Precision Engineer
American looking for information about Dominican Republic
Forum posts
28
Contacts
1
About me
American, Married
Speaks English. A little Spanish
Registration: 10 September 2016
Buying properties by Mikbri
I was wondering ,,once I get my residency to the dr..I would like to purchase a small apartment and am wondering how the banks are there in the dr .for financing??? And are they easy to work with ?? Or am I better to deal with my own banks back in ...
Hi Bob; It was quite the experience.... 6 months of hoping. We watched HGTV one day - "Life in the Caribbean" and what do you know.... it was a couple trying to buy in SOV just like we did. And just like us; even with 50% down; they could ... Read More
Buying properties by Mikbri
I was wondering ,,once I get my residency to the dr..I would like to purchase a small apartment and am wondering how the banks are there in the dr .for financing??? And are they easy to work with ?? Or am I better to deal with my own banks back in ...
Exactly..... That is why we decided to regroup; save and pay cash.... looking at sometime this coming summer. Read More
Buying properties by Mikbri
I was wondering ,,once I get my residency to the dr..I would like to purchase a small apartment and am wondering how the banks are there in the dr .for financing??? And are they easy to work with ?? Or am I better to deal with my own banks back in ...
I had a quote from Cesar Emilio Gomez of Scotiabank of 6% (U.S. dollars) for 25 yrs. Bummer Sosua Ocean Village was not on the banks' approved list!! Read More
Buying properties by Mikbri
I was wondering ,,once I get my residency to the dr..I would like to purchase a small apartment and am wondering how the banks are there in the dr .for financing??? And are they easy to work with ?? Or am I better to deal with my own banks back in ...
This is the list Scotiabank sent me for approved projects. PROYECTOS AUTORIZADOS PARA FINANCIAR BAJO LA POLITICA “PRESTAMOS HIPOTECARIOS EN DOLARES PARA CLIENTES NO RESIDENTES, PROPIEDADES DE VERANEO” NOMBRE DEL PROYECTO / ... Read More
Buying properties by Mikbri
I was wondering ,,once I get my residency to the dr..I would like to purchase a small apartment and am wondering how the banks are there in the dr .for financing??? And are they easy to work with ?? Or am I better to deal with my own banks back in ...
I used Jesus Garcia.... Best money I spent there..... He will get it done for you.... Read More
Buying properties by Mikbri
I was wondering ,,once I get my residency to the dr..I would like to purchase a small apartment and am wondering how the banks are there in the dr .for financing??? And are they easy to work with ?? Or am I better to deal with my own banks back in ...
Hi, I am not sure about it once you get your residency. However; only 1% of real estate sales in the DR are financed. As a U.S. citizen; we are required to buy in "approved" projects only! This means (for instance) - ScotiaBank has an ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Good morning! As of this morning; the escrow has been returned with the help of Jesus Garcia Tellaj. We now are back to square 1 (with a little more education at least). Here in the states; one can get financed for new construction (even before it ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Hi Paul - yes.... this has disappointed us tremendously. Especially Bonnie...... We truly wish you the best! Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Good morning everyone, It has been awhile since I posted anything; but think it may help others as they look at moving to the DR. The following is the present status of our attempt to have a villa built in SOV. We signed a "Purchase ... Read More
Nothing but hassle by luke418
This country just seems to be getting worse and worse. I have had nothing but trouble with banks of late. Well started months ago when the cash machines at Banco Popular just refused to accept my card, checked with bank back home ,they said there ...
Wow!! I am going to quit whining! I thought I had it rough trying to get a development at Ocean Village approved by the bank in order to get my villa financed. 4 months and still waiting. But, nothing like this... Read More
Shipping Household items to the DR by Da504Family
Does anyone has a story on shipping furniture and car over to Dominican Republic and if so what was your experience and the cost and what is your opinion on if it was a good idea to get your vehicle and or furniture shipped over to the DR and if it ...
I am anxious to see the answer to the motorcycle question as well. I have 2 mint condition bikes that are 10 years old... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Hi Walter, That is correct - not enough equity in U.S. house based on the refinance option of up to 90%. However, in 5 years; we will have enough equity to pay off the mortgage. We got a great rate at the bank due to outstanding credit; debt to ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Leocorral, Thank you for the advise. The "promise of sale" will be implemented into this effort. Thank you for that idea. I have a question as to how the trusts work there. If we go with the "new build", do I put money into ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Hi Walter, Thank you for your comment. It is appreciated. As for the loan, we are offered 6% for 25 yrs (US dollars). An equity loan in the U.S. gets in the neighborhood of 7%-9%. The intent is/was to purchase now, and in 5 years when we early ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
We will have a 2 bedroom model. We are having them rough in both bedrooms and the main living area. If you don't mind; may I ask about how much I need to budget to finalize the installation? I appreciate the info. Like I said; you are the first ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Thank you for the information. I meant to ask - did you have A/C installed? Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Outstanding. The information about your dealings with the developer is very helpful. We were scheduled to chose materials and sign formal contract at the end of January. Not sure now as we have to wait for the developer to complete documentation ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Thank you .We hope so as well. Where are you from? We are in Panama City, Florida. Laura Girotti (neighbor on your other side is the real estate agent we have been dealing with). How is the construction going? Are you planning on periodic visits? ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Hi dinosinc; what lot number are you on? We are supposed to be lot #10. If I may ask; are you financing? If so, are you running into any of the problems that we are? Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Update - Anyone wishing to finance a portion of their home with a bank - should verify with that bank whether the development/project is on the banks' "approved list". A portion of Ocean Village (Villas Marina) is not approved yet, so ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
We don't have enough equity in our home in the states. Plus, the interest rate for such a loan is very close to the rate Scotiabank is offering. As for the builder financing; at least through the building process; is what I have suggested to ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Thank you for the quick reply Bob, Here is the quandary; the bank will not give formal approval of loan until they see the finished villa. The builder wants the 30% to build the villa before the bank will give the loan.... so, what we are ... Read More
What is the norm and formalities ? Building a villa by Precision Engineer
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ...
Thank you Bob, We have been pre- approved through Scotiabank. They have stated that if it were an existing home, we would have the loan today. However, they require an appraisal on what would be the loan collateral minus our 30% down- which is the ... Read More
What is the norm and formalities ? Building a villa
Hello everyone ! We have a quandary I would like to ask your professional opinion. We have picked a site in a gated community in which to build a villa. We have been pre- approved for a loan from the bank there. However, the will not formally ... Read More
purchased a condo in Caberette. Heading there from U.S by Jay J Hood
Hello my name is Jay J Hood from Cocoa Beach Florida. I purchased a condo in Caberette last April and will be headed over from the US. I will be doing most of the things you have already been through. Residency, drivers license and making new ...
Hello Jay; A small world. I was raised in Eau Gallie and just sold my condo in Indialantic Beach in order to purchase in the DR. Read More
New members of the Dominican Republic forum, introduce yourself here 3rd quarter of 2016 by Julien
Hi all, Newbie on the Dominican Republic forum? Dont know how to start? This thread is for you ;) We invite you to introduce yourself on this topic, to share with us your expat story if you are already living in the country, or to tell ...
Hello, we are Bonnie and Jim. We are presently living in Panama City, Fl. our intentions are to retire to the DR within the next 5 years. She is a nurse, while I am amechanical engineer and a Master in the Merchant Marines. We have just been ... Read More