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Real quick
Mortgages are next to impossible to get if you are not a resident.
Some owner financing is available but you will most likely pay an inflated price.
Financial systems are cumbersome here along with almost everything else.
Many real estate agents don’t know what a “Realtor” is. There is no legal mandate that a real estate agent look out for you best interest.
Don’t trust title insurance. You have to do through investigation.
Prices are all over the board.
Phil Baker has written the best book for newbie’s that want to get a feel for the culture the nation and the real estate rules. Scott featured it on this site. It’s a no BS look at CR. Some of it is unflattering. My best advice is to live here if you love it and understand it. Bakers book will give you insight to living and owning here.
Thanks 2bncr. I do plan on renting for a while. While renting I will also be in search of lending and market conditions. Once there I’m sure I’ll find more information. I’m just trying to do my homework to minimize any surprises once there. Thanks man. 😕
To answer only your questions.As far as I am concerned the prices in Puriscal are stable.I am presently building my new home,have recently sold a property without advertising. And will possibly be listing a third with a buyer sitting on the fence,also without advertising yet.If you have a good property,they are in demand and prices are stable.Some of the lesser desirable properties or the properties that require alot of development prior to construction may not be moving.Do your homework.But I do think Puriscal does have the most affordable property within the CV.And think it will be a safer investment than in the States or Canada.Even though Canada hasn’t corrected yet.But as a means of making money,the whole system is unravelling.But its a good place to sit back and watch.Hold on tight.
[quote=”ottis”]To answer only your questions.As far as I am concerned the prices in Puriscal are stable.I am presently building my new home,have recently sold a property without advertising. And will possibly be listing a third with a buyer sitting on the fence,also without advertising yet.If you have a good property,they are in demand and prices are stable.Some of the lesser desirable properties or the properties that require alot of development prior to construction may not be moving.Do your homework.But I do think Puriscal does have the most affordable property within the CV.And think it will be a safer investment than in the States or Canada.Even though Canada hasn’t corrected yet.But as a means of making money,the whole system is unravelling.But its a good place to sit back and watch.Hold on tight.[/quote]
I REALLY appreciate your honest feedback. I hope there are more like you Ottis. If you find conditions starting to change I would appreciate a heads up.
Thanks again.Sorry but these statements are pure unadulterated drivel:
[quote=”rward”]The Costa Rica real estate market has recently taken a 40 – 50% reduction across the board[/quote]
This “may” apply in a few of the frothiest of areas but this absolutely, definitely does NOT apply in the Central Valley but you are welcome to believe their information over us …
[quote=”rward”]Need further proof try calling any bank that has a mortgage department and you will find the phone has been DISCONNECTED.[/quote]
Rubbish!
Scott
Photo attached of recent ExpoCasa 2011 Exhibition – Are you seriously trying to tell me that the mortgage department for this bank has their telephones disconnected?
[quote=”DavidCMurray”]In the past, Scott has featured at least one mortgage broker operating in Costa Rica. Correct me if I’m wrong, Scott, but I think that endorsement has been withdrawn. [/quote]
Great feedback as usual David thank you and yes! I DID – past tense – feature a mortgage broker on here at one time…
I did check his references but, having sent him numerous people interested in getting help in obtaining a mortgage with an extraordinarily poor success rate – He was dropped.
Scott
Photo attached of recent ExpoCasa 2011 Exhibition – Another bank…
[quote=”Scott”]Sorry but these statements are pure unadulterated drivel:
[quote=”rward”]The Costa Rica real estate market has recently taken a 40 – 50% reduction across the board[/quote]
This “may” apply in a few of the frothiest of areas but this absolutely, definitely does NOT apply in the Central Valley but you are welcome to believe their information over us …
[quote=”rward”]Need further proof try calling any bank that has a mortgage department and you will find the phone has been DISCONNECTED.[/quote]
Rubbish!
Scott
Photo attached of recent ExpoCasa 2011 Exhibition – Are you seriously trying to tell me that the mortgage department for this bank has their telephones disconnected?[/quote]
That’s what I have found to be true. Have you tried it? If so, did you find loan availability? I have experience with such conventions and most are all sizzle and no steak.
