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I have found a title company thru one of the members. Thanks Dave.
As for this entire thread…Scott and I have settled our misunderstanding as gentlemen thru PM. I appreciate all who gave good information. If I offended anyone I apologize..I’d appreciate it if we would just move on.
Thanks,
Randy 🙂[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.
[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=”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.OK..I’ll bite..I think Scott has done a wonderful job here in presenting information .. I think he tries to help people learn about the good and not so good aspects of life in CR.
I would think most people who read posts on this site are expats or those who are looking to become expats in search of a better life. For my wife and I we are sickened by the current conditions here in the US and would love to see it in our rear view mirror. I have visited CR several times on vacation and it has always been my dream to retire here. That dream has not changed.
Having said that I came to this site open minded and seeking information to help me transition to life in CR. We plan on renting before we build. I wonder why this topic would even be posted. It has appeared to draw very negative views on expats coming here. Some posts even have a hint of isolationism. I say live and let live. Each to their own. I applaud you for having found happiness here in CR.
My point is, do you realize the impression you leave visitors to this site with? I have found some expats in CR that are very easy going and consider some of them my friends. I would guess almost all people on this site are expats or considering becoming one. There seems to be some people that are constantly negative and post on almost on every topic with diatribes that gives one the impression they are actually unhappy people. Do you realize the impression you leave with newcomers here? Maybe that is your agenda? I don’t know that to be true. The fact is most who join here are just seeking information and help. How do your views about expats help these people? I know there has to be a majority of people here that just don’t post and are very easy going tolerant folk.
For those of you who post your negative views about anyone outside of your own little world I have a question.[b] Are you not an expat yourself? [/b]I don’t seek drama but I get the impression that some here thrive on it. If that’s what you want I would suggest a special section here for “Rants and Raves” much like the one on Craigslist.
I will probably be flamed by those of you who thrive on that kind of thing. I will not engage in that behavior or answer you trying to get the last word. That’s not me. 😕
Great topic….We have a Nissan 2004 Frontier small truck with 6cyl bought recently for $11,500 (less than KBB). Of our 3 cars it is the only one I’d consider shipping. It is a crew cab for 4 passengers. The truck bed is a small 4’6″ but comes in real handy when you need to haul something. The obvious disadvantage would be leaving stuff in the bed while shopping,
but most stuff could be locked up on the rear seats. I’ve read about the Nissan service down there. I understand CR has it’s own way of valuing imported vehicles, but I don’t know the details. Anyone know their valuing and how this works?The post about Korean vehicles in the US was spot on. All KIA SUV’s are made right here in my hometown in Georgia. I have friends that work in the plant. They are very popular here and seem to be displacing Toyotas. Since the Japan quake it has been hard to get a new Toyota and that still exists.
Also any idea of what shipping costs are? We could get a larger container and ship it with our other stuff. Any info on import taxes and shipping costs would be appreciated. If I’m off topic please PM me. Thanks 😯
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. 😕
[quote=”DavidCMurray”]I have only skimmed through this thread and so can’t comment on the specifics of anything anyone has written. It did, however, take a while for it to become clear to me that the original poster was asking about mortgage financing.
So, knowing now what the issue is, let me suggest that Mr. Ward do a Google search on “mortgage brokers costa rica” which will return some 2.1 million hits most of which, of course, are totally useless. But if it takes just one buyer to buy your house likewise it takes just one mortgage broker to get you a construction loan. And that’s just what we’ve done – twice.
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.
Assuming that it has, I would recommend to Randy that he Google mortgage brokers and start sending them e-mail messages or complete their online application forms. I think he’ll be warmly received.
We used one mortgage broker in 2006 to obtain our construction financing and a different one in 2008 to refinance that loan. The process was arduous and not inexpensive, but we did get the desired results. Point is, it can be done.
Previous posters have pointed out that Costa Rican mortgage practice is, indeed, very conservative and they’re right. You should be prepared to provide more documentation than you’re used to, have more equity to put into the deal than you might expect, be required to have a higher FICO score (if they check that), jump through more bureaucratic hoops, be patient on a level that’s probably foreign to you, and learn a whole new way of holding your mouth.
