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mediatica

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About mediatica

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  • Birthday 01/26/1978

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  1. mediatica

    ? Owner Financing?

    I just closed a day yesterday with owner financing involved. The process was actually pretty easy. the attorney handles the paperwork, deed, mortgage and all of that gets recorded in the registry along with the terms of the loan. The owner, for example, financed with 60k down from my buyers, 100k was the balance payable over 3 years at 7% interest. Owner financing can vary from owner to owner and developer to developer... Good luck.
  2. Turnando, good luck on your venture. Ron: Perhaps if you deal with unethical Realtors they will tell you 50% higher. Please note that there are honest, ethical people out there. I consider myself one of the few. Not all the agents out there are bad. All you need to do nowadays is Google the name of an agent and find out all about them, their background and credentials. Not all of us are surfers at the beach who came out here to make a buck. Just saying....
  3. David is right. While there is Proxio Pro being used (just recently)as a widely used (though voluntary) MLS system, it's a start. There is also property shelf and TierraMax. I recently switched over to Proxio Pro as it was decided by our CRGAR organization (Costa Rica Global Association of Realtors). I am looking forward to a better way of figuring out values. The last 5 years of being in the real estate biz is tough especially the extra work one has to do lacking a true, universal MLS system, but I can tell you all the professinal organizations are pushing for one. In the end buyers and sellers will benefit, but no telling how long this will take. Until then finding out values is best done by asking area real estate agents and neighbors who have bought/sold in the particular area. Good luck.
  4. mediatica

    Using IRA to buy a house

    Hi Rick: My parents as well as 4 of my personal clients have purchased using an IRA. Technically you are not supposed to 'live' in the house, but I know many people who do. Of course, that is up to you, but I wonder how the IRS would know if you live there as a vacation home or not? Either way, it can be done. It's paperwork intensive, but it's a great way to use your own funds to invest in the USA and Costa Rica. If you want to send me a private message, I can email you a 'Guide to Buying Real Estate in your IRA' by Pensco Trust that i have saved in my computer. Most of my clients have used Pensco to buy in their IRA. This may answer many of your questions. Regards, Becky
  5. hatewinter: There are many great deals out there and plenty of Canadians around (Surfside/Potrero is for some reason heavy on the Canadian population, just an FYI). Guanacaste will fit many needs for you. The best location based on what you are speaking of will be Tamarindo/Flamingo areas and points north like Cocos/Hermosa/Ocotal. Come and visit and see which areas fit YOU best. If rental income is a main objective you will have to own property in a more touristed area. We manage properties in many different beach areas and Tamarindo/Flamingo/Cocos/Hermosa are the most popular destinations for vacationers in our area. Best of luck.
  6. I am visiting in the states and was able to watch the show. What a crazy guy...and she wasn't much better for going along with. Quite sad about the people who lost their lives and even more chilling that he would befriend these people and then take over their properties and even have parties there! There seems to be evidence that points to possible other deaths that he caused. Only time will tell.
  7. mediatica

    Fairly Young - Don't Want To Miss Out

    I was 28 when I moved to CR. Not the norm, but I don't regret it in the least. I had lots of family here, so the move was not as terrible for myself or my husband. Take your time, come and visit and check out as many areas as you can. What you read and what you feel about a place may be very different once you see it for yourself. Best of luck. Becky
  8. mediatica

    Real Estate Market Slowing ?

    albacor: Sounds like you spoke to some not-too-bright agents. Anyone that tells you that we have not felt the effect of the world economy is lying. Plain and simple. You need to just come and see what is out there. No offense, but my brother-in-law is from Arkansas and can you really compare Arkansas to Costa Rica?! People move here or vacation here because they love Costa Rica. Not because it's the cheapest place on Earth nor because the laws always make sense (because they don't as you have noticed). My family is from here and I've grown fond of the country because of the people and the scenery. We used to live in Florida, and decided to come here for a different kind of life. If you are looking for Real estate, you will find deals, You simply need an agent who knows what they are doing or spend lots of time on the web. You realize because there is no MLS (Multiple Listing Service) as I had in the USA, you will see inconsistencies on pricing on different websites. It happens. Keeping up with hundreds of listings is tough, and I try to stay on top of it as I can for price changes. My husband and I shipped our things here and our duties were around $1,200 for a 40 foot container. What do you consider expensive?? I thought that was reasonable considering we moved a 3 BR home to CR. Good luck to you and seeing if CR is for you and yours.
  9. IMHO means in my honest opinion
  10. mediatica

    Real Estate Lenders In Guanacaste

    Hi Lee: You may want to try these people (based in Brasilito and USA). I don't know if they lend on Fincas, but it's worth a try. They have done a home loan and condo loan for a couple of our clients. Buena suerte! "No Life Ins. Requirement Not A C.R Bank , U.S Processing Please Contact In Costa Rica In the U.S Philip Eitman Vinnie Alvarez pemortgage@gmail.com vinmortgage@gmail.com philcostarcia@gmail.com C.R cell 8361-1000 U.S. 973-256-5777
  11. mediatica

