Subject To Buying A Home With No Cash Philippine Property Ownership Law The Real Estate Market In Jacksonville Florida Hurricane Katrina Recovery The Price Of Rebuilding Majorca Has Some Of The Hottest Properties On Sale And Some Of The Best Estate Agents To Help You

You want to buy a home, but you have very little money saved. What are your options?

Traditional mortgages don’t always require large down payments. If you have a good income, stable job and good credit, you should easily be able to get a traditional mortgage, even without a down payment.

However, if your credit is bad, there are still plenty of options for getting into the real estate market. Despite the mortgage-due-on-sale clause, sometimes a buyer can take over payments on an existing mortgage. It is very unlikely a bank will demand the full mortgage, and risk ending up having to deal with a foreclosure, if monthly payments are being made on time. These sales, called “subject to” sales. In these cases, the seller will require a second mortgage to get their equity out of the home. If there is little or no equity in the home, a contract can be arranged wherein the buyer agrees to pay off the sellers mortgage in a set number of years when they in turn sell the home. Often, this deal is made with the promise of a percentage of the buyers profit going to the seller when the home is sold again.

These contracts allow a highly motivated seller to walk away from their mortgage and either easily get a second mortgage, or start fresh, but receive a check in an agreed upon number of years for a percentage of the homes re-sale. As a buyer, you can assume the mortgage, either live in the home or rent it out, then when it has gained equity, sell it and only then give the person you bought it from a small sum.

While subject-to sales sound complicated, they can really be a great deal for both buyers and sellers with little money.

In the Philippines, Foreign Nationals can only buy condominium units under Republic Act 4726, otherwise known as the Condominium Act. The law provides that no condominium unit can be sold without at the same time selling the corresponding amount of rights, shares or other interests in the condominium management body (The Condominium Corporation) , and no one can buy shares in a condominium corporation without at the same time buying a condominium unit. Now the Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to not more than 40 % of the total and outstanding capital stock of a Filipino owned or controlled corporation.

As for Philippine Visa Requirements, for those Nationals planning to stay for longer term visits to the Country, or for Non Philippine Nationals, a Retirement Visa may be applied through the Philippine Leisure Authority where proposed or “pre-existing investments may qualify the applicant for a Philippine Retirement Visa. The Philippine Leisure and Retirement Authority (PLRA) is now accepting Special Resident Retiree’s Visa (SRRV) applicants with pre-existing investments in the Philippines. This policy has been in place since October 28, 2003. Pre-existing investments in the form of a previously purchased condominium unit, shares of stock in corporations, leasehold agreements and proprietary membership shares are accepted in lieu of the required US dollar time deposit.

In addition to the usual documentary requirements for SRRV application, applicants should submit specific documents depending on the type of investment they will be using in lieu of the US dollar time deposit. For condominium units or long-term leasehold agreements, applicants should submit: Condominium Certificate of Title (CCT) or Transfer Certificate of Title (TCT) duly certified by the Registry of Deeds; and Deed of absolute sale as proof of the property’s purchase price, which should be at least USD 50,000.00 or USD 75,000.00, whichever is applicable, based on the exchange rate at the time the property was purchased or acquired.

Whether there is a real estate bubble and, if so, will it pop is a popular topic across the country. The real estate marketing in Jacksonville, Florida, however, is a major exception.

The Real Estate Market in Jacksonville, Florida

Jacksonville is located in the northeastern part of Florida and is just below the border with Georgia. Real estate in Jacksonville is a steal, particularly given appreciation rates. A Jacksonville home will run you $125,000 on average, about $50,000 less than the national average.

The real beauty of homes in Jacksonville is the appreciation rate. Despite prices that are well below national averages, appreciation rates are excellent at approximately 14 percent. Put in practical terms, it is the perfect time to buy. You can get an excellent price and expect property values to increase. This represents the ideal real estate scenario.

As to the city of Jacksonville, things are definitely on the upswing. Job growth is triple the national average, and is expected to double or even triple over the next few months. Despite this strong growth, the cost of living is about 10 percent less than the national average. You’ll find more doctors on average than other locations in the nation, but the cost of medical care is about 15 percent less than you’ll find elsewhere on average. Since you are in Florida, you’ll pay no state income tax, which makes you’re money go a lot farther.

Although Jacksonville is located in the far north of Florida, it has a similar climate to the rest of the state. You’re going to get about 50 inches of rain on average and it is going to be in the nineties in the summer. Unlike Miami, however, the winter can get a bit nippy with temperatures falling into the mid forties. For many people, however, this is viewed as a positive since it is nice to get a break from the hot Florida climate every once in a while.

With low home prices, solid appreciation rates and no state income tax, Jacksonville is a prime real estate market.

