{"id":386,"date":"2013-07-05T15:11:39","date_gmt":"2013-07-05T15:11:39","guid":{"rendered":"http:\/\/www.propertiesincostarica.com\/blog\/?p=386"},"modified":"2018-06-22T08:16:50","modified_gmt":"2018-06-22T14:16:50","slug":"seller-_financing_saves_the_day","status":"publish","type":"post","link":"https:\/\/www.propertiesincostarica.com\/blog\/seller-_financing_saves_the_day\/","title":{"rendered":"Seller Financing Saves The Day"},"content":{"rendered":"

Costa Rica real estate<\/strong> is typically a cash market for foreign investors. The main reason is Costa Rican banks lend money at a significantly higher interest rate than the Prime rate, which has been cut to historically low level since January of 2009. However, you don\u2019t have to give up the dream of owning your own piece of paradise, because there are two elements working in your favor\u2014lower prices and seller financing<\/a>.<\/p>\n

Pricing After The Downturn<\/strong><\/p>\n

Whether you desire a luxury home or an ocean view lot, there\u2019s never been a better time to buy Costa Rica real estate.<\/a> Land values are down by 50-60% from the peak in 2008. Houses<\/a> have held their value a bit more, but even these turnkey options are lower.<\/p>\n

Seller Financing Is Easy<\/a><\/strong><\/p>\n

Before the downturn, most foreign buyers\u2014Americans, Canadians, Europeans\u2014traveled to Costa Rica with cash to invest. Then, the downturn hit and property values around the world decreased\u2026 dramatically in some areas. Equity in their home dried up along with previously abundant lines of credit. This is where property owners in Costa Rica got creative.<\/p>\n

In fact, \u201cholding paper\u201d in the form of a registered mortgage, became more than an option, it quickly became common. \u201cHolding paper\u201d means the seller is willing to take a portion of the purchase price up front and hold a note in the form of a trust or mortgage. Your lawyers set up a trust or a mortgage here in Costa Rica.<\/p>\n

Here\u2019s the security for the seller\u2026 If the buyer defaults on the terms of the trust or mortgage (usually by missing payments), the seller can initiate the foreclosure process.<\/p>\n

Term-inology<\/strong><\/p>\n

Generally speaking, we see certain deal points common to the seller financing <\/a> deals (e.g., approx.. half of the purchase price down, a term of less than 5 years). While other details like interest rates, ballon payments, and monthly\/annual payments vary greatly.<\/p>\n

Cash is still king in the Costa Rica real estate<\/a> market. If you, as a cash investor, have been sitting on the sidelines waiting for the right time to buy your dream property in the tropics, your time is now. You have the maximum buying power with the maximum inventory of ocean view land<\/a>.<\/p>\n

by Rod Martin<\/p>\n","protected":false},"excerpt":{"rendered":"

Costa Rica real estate is typically a cash market for foreign investors. The main reason is Costa Rican banks lend money at a significantly higher interest rate than the Prime rate, which has been cut to historically low level since January of 2009. However, you don\u2019t have to give up the dream of owning your […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"yoast_head":"\nSeller Financing Saves The Day - Properties in Costa Rica Blog<\/title>\n<meta name=\"description\" content=\"Costa Rica real estate is typically a cash market for foreign investors. 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