Filipino Consumer Alert

May 14, 2006

Beware : Buying a ‘Pre-Selling’ Condo Unit or House in the Philippines

Filed under: Balikbayan, Filipino, OFW, Philippine Real Estate, Philippines, Pinoy, Robinsons, Serendra — filipino360 @ 12:00 pm

Salespeople from real estate companies in the Philippines have been visiting the States to make Filipinos more aware of recent real estate developments back home.
They'll entice people to purchase a home or a condo unit at a supposedly 'pre-selling' price. That pricing scheme is being offered when no actual development has been started yet. It is supposedly cheaper compared to when the housing development gets started.
That could be true but you entail a greater risk.
A lot of our kababayans from the States were conned into making the purchase only to find out after paying their monthly mortgage for about two years that the builder has not even broken ground yet. Hopefully the builders still have intentions of building and not run away with the money.

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