In the real estate market, it is not always easy to get affordable prices or prices that actually correspond to the value of a property. That is why the concept of “foreclosure homes” which are those houses or apartments that where built for over several years and usually have more space and a wider distribution.

Gogetit Highlights

* A foreclosed property does not apply to the social interest rate.

* They have a large percentage of financing with the bank that auction up to 95% financing.

* Foreclosure homes can cost 60% less than the real market price for the property.

* You can really know the real condition of living space after your settlement.

According to a publication by website, there are a number of people in the market who prefer to purchase foreclosure homes, because it usually has a much more attractive price than a new property. These real estate, generally, are the product of a bad credit or obligation owed ​​to the bank. For this circumstance, must go through an auction process to guarantee payment of the property. Often these properties in good condition, may have 10% or 20% lower than equivalent market price, up to 60% below its original value. Hence what is saved in the auction, invest further in property improvements.

Another advantage of properties with many years, is that you can really know the real condition of the housing space after their settlement, which often arises over the years and you can make a more accurate estimate by an appraisal. If the well is part of a foreclosure homes list while is still occupied by their former owners or tenants landlords will proceed to vacate the apartment or house, it automatically becomes an asset of the bank. If empty and available, you can dwell within an estimated three months, if all the shares of the banking process are concretized in due process, in case of no delay.

According to statements by Jayson Shepherd, General Manager of Caja de Ahorros, a bank which has a department that specializes in repossessed properties, recommends that stakeholders meet all funding requirements, duly complete and with no mistakes the Posture Form and to personally know the good you want to bid for in the auction, such as studying the conditions of the repossessed goods.

Steps you need to follow to opt for foreclosure homes:

1.- Identify the foreclosure homes or property of interest.

2.-Define the payment If payment is by credit or manage the Prequalification Letter Note Promise to Pay the bank the full amount

3.- Properly stamped Form Posture, with B / .8.00 on national stamps.

4. Manage the Management deposit check or Certificate check deposit check given not less than 5% of the offered value.

5.- Copy of identity card or passport, in case of being a foreign bidder.

The General Manager of Caja de Ahorros, said that the bank proceeds to give a 95% financing and 5% deposit can be included as the payment of the property. If there is more than one bidder and all of the bidders duly complete the requirements with the procedure for carrying out its position, the winner will be chosen depending who did the the biggest offered by the property.

Interested in Panama Real Estate? We invite you to visit, the fastest, most reliable and social way to find your property in Panama.

MBA - Oscar A. Alvarez
Creative Director at Latam Digital Marketing – He has worked for more than 5 years for brands like Samsung, Wingo Airlines, Amazon, L’oreal, Reebok among many others for all Latam.

A part after completing an MBA at Macquarie University – Australia, is dedicated to the creation of start ups. After several visits to Silicon Valley and connections established at City Co-founded

# 1 Digital Marketing Agency with focus on Real Estate in Latam. Currently works with the largest construction projects from Canada to Chile; Connecting the right buyers with your clients’ projects.