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7/28/15

Time to Sell the Home in the Philippines

Selling Your Home Philippines

Philippine Home CebuBuying - or even building - a house here is pretty easy , and much the same as where most of us came from.

However- selling a house here is very very different.  Some people try to sell their house for several years, unwilling to admit that they overbuilt it, or just that they dont understand how the system works here.

I see one guy with a fabulous house becoming very frustrated at not being able to sell his truly nice house  So here is my advice to him - and to anyone else in a similar situation.

.Sir  - some advice for you . You obviously don't need a huge down payment [ because if you did then you wouldn't be saying that you will just rent the place instead of selling it ]. So why hamstring yourself and demand a 30%-60% % down payment - something which most foreigners don't have , and which most Filipino will not give you .
Go for 10% down, with the balance payable over 5 years at 1% a month interest . [ its important to call it 1% a month and not 12% a year for Filipino buyers. Trust me on this one ! ]

not only will it be much easier for you to get a sale, you will also get a higher monthly payment than if you rented it, and you will also collect substantial interest at the same time. And since the title will not get transferred until the loan is paid in full the best thing that can happen to you is that at some point the buyer will default on you . If you rent it you will have ongoing problems, and when that tenant leaves will have to deal with getting a new one. But by getting a buyer in the house , even with a 10% down stroke , you will probably never have to worry about the house again.
I have watched you trying to sell this house and IMHO you have been your own worst enemy . It shows that you do not understand how the system works here.

Also , if you overbuild a house here, and by that I mean build a house to US or Australian etc standards, do NOT expect to ever be able to get your money back.   No pinoy will ever pay you for the extra cost that was involved.   And  every foreigners wife or gf will tell him that he can build the same house for millions less.- so not to buy yours at the price that you are asking [ no matter how reasonable ]

Join the discussion on this topic at Living In Cebu Forums [ Click Here ]

Tim Potter Texas

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