Buying real estate online: What to look for
Article by Antonio Hernandez
When you want to buy some property but can’t really decide how to proceed, the internet can be a boon to your search. Nowadays, the realty markets in popular leisure destinations are booming. Places like Panama and Costa Rica have become favorite investment destinations for anyone seeking beautiful weather and stable investment. As globetrotting is not everybody’s cup of tea, online marketplaces have become popular alternatives. But the questions is do they really work and are they really safe? Here are some general guidelines for what to look for when buying real estate online.
To start with, you will find property auctions in all the principal bidding sites like eBay. You will find all sorts of deals from small cottages to vast ranches to buy. You can also by non existent properties that will be developed after you make the payments!
There can be various problems with these sorts of sites including questions about the legality of the deal itself. This is especially true when you are shopping in new markets like Panama; don’t lose your head, there can be traps everywhere. The property itself might not be available for purchase or it might need extensive and costly renovation. Also there are different sets of rules and regulation in different countries. So you need to be sure if you have all the necessary permissions or not before placing your bid.
The good news is that these auction sites are not legally binding like real auction houses. They just facilitate the interaction between you and the potential seller. So after the bidding you can meet up and fix the deal, and there is always the option of backing out of the deal. Just remember that you never finalize the deal until you have actually seen the property and ascertained all the details.
Also please note that the eBay has two types of deals called binding and nonbinding. Don’t get misled by these terms. Those terms are strictly for eBay’s internal operations and have nothing to do with actual legal procedures. If you are bidding under a binding auction then you are showing a real intent of buying. If you don’t keep your word afterwards, you will get negative feedback from the site that will affect your virtual image. However, there is really nothing more to it than that. Apart from the bids, you will also notice hundreds of advertisements selling property over the net. Those links will take you to sites by property developers and referrers. On these sites try to dig out the hidden terms and conditions before proceeding.
Don’t hesitate to use the convenience that technology is providing you. We have to accept that the web has made life much easier for us. Any kind of information is now just a mouse click away. At the same time it has given rise to a new breed of fraudsters and scams. For this reason due diligence and research are necessary, just the same as when buying a piece of real estate offline.
This article brought to you by BuyPanamaRealEstate.com. Working exclusively as a buyer’s representative for pre-construction beach projects in the Republic of Panama, Buy Panama Real Estate’s mission is to provide a superior level of service through our commitment to our clients as their personal advocate.