Video FAQ Series #1 – Financing, MLS and Working Remotely.

Tank Tops Flip Flops Newsletter no. 225

Welcome to the first installment of our Costa Rica FAQ (Frequently Asked Questions) Series, where we dive into the nitty-gritty of real estate and property investment and as always – life in Costa Rica.

Video 1: Is there Financing in Costa Rica?

A question often asked, yet rarely answered comprehensively.  Yes, there is financing in Costa Rica, but very few foreigners I know have ever gone through the entire process.  First, it is very hard to get financing as a foreigner because they generally want to see income here in Costa Rica.  But many people have a lot of wealth and net worth and will qualify for the financing.  For lack of a better word is there are a lot of fees involved with the financing in Costa Rica.  Upfront fees to set up the mortgage (Points) and fees to release the mortgage later down the line.

Why is it important to work with an experienced Real Estate Agent and long-standing Real Estate Company in Costa Rica?

Most Buyers and Sellers in the coastal regions of Costa Rica are not native to the area so it seems like common sense that you would seek out advice from a seasoned and professional Agent that works in a well-established agency to guide you through the purchase or sale process of a property in a foreign county.  I think we would all agree with that statement so far.

Suffice it to say that most Real Estate Agents and Real Estate Companies will claim they are the wisest and most knowledgeable.  There are definitely quality individuals and companies operating in the Papagayo area and beyond.  During a hot real estate market, the number of agents working increases and the number of unexperienced agents goes up as well.  It is not too hard to put together a good website and present yourself in a good light and sound like you are knowledgeable to the unknowing client.  Especially since the laws and customs for buying and selling real estate in Costa Rica are probably much different from what you are accustomed to that could cause you to not notice that you are working with an experienced person right away.