    Real estate trends Costa Rica

    The major issue in CR is the complete lack of affordable financing. (Rates are around 13% at many banks). The other issue is lack of credit in the USA (which is our biggest buyer here next to Canadians). Those two things leave a lot less of a buyer pool. Our office is down 50% from last year. That is a big number. Many people leveraged their homes (2nd mortgage, HELOC) and the ability to do that now is much harder. I am happy we are selling at all! Property management is good this year--which is a plus. The buyers that are buying are looking for good deals. The 'good deals' go quickly. There are also many unrealistic people that think their places are worth more than they really are. The only people 'giving' property away are those who are desperate to get out due to their own financial situations. Not everyone is in that situation and that is what dictates the so-called 'fire sale'. Developers are also different across the board. Some are offering financing, which helps in sales. There are also many built projects that are overpriced and have sold very few units. I know of one project in particular that has sold only 3 or 23 units! On the contrary there is another project that has sold 55 of 60, so it all depends. some developers are reducing prices if they have not sold many units. That is the situation at the beach in our area of Guanacaste.
  12. mediatica

    Got advice on Cr-Home.com

    Motivation: I am sorry to hear about your situation. That is really tough and I can only imagine what you are going through. I feel that if you had a Real estate agent that checked every possible problem you could have had with the 'uso de suelo' or land use, would have spared you years of heartache. It sounds you are on the way to a resoluation, but it stinks that it took so much time, stress and money. I am glad you shared your stories, because often times I have to refer clients to the Grecia area and I now know who NOT to send clients to. My parents live in Grecia, and it's a beautiful place. I hope you are able to build your dream home soon and put this nightmare behind you. Your story has educated many, and you should be given thanks for that. As an aside, I am a REALTOR. How? I am licensed in Florida as a Real Estate Agent, Member of NAR, and member of CRGAR as well. CRGAR also has a relationship with NAR, so there are some 'REALTORS' in Costa Rica. Just not many of them. There is voluntary licensing in Costa Rica, but not mandatory, and it pays to ask many questions to your Real Estate Agent or Broker. Google their name and see what you come up with. The web provides a wealth of information these days. Also, ask them if they are legally here or have a work Visa. I guarantee over half of the Real Estate agents here in CR are not here legally. Remember, things are unregulated here, so do your research. I just personally get tired of hearing people compare agents to Used Car Salesman. Not all of us are terrible. There are still a few good, ethical types out there. Becky
  13. mediatica

    MLS in Costa Rica?

    As Sabo said, there is NO complete MLS in CR. However, CRGAR (Costa Rican Global Association of Realtors) and Camara Costaricense de Bienes Raices also has their 'version' of MLS. I don't know where Sabo got his figure of 90% of people buying properites without us real estate folks. That seems very high....
  14. mediatica

    Real Estate Market Slowing ?

    I sat down with an investor group from NY today and we discussed the state of the market here in CR and what is going on in the USA. The biggest issue at hand is the complete lack of credit--or should I say reasonable credit. I've laughed when I received emails from the people at Scotia Bank offering 13.5% financing for our clients. Who in their right minds would pay credit card rates for a home or condo loan? Not many people. The one thing that is helping our non-cash buyers is developer financing. More and more projects are offering special financing, which is a plus. The disappearance of home equity lines have also made two of my deals in the last 3 months go south. My client literally showed up to the bank to wire funds and their HELOC was gone or reduced by over half! We have many factors that affect the beach/coastal areas that may not affect the Central Valley. Our property management division has been doing great. I don't really know what that tells me other than people are still traveling to CR and looking to save money by renting a home or condo. Two of our last four sales have involved some sort of private or developer financing. The properties that were sold were being sold under market value. I would like to consider myself an honest Realtor and not the 'car salesman' type that some on this forum refer to us as.
  15. mediatica

    Buying land or property

    Edf and Travelbumm. In the age of the internet, I can't begin to tell you how much you can find out about a person simply by 'googling' them. Try it. You might be surprised! Having said that, I have a trusted Real Estate attorney by the name of Sergio Solera with Facio y Canas (www.fayca.com) whom I've personally dealt with for many years. The office is located in El Tournon section of San Jose. The office number is: 2258-3880. The best way to find a good attorney is to ask around to trusted individuals and check the attorney's references. I did! A good attorney can tell you whether or not title is good with the property. A good Realtor can help you understand the system here vs. where you are from and hopefully help you located that perfect property. As for a down payment: Without one, as CRfinca said, you risk losing that property if another buyers comes along. If you put up a deposit in escrow with your own attorney, than your interests are protected. The concept of buying property here is similar in other countries: You like a property, you put down a small refundable deposit. That depsit is refundable if title is NOT clear or if you are within your due diligence period. Writing a good, clear contract will also almost always side with the buyer. Buena Suerte!
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