Purchase a home in Puerto Rico

1POSTS

4 years ago

My husband is in a wheelchair so we found a handicap beach in Lugillo and love the area. How do we purchase a home here? We tried two homes and realtor says 'no available.' Discouraged.

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saysme Active member

61POSTS

4 years ago

Prepare yourselves for a long haul but be aware that a lot of houses, recently renovated, are owned by Banco Popular. They might even be willing to make ADA changes for you if it will close the deal. Talk to one agent, not several, and make it the agent's mission assignment to find these houses though the bank(s) and show them to you. If the broker says s/he can't, that person is lame and not sufficiently hungry for commission. Just move on. Good luck.

1 member reacted to this post

Mermaidmb Active member

90POSTS

4 years ago

They also want you to be prequalified to purchase a home as sometimes properties sell quickly. I have definitely found much of the real estate folks to be unresponsive, case in point we went last Saturday to view rental property and we had to call back numerous times in 3 hour time span to get address of property so we could drive by to see before realtor bothered to get key to show. We did this and let realtor know we wanted to see inside and realtor was supposed to call us when they got the key. Over a week later and still waiting. I’ve also realtors will ignore you if you aren’t physically on the island. The prices have gone up dramatically here as well. Things may change after all the $$$ from COVID stops as lots of folks have fixed up their homes & have new cars, Sept is when aid while stop.

citylist Member

19POSTS

4 years ago

I guess long haul is right. Me and my wife had an agent set up, a mortgage approval letter from the island and some homes to look at for our 2 week stay. So far we have been here 1 week. We have been from Ponce to Cabo Rojo, Luquillo, San Juan and beyond old San Juan. We have found our own properties to look at on Point 2, Zillow and Realitor.com. We saw 2 undesirable homes and cannot get ANY listing agents to show us more. No one responds or they respond and then fall off of the face of the earth. Most of the properties we wanted to see have been optioned already. We have met many, many people and are now promised some fantastic agents but have yet to hear from any of them. I just dont get it. Easy sale and could get the ball rolling in a day. Why no response. I get Island time but this is rediculas. About to give up but we love this island and want to purchase a home here.

Any suggestions? TIA Steve and Nancy

jenmayodc Active member

48POSTS

4 years ago

I guess long haul is right. Me and my wife had an agent set up, a mortgage approval letter from the island and some homes to look at for our 2 week stay. So far we have been here 1 week. We have been from Ponce to Cabo Rojo, Luquillo, San Juan and beyond old San Juan. We have found our own properties to look at on Point 2, Zillow and Realitor.com. We saw 2 undesirable homes and cannot get ANY listing agents to show us more. No one responds or they respond and then fall off of the face of the earth. Most of the properties we wanted to see have been optioned already. We have met many, many people and are now promised some fantastic agents but have yet to hear from any of them. I just dont get it. Easy sale and could get the ball rolling in a day. Why no response. I get Island time but this is rediculas. About to give up but we love this island and want to purchase a home here.

Any suggestions? TIA Steve and Nancy
- @citylist

Try clasificadosonline and Facebook Marketplace. The market is so competitive right now, it's crazy. You have to get very creative. Try joining some FB groups.... Good luck!

2 members reacted to this post

granny723 New member

7POSTS

4 years ago

Great info. Will do. Thank you

granny723 New member

7POSTS

4 years ago

@saysme what does ADA stand for?

GuestPoster59009 Guest

0POSTS

4 years ago

ADA= Americans Disability Act

1 member reacted to this post

citylist Member

19POSTS

4 years ago

#10

@citylist Ok so we called about a property and it was optioned already......quick! The realtor told us of one down the street which was even better (New San Juan) so we went and looked. It suited us perfect so we put in an offer and are now in the closing process. Patience is the key and diligence. The agent had a broker she works with so we went with him since the one we had seemed uninterested to finish. I have the best team and they worked quickly. Very happy to now own our own piece of paradise! Thanks for all of the information everyone has shared here. HUGE help

We are doing the paperwork from the states and then have to fly down to close. Airfare is crazy but at least we will have a place to stay lol

2 members reacted to this post

Eric Ardito Member

2POSTS

4 years ago

#11

@citylist Congratulations! Is there you could provide the name of the agent you used? I've been having trouble finding a good agent myself.

1 member reacted to this post

citylist Member

19POSTS

4 years ago

#12

Laura Diaz is her name, I dont think I can list her company here but you should find her no troubles. 7874787456 good luck!

1 member reacted to this post

d2snow Member

1POSTS

4 years ago

#13

Using a real estate agent in Puerto Rico is COMPLETELY different than in the States. I was shocked that most do not want to use the MLS (because they don't want to split their commission with buyer's agent).

They will mostly list the properties on ****** and act as seller/buyer agent which *can* create conflict of interest.

They do not use lockboxes - you want to see multiple properties? Good luck with that since agent will need to get keys from owner or listing agent for each property. The most you can see in one day may just be a few and near each other.

Terms are negotiated verbally. All properties are sold "as is." Contract is only 3 pages long and skewed towards sellers. Some agents think they know better than you and ignore your requests. Apparently, customer service is only a suggestion in PR, lol.

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wpotvin Active member

89POSTS

3 years ago

#14

You do not always need a real estate agent in PR to buy a house. I have purchased a number of properties as investments in PR and have never bought from an agent.

The first step is to know the area where you would like to live or invest. Many Puerto Ricans do not like to use realtors and if you drive around the neighborhood, you will see many Se Vende (For Sale) signs. Keep track of the houses that may interest you and call the numbers on the signs to inquire about the property and the asking price. If you don't speak Spanish, try to get a Spanish-speaking friend to call for you as the asking price goes up if a Gringo calls (seriously).

Buying in PR is different than on the mainland. You need an attorney and a notary to draw up the paperwork and close the deal. Your attorney can negotiate terms and you don't have to take the property as-is, but it is better to hold out for a property without contingencies.

1 member reacted to this post

litethrough Member

2POSTS

3 years ago

#15

Hello and Good day. Are any of your investment properties for rent? May be interested in renting one while looking for homes. Must have a pool. Thanks Elizabeth

GuestPoster59009 Guest

0POSTS

3 years ago

#16

@citylist we are about to close on a property in Isabela and I was ghosted by about 5 realtors until I finally found one that worked out. Flew into town for 3 days and was literally ghosted the same day we were supposed to have a meeting.