Finding a real estate agent in Cuenca to check out rental properties

I'm going to chime in here, with the caveat that I have never been to Ecuador, but i have been researching it intensively. Go to youtube and search 'Cuenca property'. You will find hrs of interesting material to watch. Enjoy.
All the best,
James

welacando wrote:

How can I go about finding a real estate agent in Cuenca to check out rental properties? Is it possible to get a(not too expensive)personal guide while in Cuenca?

I am sure there are many expats in Cuenca who would be happy to help an RN who speaks English and Spanish.  Perhaps you could buy them a beer or two or lunch.

Also interestested in medical/mission trips. Am learning Spanish. From my research there are no real eastate agents like we have in US, Big expat community in Cuenca which can help you I'm told. Also look on GringoTree. This is us expat site for Cuenca...Sue

Im not real estate, but I can take to see places and ask prices for you. I have my own trasportation and just we need to arrange a date. 
In my experience, is better if an ecuadorian ask for the price.
About fees, we can have an agreement.

My Husband is from Georgia, and sometimes (not all the time) they has "gringo price" and "ecuadorian price" You see what I mean?
Sometimes even others Americans are asking for money for certain real estate.

Some Americans are involved in certain bussines that are regulated by ecuadorian law. I mean, they should not be doing what they are doing. For example: Mortage. In Ecuador the only way to have credit for a real estate is by Banking system. People cant ask for any interest for any real estate that they want to sell. In Ecuador dont works that way.

I know this Maria Pia and she is honest...she has taught herself English in a short period of time and is a hard working Ecuatoriana....i happen to see her ad and she would be a good guide as a Real Estate Agent in this unfamiliar market to many people...

MariaPiaBlog wrote:

In Ecuador the only way to have credit for a real estate is by Banking system. People cant ask for any interest for any real estate that they want to sell. In Ecuador dont works that way.

So even if there is a signed contract, there are no seller financed mortgages allowed.  How difficult is it to get a bank mortgage and what kind of interest rates and closing costs are involved?  How much is required as a down payment?

We have the Superintendencia de Bancos it regulates the banking system, interest rates, etc If you read spanish you can check it out in
http://www.sbs.gob.ec/practg/p_index

This entity regulates which companies has autorization to work in Ecuador, it means take money from people, pay interest accord to the investment, give money as credit, etc

We call "chulco" "chulquero" the person who gives credit as a private way (hope is correct english) As a contract between buyer and seller.

When someone has not money enough in order to buy a real estate, we have a certain kind a contract (as a affidavit) where the buyer promises to pay to the seller the full money in (X time) but no seller gives the buyer too long time.

Why?

Firstable because ecuadorians dotn do that kind of contracts, also because the seller is not a Bank. Hope I make myself clear.

If the seller cant pay the full amount for the real estate, the buyer can keep the down payment and the property. This kind of contract have to be notarize by Notary in Ecuador.

The rate interest for mortgage in Ecuador is call: Tasa de Interes Credito Hipotecario, and it is variable depending of the entity ( I mean, the bank or cooperativa)This rates has a maximun, the Ecuadorian Central Bank regulates it.

The money that the banks gives as a credit goes from 70%-80% of the value of the real estate(I have to edit here, I made a typing mistake, sorry)

The rates also depends of the entity. They has a open rate and a close rate. Wich means:
Open rate: can vary by inflation
Close rate: Always will be the same interest every month.


Most of the credits are handle by BIESS (gov oficce) wich dont ask for down payment and the credit is for the hole real estate value.

I will higly recomend to anybody dont get mortgages from a person, even if that person is agree to give it to you. Why?

If something goes wrong the buyer has any rigth over the real estate (loose money and property) and the seller (in case the buyer fills out a complaint against him/her) will be prosecuted by the Police; because is an ilegal activity give mortgage.

Art 121 Banking System: Accord to Ecuadorian Banking System Law only the entities it belongs to the finacial system and has license from SuperIntendencia de Bancos are qualified to extend credit and take money from people for investment

Source:

http://www.creditos.com.ec/todo-lo-que- … n-ecuador/http://www.sbs.gob.ec/practg/p_indexhttp://www.ministeriointerior.gob.ec/tag/chulco/

70-80% down is quite a pile of money required to buy a house.  It must be very difficult for a working class person or family to buy a house.

70-80% is what the bank gives as a credit.

MariaPiaBlog wrote:

70-80% is what the bank gives as a credit.

I C So you need 20-30% down, much better.