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4 buying pitfalls overseas Pinoys must avoid

DEVELOPERS go through great lengths just to attract overseas-based Filipino property buyers, even holding road shows abroad to directly connect with overseas workers, whose dreams include owning a house and lot, and probably one or two more properties after they retire or return back home.

The country’s largest property financing agency Pag-Ibig and the Housing and Land Use Regulatory Board revealed to Inquirer Property that about 16 percent of those who avail of Pag-Ibig loans to purchase real estate are overseas Filipinos.

Linda Moreno, vice president of Pag-Ibig International Operations Group, Amado Dizon, manager of Pag-Ibig Overseas Program (POP), Overseas Operations Department, and Mike Denava of the legal department of the Housing and Land Use Regulatory Board also shared their observations on the most frequent (and avoidable) mistakes overseas Filipinos commit in their purchases. Here are 4 of them:

Buying without seeing. The three have noted that overseas-based buyers sometimes conclude the sale even without actually checking the physical and legal condition of the subject property. They do not bother to check the authenticity of the TCT (transfer of certificate title), or if, for example, there is a pending case against the real properties they are buying.

Perhaps arising from this neglect, the overseas buyers do not realize the property they have bought is encumbered/mortgaged with another institution.

No representatives. Buyers leave the Philippines without appointing authorized representatives (through Special Power of Attorney), thus causing delay in the processing of their housing loan applications.
Documents of the sale are not in order (e.g. spouse signature on mortgage documents such as SPA is not authenticated by the consulate or the POP information officer concerned).

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