President Bush and a number of other politicians are pushing for a huge rebuilding campaign for the devastated gulf coast region. Bottom figure estimates have the rebuilding costs pegged at 200 billion dollars while some have said that when it is all said and done the project will exceed one trillion dollars. Certainly, this will be the most massive renewal project ever undertaken in the history of the world. Can we afford this project? How will we pay for it? All Americans need to consider what this project will mean before giving their okay. Will politicians listen? It certainly remains to be seen.

We have all been captivated by the human drama that has unfolded before our very eyes since Hurricane Katrina slammed ashore this past August. People plucked off of their roof tops by the U.S. Coast Guard, children separated from their parents, bedlam at the Superdome, bodies floating in streets throughout the ninth ward, and more. These are some of the images we have all seen. Only a hard heart could fail to be affected in some way by the scenes we have witnessed on our televisions.

Within a few weeks, calls to rebuild the gulf coast region have been mentioned by President Bush and other leading politicians and echoed throughout the media. Many have stated that we cannot allow a major American city to remain destroyed, that rebuilding must occur. At any cost, at any price.

Personally, I hope that a certain amount of debate happens before funds are earmarked. So far, no actual amount has been mentioned, which is causing me to hold on to my wallet for dear life. No, I am not against helping people. What I do oppose is rebuilding in areas that are prone to future devastation and loss of life. Quite frankly, I do not know if there is an amount of money we could spend — even if we had it — that would protect area residents should a repeat performance ever occur, which is likely to happen once again.

Some questions I want to see asked include:

How many people who left New Orleans really want to go back? The latest figures I have seen is that about half do and half do not want to return. Does that mean that we should build a city on the same scale as the old New Orleans, or not?

What are the long term effects of the toxic cesspool? Will the soil permanently contain contaminants that could adversely effect the health of residents?

The current levee system is inadequate. Doesn’t it make sense to have a new system in place before massive rebuilding commences?

Who will have authority over the funds? Local and state politicians whose prior management of the area is suspect to say the least? The federal government? An independent agency? Who?

Will we be able to divert funds from pork projects now slated to be funded? I have heard of two bridges in Alaska that are essentially bridges to nowhere. Are U.S. senators and congressmen willing to sacrifice personal pork projects to pay for this project?

How about cutbacks in military expenditures to help fund the project? No, I am not talking about cutbacks to Iraq, but why do we still have such a large troop presence in Europe? The cold war ended more than fifteen years ago, isn’t Europe able to defend itself?

I realize some of these questions may appear to be insensitive, but they need to be asked. An emotional response to the devastation coupled with a blank check will likely mean that our children and grandchildren will be paying the tab, perhaps long after many of us are gone.

I really hope that we can think all of this through. My fear is that we won’t and that we will saddle future generations with an awful burden.

Majorca’s proximity to the sea and the scenic beauty that surrounds it is any investor’s bait. More and more people are trying to make Majorca their home or place of business. Realizing its potential in the buyers and sellers market, agents are grabbing this opportunity to operate on Majorca property. Their services are many and they begin from advertising to handing over the ownership of the property to deals with the next owner.


Once it is known that a property in Majorca is up for sale, Majorca estate agents approach you even before you can. They will give it the right exposure to attract the buyer’s attention. If your property is advertised on the net they also upload photographs showing off the beauty of the place. However, on specific request they abstain from attaching photographs to maintain privacy from intruders. Website presentations are regarded as comprehensive and reliable to access prime properties.

Inspection of Property Legalities

Properties that have been put up for sale are thoroughly inspected by the agents. They go into the details of legalities, the ownership and clear title of ownership, the ownership papers, as well as dispute-free status. They check out all the details pertaining to the property to be sold. They also go into the details of the purchaser’s genuineness and capacity to pay.

Site Inspections

Once you show interest in a certain property, Majorca estate agents take you on a site visit of whatever properties you would like to see. Sometimes they recommend certain properties from their side. You might just about like one such property after seeing it.


They recommend and help you negotiate prices if you have set your heart on a particular property. They also help you to get in touch with the best financiers for a mortgage loan and recommend lawyers to process matters legally.

Customer Satisfaction

This is the most important thing that the agents have to offer their clients. They are a team of members from Germany, Austria, Britain, Switzerland, Denmark, Russia, France, Sweden, and Spain and are able to converse in the language of the buyer or the seller. They offer security of service and earn your confidence in lieu.

Properties Offered

Properties cover anything from apartments and town houses to terrace and semi detached villas, and country homes. The locations are on first sea line, front line, sea view, and direct approach to sea, as well as sea plots. Locations are always prestigious, in the city or town, or the beach. Charming manors too appear in their list of properties for sale. You just have to name it and it will be on the cards.

The agents located in Majorca help you to find just the place that touches your heart.

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