Why Retire in Panama City, Panama

Florida? California? Aruba? Thinking of retiring to a tropical destination? Consider Panama - one of the world's top retirement destinations and a world class tourist location - particularly for adventure and ecotourism.

From its pristine white sand beaches and Hispanic colonial ruins, to its untouched primary rainforest and year-round tropical maritime climate; Panama City, Panama offers an ideal primary residential destination. Panama retirees can enjoy the benefits of a developing economy, take a taxi across town for under $4, get a haircut for $5, or enjoy dinner with a bottle of wine at a trendy Panama City restaurant for under $20 a person. You can also invest in panama.There are also many activities to enjoy including its jazz clubs to art openings to English-language theatre performances.

Need additional motivation to retire to Panama? Consider the reasonable condominium pricing, and the fact that the government of Panama has the best incentive program in the world for foreign retirees -- its incredible pensionado program. Panama's pensionado program was created via Law No. 6 and Law No. 9, both passed in June, 1987. Today, the program still provides pensioners with the most appealing special benefits the world has to offer. Under the pensionado program, retirees are entitled to the following:

Additionally, pensionado also receive a one-time exemption on the importation of household goods of up to $10,000, and, additionally, will enjoy an exemption from duties for the importation or local purchase of a car every two years. The government has also set up an additional national and foreign investment program where a new panama property has a 20-year exoneration period during which investors do not have to pay any kind of real estate property tax.

Rated as the number one place in the Americas for retirement by Modern Maturity magazine (based on safety, cost of living, infrastructure attractions, beauty and climate), Panama's lifestyle offerings and cultural activities coupled with the gorgeous beaches and great surfing, kayaking and diving, ensures Panama has something for everyone.

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Considerations for Buying a Pre-Foreclosure Home

When a homeowner doesn't make payments on time, the loan goes into what's called "default." This is the first step of the foreclosure process. The lender will file a notice of default - which is a public document - and the home will go into the pre-foreclosure process.

When foreclosed homes for sale are available, it's because the owner has agreed to sell the home on the condition that the bank or their lender will accept a lesser amount than what's owed. 

Buying a pre-foreclosure home can be a great way to save money without competing against all the investors who focus solely on foreclosed homes. However, former owners who lose their home to foreclosure or pre-foreclosure often leave behind a less-than-pristine property. In this article, we'll cover how you can find a pre-foreclosure property that won't be a money pit.

When purchasing a pre-foreclosure home, you need to:

·         Negotiate, negotiate and negotiate. Remember, the seller is very motivated and eager to sell, so the buyer is in the preferred position. While foreclosed properties are often offered at auction, pre-foreclosure properties are typically sold by the owner or the trustee, meaning you're in a better position to negotiate.

·         Inspect. While you should always inspect a home before you buy, it's even more important to have a foreclosure property fully inspected. If you're buying the home at auction, consider hiring an inspector to attend the viewing with you.

·         Ask for a written disclosure of the property condition. While this isn't always possible and many foreclosure homes or pre-foreclosure homes are sold as-is, you can sometimes ask for a list of all the defects you're accepting with your "as-is" purchase.

·         If you're buying a foreclosure or pre-foreclosure property, look for loans or financing options that are targeted specifically toward foreclosure homes.

·         Use an agent that specializes in foreclosure and pre-foreclosure properties. An agent that knows how to navigate the foreclosure system is worth the cost and can save you a lot of money and headaches in the long run.

 

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You're closer to Buying Foreclosure Properties than You Think

The real estate market is showing increasing signs of recovering and there are great investment opportunities to be found. Home prices are still relatively stable and interest rates are still very attractive.

However, whether buying for a primary residence or for investment purposes, there are still some basic guidelines to follow when considering buying foreclosure property in panama.

Below are my 3 Buying Foreclosure Properties Tips

Work with a broker.

It does not matter if you are buying a foreclosure for investment or as a primary residence, it is really helpful to have a broker help with the process.

Neighbourhood is one of the most important factors when it comes to buying a home and a broker is worth their weight in gold when it comes to knowing the local real estate market.

Do the financial due diligence.

All we need to do is remember the real estate market crash to see why it is important to do a thorough financial due diligence when purchasing a home.

Be realistic about your budget and how much home you can really afford. If the home is an investment purchase, can you make the mortgage payment if you have to carry the mortgage for a few months?

That can happen with investment property so be sure you factor in at least six months of mortgage payments, just in case.

Also factor in the cost of any repairs. This is especially true with foreclosure purchases, which are often sold, 'as is' which means they often need repairs.

Verify the condition of the property. Restore and repair costs add up on a total value of a home.

It is always best to purchase foreclosed properties for sale in panama that require minimal repairs, otherwise your profit margin shrinks.

Understand that every neighbourhood is local to that neighbourhood.

What this means is that what is selling in one area may not be selling just down the road, so you need to do your homework and check comparable homes in the area to know whether or not what you are buying is a good investment. Get a proper assessment on the home you are considering purchasing.

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