I found this on the ARCR site from Casa Canada:
[b]MORTGAGE ADMINISTRATION
Grupo Casa Canáda was a major mortgage lender in Costa Rica, syndicating mortgages with investors and its own funds. In the 1990s it was possible to foreclose a mortgage in about eight months, however today, due to a legal system that barely functions, it is taking up to ten years. The lender has few rights, the borrower many. The last mortgage loan made by Casa Canada was October 2006. Since then financing has been through alternate methods. [/b]
[i][/i]Scott I’m sure with all your connections you know of someone, some ONE, who will actually provide financing if anyone there actually does. Why don’t you just post their information, I’ll contact them and post what I found. Do you know of ONE? Since you found this to be true at the convention why don’t you just refer me to someone? You have written books on real estate. You said you have an “insatiable” desire for real estate information. Great, then give me a contact and I will share my findings here with actual real world experience.
If you want to continue with this back and forth stuff without actually providing anything helpful well then go ahead, but don’t expect me to reply again. I’m more than happy to let you have the last post or better yet just delete this thread. It has not been positive or productive.
[quote=”rward”]
If you want to continue with this back and forth stuff without actually providing anything helpful well then go ahead, but don’t expect me to reply again….. [/quote]HAHA!! LOL!!!
We’ve already provided you with plenty of helpful information in this thread but you don’t want to listen:
You might have missed 2BNCR’s succinct comment:
“Mortgages are next to impossible to get if you are not a resident.”
Could it be more clear?
Comparing Grupo Casa Canada with ScotiaBank, Banco Popular, Banco Nacional, Banco de Costa Rica is like comparing your neighbourhood pawnshop with Citibank.
I don’t know if you can speak Spanish but you have made it crystal clear that you are NOT a legal resident and that you very little money to put down…
So, that means it will be even harder for you than “next to impossible”
Sorry man! Sometime you just can’t have what you want!
Having said that, our Realtor in Santa Ana helps our clients get mortgages every, single month (three in August at Banco Nacional) but the bulk of her business is NOT Gringos.
Her Spanish speaking customers have good money to put down as a deposit, they earn good money and for the most part they are legal residents of Costa Rica.
And I can tell you for a fact that Banco Nacional has NO interest in speaking with you so why on earth would I want to waste their time, my time and yours by giving you their information?
Lastly PLEASE listen to Bogino who wisely advises:
“I strongly support the idea of renting for 6 months…a year…or however long it takes to reach your comfort level that CR and/or the Central Valley is the place for you.”
The photo attached is of the line of people waiting to talk to Banco Nacional about mortgages at the ExpoCasa 2011 at about 10.15am – It opened at 10am.
[quote=”Scott”]We’ve already provided you with plenty of helpful information in this thread but you don’t want to listen:
You might have missed 2BNCR’s succinct comment:
“Mortgages are next to impossible to get if you are not a resident.”
Could it be more clear?
Comparing Grupo Casa Canada with ScotiaBank, Banco Popular, Banco Nacional, Banco de Costa Rica is like comparing your neighbourhood pawnshop with Citibank.
I don’t know if you can speak Spanish but you have made it crystal clear that you are NOT a legal resident and that you very little money to put down…
So, that means it will be even harder for you than “next to impossible”
Sorry man! Sometime you just can’t have what you want!
Having said that, our Realtor in Santa Ana helps our clients get mortgages every, single month (three in August at Banco Nacional) but the bulk of her business is NOT Gringos.
Her Spanish speaking customers have good money to put down as a deposit, they earn good money and for the most part they are legal residents of Costa Rica.
And I can tell you for a fact that Banco Nacional has NO interest in speaking with you so why on earth would I want to waste their time, my time and yours by giving you their information?
Lastly PLEASE listen to Bogino who wisely advises:
“I strongly support the idea of renting for 6 months…a year…or however long it takes to reach your comfort level that CR and/or the Central Valley is the place for you.”
The photo attached is of the line of people waiting to talk to Banco Nacional about mortgages at the ExpoCasa 2011 at about 10.15am – It opened at 10am.[/quote]
Well said. My sense is this Newbie poster gets off on being confrontational.
