Process for buying an apartment in Medellin

Welcome to the Colombia forum, Andy.

I have no experience with that company.   I just visited their website for the first time.  They have some interesting listings, but note that the prices on the site welcome page are confusing .. hard to tell if they are being listed in pesos or dollars.

I agree with your intro's assessment of Houston -- too hot.  Medellin is far more beautiful .. and El Poblado sector is in some ways a cross between Las Vegas and Beverly Hills.

Why are you buying and not renting in your first potential year in Colombia?

The deals are not going anywhere.  Not enough Gringos have embraced Medellin yet to make the city anything but a buyer's market.

cccmedia in La Zona Cafetera

Note that lujo  .. pronounced LU ho .. is a Spanish language adjective meaning luxury.

cccmedia

My wife is Colombian.  She has a big family there. 
Love that my money will go a long way.  I am retiring there. 
Love Medellin, like Houston, there is a lot to do, something always happening. 
I speak Spanish.

If you insist on renting in year 1, have the family assist you in navigating the fiador issue.  That's a requirement for a guarantor that applies in some Medellín rentals.

I appreciate your low-key answer to my intrusive question about renting vs. buying, Andy.  However, I didn't see any compelling reason for you to make a speedy purchase.

cccmedia in La Zona

Andy,

Buying real estate in Colombia is quite simple. My advice:

1) Find a facilitator to use in transferring your purchase funds from overseas. My advice, Alianza Valores (AV)...by far the best in my opinion.
2) Set up an appointment with facilitator, fill out paperwork, and ensure the account is opened. Week max, if you lose AV. No cost to any of this. You do not have to transfer funds immediately. You can wait until closer to real estate transaction.
3) Contact a reputable real estate company (or several, if you prefer) and begin to look at properties.
4) Simultaneous to #3, above, look for a qualified real estate attorney to represent you.
5) When you select the property you like, make a verbal offer. It is how it is done here. If there is mutual acceptance, time to get your attorney involved.
6) A qualified attorney, along with your real estate agent, will handle the process from here and advise you of any thing you need to do or provide.

Doesn't have to be any more complicated than that. When the time comes, you will be instructed to transfer funds to the AV account, from your home bank account,  first for a deposit to secure the transaction...then for the balance of funds to close the transaction.  The process, handled correctly and with a qualified team is no more difficult, perhaps even easier, than in the USA, Canada and/or Europe. If you have questions, feel free to contact me ***

Hector

Hi, Hector.

The phrase about "Week max if you lose AV" needs clarification.

What's your take on Medellín real estate?  What about Ecuador coastal property these days?

cccmedia from Quindío, Colombia

Hector,


Than you for your advice!  I will look into Alianza Valores when I am in Medellin!

I understand that some Real Estate companies have their own attorney.


Andy

Andymedellin wrote:

I understand that some Real Estate companies have their own attorney.

No doubt.

Still, you want your own attorney representing you, the buyer, without divided allegiance.

cccmedia

Thanks...ccmedia...I meant to type f you use...NOT lose.

Andy, most real estate companies have their own attorneys. Ours does. Some think it's better...some think otherwise. Decide based on what's right for you