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OLX.com.ec, or How to do it like a local

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OceanHideaway
  8/30/2015 20:35 EST

The title pretty much sums it up.

Think our Ebay... only the Local feature is the most logical filter. And it will be in Spanish.

If you know what to look for, you can find some interesting bargains -- I found the real estate in Salinas particularly interesting in that respect.

I know where I would invest if I had the money.

luto2home
  9/3/2015 14:04 EST

helpful thanks!!!

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OceanHideaway
  9/3/2015 15:38 EST

That reminds me --

Ecuadorjoe --

I found a number of gas stoves for sale on OLX.com.ec-- have your wife look at the Santa Elena, Libertad and Salinas under Guayas. You will want to test them before buying.

ecuadorjoe
  9/3/2015 18:31 EST

Susan

We spent 2 days now looking for a gas oven. Doc told me about a person will try tomorrow.
Yes we know we have to test them and we have seen some bad ones, but most of the sales people are telling us that these are scarce now because the president want's us to buy electric, We will look more ... Thank you..

Jacek
  9/5/2015 11:14 EST

Susan,

You mentioned you would invest in real estate in Salinas. I'm thinking of it too, especially since my inlaws are nearing retirement and they could soon start spending winters in Ecuador.

Would you be able to outline the process one should follow to do things right? How to ensure that the seller is entitled to the land, the property, that the property has not been constructed in violations of some laws, that the all the titles are transferred properly, building inspections, etc.

Also, buying from a private owner, versus a new community development.

Much appreciated,

Jacek

windshadow
  9/5/2015 11:22 EST

Jacek,
You aren't asking for much are you?

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Jacek
  9/5/2015 13:04 EST

I am, but I know how much experience Susan has. If she has not time to answer, totally understood.

OceanHideaway
  9/5/2015 13:55 EST

Well -- I would use a seasoned professional licensed realtor who speaks Spanish and English like a native.

They would have to have a good knowledge of contracts and closings with actual first hand experience -- and references.

They would also need a solid one on one relationship with the local notarios, clerks at the property office, and knowledge of the current Salinas, Santa Elena and Libertad canton administration to be kept up to date on changes in laws and changes in zoning.

A person with a background in regulation so they know how to follow laws tot he fullest and best purpose without breaking them and knowledge of business management and administration so I know my "papers" are not going to get lost or allowed to be accessed by unauthorized persons.

And I would pay them for their professionalism -- I would not keep them holding but would work out an agreement that would satisfy their ability to work for me for my benefit prioritizing my needs because they are getting compensated for that work, not waiting to make it "rich" off my gamble.

Investing in real estate and "flipping" is not a quick deal here -- and where I would invest my money is once again -- not based on what the gringo would be looking to buy or own (necessarily) --

But most important I would not be spinning my wheels -- I have people for that -- I have my own business to run, investment is the idea that my money is working as hard as I am without my having to finagle.. just direct where it goes and why and with whom...in an intelligent manner.

YMMV...

Jacek
  9/5/2015 14:30 EST

Thanks Susan, that makes sense. I'm not sure if I'll ever have the courage to follow through, but at least this gives me a direction, to start looking for trustable and knowledgable realtors, rather than trying to do it myself.

ecuadorjoe
  9/5/2015 15:07 EST

Jacek

Sir, I recommend you look on "olx" for property for sale by owner=0% and once you find something get a good lawyer (that is not easy here) and have him/her check the whole potential deal, there are many things to check and at this time I am not going to go there but be very careful.

Jacek
  9/5/2015 15:36 EST

Thanks Ecuadorjoe, this sounds like a reasonable option too.

Does anyone have an opinion on whether buying a new house from a developer is any less risky?

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windshadow
  9/5/2015 20:09 EST

Always remember, you are in Ecuador! Trust, Ja ja ja, it is a four letter word.

OceanHideaway
  9/6/2015 13:23 EST

That very much depends on the developer and if they are following the new laws --

I know of a few situations that would ... make you stay clear of developers for life...

Actually as I am thinking this through ...I cannot think of one development geared towards gringos that I would ever suggest investing in... even those that already have a few house already built...

That would be here on the coast between Salinas and Manta specifically --

But that's my perspective.

livefreebstrong
  9/6/2015 14:34 EST

I share that view too, Ocean. If something happened in the country that would cause the majority of Gringos to skip town, what would happen to the resale value of your home?

In my opinion, you'd need to have local interests in the area as well. And I don't know many locals who would like to live on a street full of English speaking Gringos.

No offense. Just reverse those same circumstances and place them in a neighborhood in the US or Canada. Are people dying to buy into those neighborhoods?

I'm speaking of upper class neighbor hoods full of Gringos.

OceanHideaway
  9/6/2015 16:53 EST

Big hint on a "gringo" aimed development -- one with an English name -- .

Another is vaporware -- a building they are taking money now for your condo or house in the future....

Also -- always do a search with the name of the developer and the word SCAM after it ... you will pull up anything with that person's name on google

Jacek
  9/14/2015 17:54 EST

Thanks livefreebstrong, Susan. I do have some local interests and am not thinking just of making money on resale. My inlaws are Ecuadorian and about to retire. We too are considering the option of eventually retiring in Ecuador. My wife's step-uncle bough something in the Salinas area from a developer. He's Ecuadorian, leaving in NYC. I haven't been able to get any details from him though, other than that there are none left for sale from that developer. Maybe he doesn't want Gringos in his community? Hahaha!

OceanHideaway
  9/15/2015 17:08 EST

Don't laugh -- the developers are beginning to back off the gringo market ...really!

My guess is your family lives in Queens ...someplace near Flushing :)

BY the way I know of a really gorgeous place in CAPAES ... if your family is looking for a house on the water ... and I mean really perfect ... if I had the bucks I'd buy it ;)

dumluk
  9/26/2015 13:31 EST

What? Correa is advising the public to change to electric stoves? What a huge mistake that would be.........just imagine everytime the power goes out......like it does here in Panama rural zone quite frequently. Im always very glad to still be able to cook my fresh tuna.........I realize the cost of elect in Ecuador is dirt cheap, but still.............

ecuadorjoe
  9/26/2015 17:46 EST

dumluk

Correa is not advising to change to electric stoves. Now days is almost impossible to find a gas stove. New electric stoves made in China are abundant from $ 1000.- and up, this includes the oven. Cheap electricity is a 15% increase in ones electric cost. The price of gas is $ 1.50 c- per month for me....

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