[quote=”Scott”]We’ve already provided you with plenty of helpful information in this thread but you don’t want to listen:
You might have missed 2BNCR’s succinct comment:
“Mortgages are next to impossible to get if you are not a resident.”
Could it be more clear?
Comparing Grupo Casa Canada with ScotiaBank, Banco Popular, Banco Nacional, Banco de Costa Rica is like comparing your neighbourhood pawnshop with Citibank.
I don’t know if you can speak Spanish but you have made it crystal clear that you are NOT a legal resident and that you very little money to put down…
So, that means it will be even harder for you than “next to impossible”
Sorry man! Sometime you just can’t have what you want!
Having said that, our Realtor in Santa Ana helps our clients get mortgages every, single month (three in August at Banco Nacional) but the bulk of her business is NOT Gringos.
Her Spanish speaking customers have good money to put down as a deposit, they earn good money and for the most part they are legal residents of Costa Rica.
And I can tell you for a fact that Banco Nacional has NO interest in speaking with you so why on earth would I want to waste their time, my time and yours by giving you their information?
Lastly PLEASE listen to Bogino who wisely advises:
“I strongly support the idea of renting for 6 months…a year…or however long it takes to reach your comfort level that CR and/or the Central Valley is the place for you.”
The photo attached is of the line of people waiting to talk to Banco Nacional about mortgages at the ExpoCasa 2011 at about 10.15am – It opened at 10am.[/quote]
Sorry Scott but if you have read my posts you would have found out that I do know about residency and loans. We do plan to rent first. You have no idea what money I have to put down. That is personal and I will not share that. Suffice it to say we have more than enough money and a great credit rating. As for your comment about banks loaning money to Spanish speaking residents this is a good point. Thank you. Why would you say that Banco National would not speak to me? You seem to be getting personal and that is against your own TOS.
The fact is you can’t respond to what I have found to be true with any useful information, but your agenda won’t let you admit it. YOU CAN’T PROVIDE ONE CONTACT.. And as for me just accepting your opinion I have not found your “opinion” to be useful because you refuse to provide any help. What is your connection to this convention? Are you a board member for a bank? Do you get benefits from the convention? Do you want to sell books? The fact is you can’t back up what you say with ONE contact to support your position. If you had one you would have presented it up front.
No sir I HAVE accepted the fact that I can’t get what I want here. That being helpful information, ONE contact, or one fact. I am not one to just drink the Kool-Aid when handed the cup. To borrow a line from a famous movie [b]”YOU CAN’T HANDLE THE TRUTH”[/b][i][/i]. Adios.
First off, Scott, thanks for the link.
Second, for mortgages, doesn’t ScotiaBank offer non-residents mortgages? I have been banking with them most of my life and often receive information about the following service:
http://www.scotiabank.com/cda/content/0,1608,CID11978_LIDen,00.html
Edit: And I realize you need 25% to 30% down… but that should be a no brainer. If you can’t afford the downpayment, you can’t afford the property.
My comment has to do with Randy’s tone throughout this thread. I have been following this forum for several years. I don’t participate very often but I could not read the accusative and almost slanderous comments that he made to Scott. I have found Scott’s management of this forum to be helpful and honest, offering sites where people can get the information they need without having to spoonfeed it to a questioner. Your frustration at being unable to satisfy your desire for answers, Randy, does not excuse your rudeness and antagonism. I know that Scott doesn’t need me to defend him (I don’t know Scott personally), but I don’t like the kind of rhetoric that you displayed. That’s not what this forum is for. You can respond to me or not, but I won’t reply. I join the others in suggesting that you find out what you need to know by spending time in Costa Rica and doing on-site research
Hi Randy,
Have you thought about looking for hard-money loans in the US by approaching financial institutions that offer services to investors to manage Self-Directed IRAs?
Self-Directed IRAs allow individuals to invest in, among other things, overseas properties, to make construction loans, etc.
NuWire Investor, for example, has a lot of information on the subject & links to institutions that provide these services.
I am not sure how the process of ‘shopping’ investment / loan opportunities to Self-Directed IRA holders works, (I’m just starting to get interested in the subject myself), but I imagine there must be credible communication channels to match up opportunities to potential investors. Perhaps someone on this site who knows more could comment.
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