LIVING in the Philippines has never been this resilient. It is true that the real estate sector was the hardest and the first sector hit in the US financial crisis last year which rippled throughout the world but thankfully, the Philippines and the rest of the Southeast Asia remains strong.
It is because Southeast Asia's fiscal reforms have already been in place after the economic crisis that hit the region in 1997. And so we are cushioned from the ripples of the current global financial crisis.
What does it mean for the Philippines? It means people from the United States, Canada and Europe whose mortgaged houses were foreclosed can afford to run to the Philippines and buy real properties here. Why? It's because real estate here is so affordable along with the cost of living.
Buying real estate properties in the Philippines is not complicated even to a foreigner. We use a system similar to that of the United States. We also have licensed real estate brokers here for your convenience so there will be no more hassle for you to buy the house that you like.
An archipelago composed of 7,000 islands, the Philippines has lots of prime real estate locations. From uptown suburbs to midtown condos, it's up to you.
Thursday, June 18, 2009
Prevent Real Estate Closing Delays
It is a jarring experience to find that, after weeks of planning for a certain move-in date, that your new home's closing has been delayed for whatever reason. If you're already in this situation, well you know how frustrating it is to have to deal with whatever legal or other blocks to your finally setting up residence in your own home is! If you're not, here are some tips (no doubt you delayed home owners are groaning and nodding your heads) to avoid frustration and loss of money while you try to find a place to live and storage for your belongings.
Closing delays can happen for a variety of reasons, which is why it's hard to give general advice in dealing with them. We can only try to prevent undertaking a real estate transaction that is fraught with problems such as existing liens, prior claims to the houses - including ex spouses that seem to pop up at inconvenient times, miraculously materializing lawsuits and other charming situations that can tie up a home for years while people argue over who gets what.
One of the best ways to prevent from getting into a transaction that could be hard to pull yourself out of is to engage a real estate attorney to conduct your legal affairs. The expense of this is well worth it when you think of the money you could have to spend finding temporary lodging or fighting someone who decides not to sell at the last minute - it happens! A good attorney will look over all the paperwork and make sure that you are protected in case something untoward happens.
Ensure that your mortgage loan is aboveboard and has no problems with it. If you are preapproved, ask for a list of conditions that you need to remain so. Do not make large purchases in the weeks leading up to your home sale. Avoid making major changes in your life - it is best to schedule a home purchase well ahead of or well after weddings, births, job changes, etc. if you can manage it.
Make your purchase of the home contingent on it passing the recommended inspections. You don't want to be fighting with the owner over a case of mold or rot or some other unpleasant, expensive structural detail. Also, an inspection that shows some defects in the home may work in your favor when it comes time to bargain about price.
The final walk through should also be a part of the home's sale. Don't close the sale until you have ascertained that everything that was to be removed - including the former homeowner - is removed and the home is in the same condition that it appeared to be when you decided to buy it. Make the sale contingent upon the successful completion of the walk through.
The best way to prevent delays in closing is to be prepared and do all your homework beforehand. Many closings are delayed through the failure of a person to prepare for their purchase of their home and to guard against actions by the seller that could materially affect their taking possession.
Closing delays can happen for a variety of reasons, which is why it's hard to give general advice in dealing with them. We can only try to prevent undertaking a real estate transaction that is fraught with problems such as existing liens, prior claims to the houses - including ex spouses that seem to pop up at inconvenient times, miraculously materializing lawsuits and other charming situations that can tie up a home for years while people argue over who gets what.
One of the best ways to prevent from getting into a transaction that could be hard to pull yourself out of is to engage a real estate attorney to conduct your legal affairs. The expense of this is well worth it when you think of the money you could have to spend finding temporary lodging or fighting someone who decides not to sell at the last minute - it happens! A good attorney will look over all the paperwork and make sure that you are protected in case something untoward happens.
Ensure that your mortgage loan is aboveboard and has no problems with it. If you are preapproved, ask for a list of conditions that you need to remain so. Do not make large purchases in the weeks leading up to your home sale. Avoid making major changes in your life - it is best to schedule a home purchase well ahead of or well after weddings, births, job changes, etc. if you can manage it.
Make your purchase of the home contingent on it passing the recommended inspections. You don't want to be fighting with the owner over a case of mold or rot or some other unpleasant, expensive structural detail. Also, an inspection that shows some defects in the home may work in your favor when it comes time to bargain about price.
The final walk through should also be a part of the home's sale. Don't close the sale until you have ascertained that everything that was to be removed - including the former homeowner - is removed and the home is in the same condition that it appeared to be when you decided to buy it. Make the sale contingent upon the successful completion of the walk through.
The best way to prevent delays in closing is to be prepared and do all your homework beforehand. Many closings are delayed through the failure of a person to prepare for their purchase of their home and to guard against actions by the seller that could materially affect their taking possession.
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