Buying Schemes, Can We Trust Them?

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As Art mentioned in THIS POST the buying schemes in the Philippines often seem like just that, schemes to part you with your money. When I buy something then I prefer that a place is already built, but in order to get in on some of the supposed deals, one would have to go along with some of these so called schemes, and I am just too chicken to do so, but I wonder if any of you would pay your money up front in todays market, and wait, and hope for the building or home to get finished? Do they do these same buying schemes where all is paid before the unit is even completed in other countries too? As I mentioned in another post, my wife and I looked at a new condo that is to go up in Cebu and in order to get a discount they wanted all the money up front, or had other schemes with no discount where all the money would be paid in full before the unit would even be ready, and I am not used to that kind of buying, as in the US we put a down payment of say 20% (which is a big enough gamble) on a home and then do not pay for it until it is completed, so it amazes me just how many people here seem to go along with those schemes. Would you? I have to wonder what type of recourse a person might have in the Philippines if all the money was already paid and they were not happy with the results?

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Posted
As Art mentioned in THIS POST the buying schemes in the Philippines often seem like just that, schemes to part you with your money. When I buy something then I prefer that a place is already built, but in order to get in on some of the supposed deals, one would have to go along with some of these so called schemes, and I am just too chicken to do so, but I wonder if any of you would pay your money up front in todays market, and wait, and hope for the building or home to get finished? Do they do these same buying schemes where all is paid before the unit is even completed in other countries too?As I mentioned in another post, my wife and I looked at a new condo that is to go up in Cebu and in order to get a discount they wanted all the money up front, or had other schemes with no discount where all the money would be paid in full before the unit would even be ready, and I am not used to that kind of buying, as in the US we put a down payment of say 20% (which is a big enough gamble) on a home and then do not pay for it until it is completed, so it amazes me just how many people here seem to go along with those schemes. Would you? I have to wonder what type of recourse a person might have in the Philippines if all the money was already paid and they were not happy with the results?
It would seem that this is the norm rather than the exception. No matter how enticing the brochure or the package deal (discounts) might be,I would never go for it. It's like taking a dive off the deep end without checkng if there's water in the pool.Respectfully -- Jake
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Posted (edited)

It would be interesting to know how much foreign money has come into the Philippines as scam proceeds.Another poster said he sees a lot of unfinished condo projects. I personally see a lot of houses, subdivisions, resorts, and many other developments that look unfinished and abandoned. When I ask the locals I usually hear the same story that a foreigner started that but ran out of money. Communication is difficult as I speak only a few words of Bisayan and the local guys are hesitant to use English, (from shyness I think), but I take it to mean the foreigner got tired of being bled dry and walked away from his 'investment'.What this has done is lead to the mentality of endless foreign money to be had by promising big results for a little money up front. I did not buy into any of those projects but I can see the lure. My downfall came with Legacy group and V8 Motorcycle dealerships. Point being that there are many foreigners with more money than sense who are used to government guaranteed failsafes in business that do not exist here.So, to directly answer the question "Buying Schemes, Can We Trust Them", I would say no. All the documents, guarantees, post dated cheques and promises made in the Philippines are useless because it would take the rest of your lifetime (if you are a retiree) to get satisfaction in court if you are screwed over, IF then. However, some of these schemes work because the people involved are honest. Take the time and effort to get to know the people involved and make sure you would trust those individuals with your life savings before buying from them.

Edited by Dave Hounddriver
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myself i will never put money up front for something i cant see finished and that goes for here in canada or the philippines , unless im building it myself !!! then you have control on how much you can finish depending on your money that you have in your hands at the time, my house in manila is almost paid off only owe about another 3 -4 k canadian and its done and paid for , yes we need a bigger place coz its only around 50 sqr meters but im willing to wait till our house is paid off then my plan was to buy the house next door thats attached and turn that into the bedrooms so i would say in 10 years i will expand & payoff both houses and possible build upwards aswell but i'll be damed if im going to get into any schemes to do it , i would rather suffer in the small house i have now knowing its paid off then to do get into anything like that !! dont get me wrong i get tempted when i see beautiful homes in the phils for sale and dream that i had that , but i WILL NOT fall for the scams as for the answer your looking for lee for me NO i will not fall for it and i wouldnt trust it as far as i can throw a 1 ton man hahahahaOldUgly&Cranky

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Posted (edited)

:omg: In the Philippine's? :wt-hell: Heaven Forbid! :kidding: Absolutely, no, no, no, no, no nooooooooooooooooo!!!!! :728:

Edited by roy2cebu
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Posted (edited)

Back in 1999, when the subdivision we wanted to buy into was just a dirt field with tall grass just growing wild, we did put a 20% deposit to reserve the small plot of land we wanted and later paid in post dated checks monthly until paid in full in 1 year to the "Ayala" developer, (LPHI) Laguna Properties Holding Inc aka AVIDA today, I'm sure most of you seen AVIDA advertisements on TV! I researched their track record and financial portfolio before we took the leap of faith, Ayala is also a subsidiary of Bank of the Philippine Islands (BPI) which is one of the oldest and reputable bank in the Philippines, which we are a member of and got our construction loan from them to completely finish our home! Our leap of Faith was rewarded after 6 months of construction finished with just the basic floor plan in 2001, but it wasn't quite finished, except for one of the bedrooms, bath room and kitchen which was in move condition so we could over see the final finishing phase of our 2 car garage, laundry room and TV room! It was just our gut feeling it would work out fine in the end and it did! This place has developed into a nice modern suburb and is still expanding! I've already shown the development results of our area in my other posts, but here it is again as proof of what I've described!Life is truly grand when a plan comes together! Good things comes to those who have faith in the developer's reputable track record and are willing to wait it out! (see link below)http://www.google.co...iw=1260&bih=664

Edited by Fil/AmArt
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