based on their willing point, until they need the money.

The best way to buy property here is to place a binding bid with an expiration date. It puts their mind to work and creates opportunities to barter.
Are there really comp prices in the RD? How accurate are they? Does only the bank have access to this information? And "within the last 5 years"....thats quite a long time!
 

PICHARDO

One Dominican at a time, please!
May 15, 2003
12,793
567
113
Santiago de Los 30 Caballeros
Are there really comp prices in the RD? How accurate are they? Does only the bank have access to this information? And "within the last 5 years"....thats quite a long time!

Appraisals are carried out using data from several sources, including area closings within a 5 year span. Five years is a good block given how slow things change economically other than exchange rate/inflation. Construction costs is the other factor. The rest is construction sqm and details.

Banks by norm chop a further 10% to 20% off from appraisal as well.
 

USA DOC

Bronze
Feb 20, 2016
2,139
219
63
Exactly!

RE in the DR is a toss up. Sellers want a pie in the sky, buyers want 1980’s pricing.
Banks generally work on the real valuation of the properties based on comparable closed contracts in the same area within last 5 years and actual construction costs.

When property is deemed in the level of a “mejora” it’s then valued on the land alone and a trim.

Most sellers will set prices based on their willing point, until they need the money.

The best way to buy property here is to place a binding bid with an expiration date. It puts their mind to work and creates opportunities to barter.
Thats what I did in the USA.. Where I lived most houses sold within a few months.. so I looked at houses in a desirable place that didnt sell in 6 months, made the offer without a realtor and put a expiration date on the offer.......
 

PICHARDO

One Dominican at a time, please!
May 15, 2003
12,793
567
113
Santiago de Los 30 Caballeros
Thats what I did in the USA.. Where I lived most houses sold within a few months.. so I looked at houses in a desirable place that didnt sell in 6 months, made the offer without a realtor and put a expiration date on the offer.......


Works like a charm, when seller is willing.
The expiration date does 99% of the work
 

Yachtmaster

Member
Jul 2, 2007
290
19
18
www.genesisbvi.com
Get the house appraised and quickly put it on the market!
Forget renting!
Pitch to foreigners online as well.
The appraisal value is the one you must go by if you really want to sell it.
Asking price based on personal goals will see you waiting years to sell it.

Best of luck!
How do I find an appraiser in the city...? Especially one that would be trustworthy and reliable and maybe speaks some English...?
 

PICHARDO

One Dominican at a time, please!
May 15, 2003
12,793
567
113
Santiago de Los 30 Caballeros
How do I find an appraiser in the city...? Especially one that would be trustworthy and reliable and maybe speaks some English...?

Santo Domingo este:


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