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Your thoughts about layaway properties.

Discussion in 'Off-Topic Forum' started by nice_sherwood, Jul 27, 2013.

  1. nice_sherwood

    nice_sherwood DI Senior Member

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    here's the story, we have 2 properties that we would like to get rid in dumaguete ( a 600 sqm absolute beach units in bacong and a 3000sqm lot) because our future plans have changed and we dont see ourselves anymore spending time like we used to because my husband decided to invest in a new company here in australia. (he works 12 hours a day running both companies, i dont see us having a holiday together, probably not in another 2 years!)

    so we thought we should just get rid of it rather than letting it sit there and we pay tax on time plus caretaker and maintenance so it kinda not make sense but the problem is, the way real estate market in philippines is going, it seems like no one has the money to buy so whats your thought if we happen to find a potential buyer and lets say 50% downpayment then the rest is payabale in 6-8 months depending on the agreement?

    anyone of you has done this?

    note: we're selling the 600sqm beach units for 6.5m still negotiable and the 3000 sqm fully fenced lot for 4million negotiable.
     
  2. shadow

    shadow DI Forum Luminary

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    We have been involved in similar transactions, however, 50% down and balance in 6 months is not usually going to make the properties much more affordable for those without the funds.

    Larry
     
  3. OP
    OP
    nice_sherwood

    nice_sherwood DI Senior Member

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    so how did you do it?and the terms? did it end up well?
     
  4. shadow

    shadow DI Forum Luminary

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    In one such case the seller wanted to live in the house for another six months so they agreed to pay half up front, half when the deal closed. This actually turned into a major mess as the seller died in the meantime. It eventually did get straightened out, but was very problematic as the seller's wife decided she wanted to live there forever, and then wanted the buyer to pay extra for the title to the property!

    In one other such case the buyer needed to go back to his country to free up the remaining funds.

    Larry
     
  5. OP
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    nice_sherwood

    nice_sherwood DI Senior Member

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    yes something like that can be done but was there any issues between parties?

    just wondering what if worst case scenario, the buyer will pay half and then live for 6 months and realized that the place is not what they really want? or they couldnt come up to pay the remaining funds? this would be a problem wouldnt it?

    just weighing our options at the moment.
     
  6. shadow

    shadow DI Forum Luminary

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    I would recommend if you can avoid this type of situation, do so. If on the other hand it is the only way to make the sale, you have the option...


    Larry
     
  7. GOGROUPER

    GOGROUPER DI Member

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    Since I dont know the legal aspects of PH- all I can talk about people willing to "carry"/sell beachfront property in Mexico.Normally,20% down @ 10% over 5yrs,if contract is written properly works.If buyer defaults,the property reverts back to original owner.I think that will/can increase your market/people that have good income but not big bankroll.Of course,having a good lawyer writing your contract & MONTHLY INSPECTIONS CAN BE PROBLEMATIC :smile: Thom
     
  8. blueskies

    blueskies DI Forum Adept

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    3 years ago, i disposed a beachfront property with some of the following TERMS;

    Buyer paid cash for partial payment of 50% plus monthly rental of the 2 bedroom cottage(10,000) that the buyer pays quarterly on my account, until he paid the full amount after 1 year.

    About the documentation of property transfer, we both agreed to give him all the originals after full payment has been cleared. Buyer also agreed to pay the balance on date agreed, otherwise down payment is considered Null after a grace period of 1 month.

    It went well. Now, his property is worth 4 times more! :smile:
     
  9. SteveB

    SteveB DI Forum Adept

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    This thread ooks to me like a kinda sneaky way to post "lot for sale" without paying fees to Dumaguete Info.
     
  10. OP
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    nice_sherwood

    nice_sherwood DI Senior Member

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    Actually both properties are advertised here so I don't think you have anything to worry about. I'm not up for any free ride. Just wanna gather some ideas.
     
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