“Easy terms” ([i]terminos faciles[/i]) and “expedited processing” ([i]processo acelerado[/i]) are not terms in the lexicon of Costa Rican bankers and, unfortunately, neither you nor anyone else is going to change that, so gird your loins. If you’ve once been through the process, you’ll understand why the mortgage broker’s services, while pricey, are a good deal. They will save you enormous frustration and the cost of treating an ulcer.[/quote]
David,
Thanks for your on-point comments. My original post was about the market conditions in the CV. The mortgage issue came in as a second issue which is very relevant to the overall issue. My research has most definitely included mortgaga brokers with the same results as banks. Having been in Real Estate I could usually find a loan for a client with a mortgage broker. They were among the fist calls I made and their phones are also disconnected. No returned e-mails after many attempts. Suffice it to say that anyone I could find has been contacted. If you have someone in mind please let me know. You and Scott actually being there may turn up someone I haven’t found. Again thanks. Randy
[quote=”Scott”]No apology necessary and of course newcomers are welcome to share their experience and ask legitimate questions in the forum, that’s what’s it’s for…
Sorry to point this out but most people are able to ask their question in one posting but it took you four before you were able to ask a specific question that anyone could begin to respond to so perhaps I should apologize for being impatient with you…
The difficulty here is that “facts” and “figures” about Costa Rica real estate are genuinely hard to come by so one often does have to rely on the advice of people you trust with experience in the field but, since you have clearly already made up your mind about real estate in the Central Valley before even posting here – and make it clear that don’t trust my experience – plus have the sources that would “refute” my arguments, please do include them in your reply as I am insatiable when it comes to information about this market…
Scott[/quote]
Scott,
I have no desire to get into a verbal battle with you or anyone else. If you knew me you’d know that.
I have done months of research and most of my information came from the internet, newspapers and endless phone calls. Why would I not trust you? Heck you were recommended to me as a good source. That is why I felt comfortable sending you the PM. In my PM I was [b]very[/b] specific about where I wanted to buy and build. I trusted you to take that information and try and help me.As to my sources I have researched the internet and can’t recall all of them but here is one from http://www.costa-rica-real-estate.com :
[b]August 18, 2011
Why Won’t Anyone Sell My Property?
Filed under: How to Sell,Info & How To’s — Tags: prices, representation, Selling Information — Ben @ 5:02 pm
If you as a seller are finding that an agency does not respond to repeated “nudges”, it may be time to ask the question: “do you not want this listing for some reason? Do you feel that there is a problem with my listing or that it is overpriced?”.
Please keep in mind, dear seller, that the only way that the real estate agency makes any money for the time that they invest in your listing, is if they sell it. The Costa Rica real estate market has recently taken a 40 – 50% reduction across the board and there are still many sellers that feel that their property is an exception. Or they may be willing to wait until the market comes up again to sell.
Some agencies are reluctant to speak with candor about such concerns.[/b]There was an article in A.M. Costa Rica in the last month regarding this same issue. Even today on this site David had a great article on the subject of mortgage lending. If you are a resident and have a huge down payment you can apply and maybe hear back in a year that you MIGHT qualify for a loan with very high rates. David and I have spoken over the phone and he confirmed that even this scenario was unlikely to be successful. You might find seller or developer financing for 5-7 years with a ballon due then. If you are like me and want a construction loan in a rural area. Forget it !!
Need further proof try calling any bank that has a mortgage department and you will find the phone has been DISCONNECTED. I did reach one bank’s voicemail, left three messages over two weeks and never got a call back. If you don’t believe me try it. If you have other contacts I’d appreciate the contact.
Scott. I don’t know you and you don’t know me. I have done my research I am a no BS kind of guy. I believe you had more than enough information to guide me in my quest for information. I don’t agree with how this thread and my plea for information was handled, but you have admitted you could have handled it differently. I hope to meet you one day soon and talk over a beer, I have no hard feelings.8)
Randy
[quote=”Scott”]Your “exhaustive research” has led you to the wrong conclusions both here and in the U.S. The real estate market in the U.S. during the easy credit “boom” could not remotely be described as “balanced.”
I have also never read anything in the Costa Rica press that says that as far as the real estate market is concerned that: “things are much the same there..,” as they are in the U.S. so if you would send me that link I’d like to read it for myself – It’s simply not correct.
And please tell me where the “lots of inventory” is located exactly because we’d love to know…
The real estate market on the Pacific coast – where prices where the frothiest – has certainly seen some declines but that would NOT apply to much of the Central Valley region where I am truly amazed how resilient this market has been…
In reviewing the hundreds of transactions of the Realtors I recommend in our area in the Central Valley, I can tell you for a fact that in the past three years, not one of our clients who have bought a property through them in the past five years has sold a property for less than they paid for it …
Your statement that: “There is no money” is simply silly.
