I was web browsing and found these sites. It might be of interest to you. I just want to make sure that you're aware of actual incidences where Filipinos lost their hard earned money when a housing developer in the Philippines failed to deliver and then are nowhere to be found.

These are just samples because there are more developers who previously failed to deliver and some new and maybe known developers or builders that will fail to deliver.

- pre-selling house and lot

- abandoned development

Buyers beware!
By Marcos de Guzman Jr.
Inquirer News Service

HOW CERTAIN ARE YOU THAT THE property you are buying with your life's savings will not go to waste? How confident are you that the developer you are dealing with can complete the job as promised?

Sure, the brochures are attractive! The prices are reasonable. The entrance gate is impressive. But are you sure the development will be completed and that you will get to live in the house you paid for with your sweat and blood?

Preselling

Since the cost of money is so high, most developers resort to preselling. That's marketing the lot or house or unit even before starting the project or while it is still under construction.

A lot of people buy during this preselling stage because the prices are lower and the rates are better since the developer need not add a premium for the cost of his money. But the trade off is that the risks of noncompletion are higher too.

To clarify the issues and identify checkpoints in protecting prospective buyers and investors, I met with the Housing and Land Use Regulatory Board (HLURB) main man, Commissioner and chief executive Romulo M. Fabul. Having served the board since 1982 and handled various offices under the past five presidents, he is the best person to speak to us about the field of housing in our country.

He recommends that even before giving a downpayment on the lot, condo unit, townhouse or house of your choice, one must be aware and take steps to minimize the risks.

Suggestions

So, in summary, he suggests that the prospective buyer must do his homework.

· Check if the developer has a permit or license to sell issued by the HLURB. If the developer has not fully complied with the HLURB requirements, such a permit will not be issued. This ensures that the developer has the capacity to complete the project.

· Check the track record of the developer. Established developers will not compromise their names with incomplete projects. Try to find out if there were instances when the developer was not able to complete a project and why.

· Have an expert check the product or the construction plans if at all possible. Or if there's an ongoing construction, ask a knowledgeable person to look the site over. The most important items to look at are not the finishes but the structural, plumbing and electrical systems. Plumbing issues could prove to be a nightmare for the hapless homeowner. Electrical problems can be very dangerous and weaknesses in the structure will not only be expensive to repair, but can be extremely disastrous.

· Buying lots in old or existing subdivision are even trickier. Consult the neighbors and homeowners' association. Verify the records from the register of deeds for back taxes and ownership.

· Listen to your intuition. There are pieces of property that emit good vibrations and some just don't. Remember, this is a house that you would probably live in for the rest of your life and maybe pass on to your children, so it is important that you feel good about it.

There are no shortcuts. Don't jump off the plane without a chute thinking that you can fly. No one can do all the above for you. You must get involved and be satisfied that you have done the best spade work possible. Only then, will you rest assured that your investment is an acceptable risk. Good luck!

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I'm just wondering since when did the Philippine Embassy or the Consulates General get their realtor license ? I know that they are not selling real estate properties but the importance and significance they give to these developers and event are incomprehensible. They said that they just want to boost investments and remittances coming from the Filipinos in the U.S. There is nothing wrong about that but the kind of investment they're pushing is not the stable and truly value appreciating kind of investments. These Filipinos worked hard for their money and I hope that the Consulate Generals should just respect that.
Assuming that those condominiums are good investments (which again they are not), would the Philippine Embassy and the Consulate Generals help you get your money back in case the developer was not able to build and run away with your money ? Would they even help you resolve your problem with the developers or banks in case it arise ? One should know that these developments they're pushing are mostly pre-selling or pre-construction. What if the property looks good only on catalogs, flyers and slides and looks and 'feels' different after it is built ?
I totally agree that Filipinos overseas should increase their investments in our home country. But it has to be something truly good for the country long term and should definitely be good for the Filipinos also in the long run. Not just for some selected developers and builders.

They were adviced to talk to the Dept. of Agrarian Reforms to get more information since they're planning to convert a portion of the land being used for rice farming for personal use. They were told that they could not do that due to some regulations and was discouraged of their plans.

Just a few months later, those same parcels were bought by a developer at a rumored cheaper price than what the OFWs offered and converted it into a subdivision. Adding insult to injury, the OFWs were then asked later on if they want to buy a house and lot on that subdivision.

The CALABARZON (Region IVA) area has been piping hot for real estate developments during all these years and most OFWs were not even given a chance to purchase some lands because they were offered to developers instead. What I meant was that the developers made it happen that the land parcels were only offered to them. How did they do that? You could take a wild guess ang give an obvious answer….. How hard it is to speculate when you see some DAR officials and its regular employees whose new and big SUVs are parked on their fancy houses.

I hope that somebody from DAR (the calabarzon area at least) will prove me wrong. And they should !

If you're getting one from the cheaper "district", parking spot is an additional cost. But if you'll buy a parking space or two, there is no guarantee that your parking spaces will be side by side as you would expect. There is also no guarantee how far or how close your parking space will be from your unit. The salespeople will say that it should not be a problem and your spaces will be side by side and close to your unit. But they will NOT put those in writing. The exact location of your parking spaces could not be guaranteed ! If it was never part of the contract, then they have no obligation to fulfill whatever they told you.

Remember that some of their sales managers are very hungry for a commission so they will tell you anything you want to hear whether it is true or not.

Again buyer beware as this applies to other condominium companies as well.

She was told by Serendra that she has not paid some additional charges after making paying her monthly payment for about 6 months. She tried to get in touch with Serendra via email but nobody responded to her. She tried making long distance phone calls but the person is either not in the office or out in a meeting somewhere. She did not get any answer back.

Time went by without any resolution and they took over the condo unit and never refunded back all the payments she made.

She still makes phone calls at Serendra but is being passed from one person to another. She is not giving up though.

Seems like once they made the sale, nobody wants to listen.

Obviously, the more ads they could show you on each print or web page entails more income for them.

What I'm trying to imply here is that do not expect these newspapers to write and drill-down about scams and other issues pervading the real estate industry and how they affect the Filipino people especially the OFWs lest these companies want to lose a good moolah source.

I strongly hope that they will prove me wrong and they should to the Filipinos' benefit.

1. prices are unreasonably high and speculative which could easily crash
2. there are other more secure and stable financial instruments
3. they'll say that real estate prices will go up. But the value of peso keeps going down.
4. no standards for quality and shabby wokmanship even from supposedly reputable builders. Builders want more profit for the price.
5. no full disclosure – builders will not fully inform you of what you're actually getting, how and when they're going to build it

Do not listen to what those condominium salespeople or realtors tell you. For the most part, they just not know any better and some are just protecting their own interest not yours.

Some buyers have been paying their mortgages for years yet Robinsons Land has not even started building. When you ask their salespeople, they will say that it will start soon. I wonder what Robinsons Land is waiting for? More capital ?

This is another case why you have to beware of "pre-selling" condominiums or houses in the Philippines.