Getting a mortgage is certainly NOT an easy process in Costa Rica, commissions, rates and the level of paperwork and BS is high for both US$ and colones mortgages – but the banks in Costa Rica are most certainly lending.
Had you been at the recent ExpoCasa you would know that the banks are aggressively trying to lend money to buy homes and apartments.
If however, you are claiming that: “There is no money” when it comes to Costa Rica banks loaning money to U.S. citizens who are NOT legal residents of Costa Rica – that’s probably accurate.
Lastly, Puriscal with a population of less than 30,000 people and an estimated 239 expats is a microscopically small real estate market and I’m guessing even the local bank managers in Puriscal are totally oblivious to the fact that there is a “global financial crisis.”[/quote]
I’m sorry Scott I thought newcomers could share their experiences here and ask legitmate questions of the members. I could refute most of your doubts about what I have found and could name the sources. I appreciate the input you gave me that was on point. I am surprised you as the creator of this site would post such a comment. I sent you a PM about all this and thought you would PM me back but you chose to post publicly. Are those the actions of a responsible moderator? I’ll let others decide. I don’t know you and I don’t know if you have an agenda. I’m just surprised that you would take this public approach.
[quote=”Scott”]Sorry to sound like a broken record but could you please tell us exactly what it is you want to know?
What “knowledge” are you looking for about real estate in the Central Valley?
Ask a specific question(s)[/quote]
Scott,
I can only speak from my experience. The US is headed for double dip recession and the real estate market here is non-existent. I have been a Realtor years ago and business was great. Lots of buyers and sellers. The market was balanced and all was good. But not now. I have read in the CR press that things are much the same there. Lots of inventory and a darth of buyers. AKA a Buyer’s market. There are NO mortgages being made in CR. I have found this out thru exhaustive research. There is no money. Go to Panama and there are plenty of mortgage loans being made with good rates. Not everyone who wants Pura Vida can plop down cash money for the whole transaction. I’m trying to get some reliable information on what folks are seeing in the canton of Puriscal to be very specific. Any real data is appreciated.[quote=”dkarr”]Hi Randy, I’m kind of confused as I was one of the realtors that spoke to you and didnt feel I was vague sugarcoated anything. Like I mentioned the reality is that financing is limited to seller/developer financing
https://www.welovecostarica.com/public/Financing_the_Purchase_of_Your_New_Home_in_Costa_Rica.cfm
and it is very difficult to find the property you are looking for with just 30-40,000 down. As I said if you would like to pursue your dream of living in Costa Rica I encourage you to not let that deter you and take a look at some longterm rental options. I pride myself on giving it to clients “straight” and thorough consulting, so if there is something I missed, ask away and im happy to help.
[quote=”Scott”]I am NOT a Realtor and don’t personally sell real estate but have been involved in hundreds of transactions primarily in the Central valley area.
The topic is a BIG one and since I have already written a couple of books on Costa Rica real estate, perhaps you could be more specific as to exactly what it is you want to know and I’ll try and give you the “straight skinny.”
Scott[/quote][/quote]
David,
You are the only Realtor I have contacted that HAS been straight with me. As we talked it seemed you didn’t work the Central Valley and were focused on the Central Pacific. I stated that [b]some[/b] had not been straight and I will not mention names. My financial position has nothing to do with my question but rather what people who live there are seeing. I never heard back from your contact in the CV.
Please forgive me if I implyed you in ANY way. [b]DAVID KARR HAS BEEN THE ONLY ONE I HAVE TALKED TO WHO IS A STRAIGHT SHOOTER. IF YOU WANT PROPERTY IN THE CP I RECOMMEND HIM HIGHLY. THERE IS NOONE ELSE I WOULD WORK WITH IN THE CP!!!![/b][u][/u]
Now if someone can help with their knowledge of the CV I would like some input. PLEASE. I am new here and would appreciate some input. 8)
[quote=”Scott”]I don’t recall a recent thread here related to Central Valley real estate but what is it exactly that you want to know about the Central Valley real estate market?
And when you say that you’d prefer not to hear from Realtors – and very few of them have the time to spend in my Forum anyway – that’s because you want to hear the opinions of the average retired person?
The average retired person who may have bought one property in Costa Rica that they’re living in?
And who probably has no experience in real estate apart from that, is that correct?
Scott[/quote]
You are correct Scott. I am interested in comments from someone who will tell me the straight skinny. I have talked to some realtors and they are vague and seem to try to sugar coat things. If you are a realtor there was no offense intended. I just need some help. The thread yesterday was from a newbie and concerned the overall CR market. My interest is in the Central Valley. Thanks for your help.
Randy
