Why OFWs Need to Find a Real Estate Agent When Buying a Property

There is no doubt that overseas Filipino workers (OFWS) reflect the qualities of today's Filipino workforce: genuine sacrifice and dedication to the family. This is reason why all their hard work should be not go down the drain and must amount to something worthwhile.

Real estate is the best investment all overseas Filipino workers must work towards. One of the best things about buying a property today is that overseas Filipino workers have plenty of real estate property types to choose from: a house and lot from their hometown or a condominium with a credible real estate developer.

Among the benefits of a real estate investment is that every real estate property in the Philippines will increase in value over time. Properties appreciate over the years and amount to a reliable profit for overseas Filipino workers. Compared to any other investment, putting their money in a lot in the Philippines or a condominium is less risky. This also secures the future of overseas Filipino workers once they come home permanently and retire.

Once they have decided on the location of a real estate property and saved enough money for downpayment or a housing loan, one of the crucial steps OFWs need to do is to find a licensed real estate agent or real estate broker to work with.

Being physically absent in the country means having a trusted representative to see through a real estate transaction matters. Therefore, seeking a real estate agent should be prioritized. A trustworthy licensed real estate agent or broker will have valuable knowledge about the legal process and documents involved when you buy a property. In short, it will save an OFW from future stress, or worse, being robbed of their hard-earned investment.

Here are more reasons why hiring a licensed real estate agent is a wise move when buying a property in the Philippines.


1. Real Estate Agents know a great deal about the local market.

Every OFW has a dream home. Of course, that might be hard to find given the plentitude of real estate properties for sale in the Philippines. Working with a real estate agent gets you closer to finding the most ideal property for you given their exclusive access to property listings in Metro Manila or anywhere else that's not listed on social media. More importantly, real estate agents would know the local market inside and out. They have better insight with regards to the location or neighborhood where a property sits.

2. You can trust Real Estate Agents to be pricing experts.

It would a nightmare for any OFW to buy an overpriced land or house. A great advantage of having a licensed real estate agent is being given an accurate and updated data of property prices in a specific location. Given the fluctuating market, property prices are likely to change but with a real estate agent by your side, instant updates can be made available for you.

3. Real Estate Agents can provide guidance and support in the legal process (versus a family member).

We all know that buying a house in the Philippines comes with tedious paperwork and countless visits to government agencies. Property investment shouldn't be intimidating when you have a real estate industry expert to depend on. A capable real estate agent would have a grasp of technical jargons like "property tax," "special power of attorney," "consularized special power," and other terms that might seem intimidating especially to rookie property investors.

Buying real estate properties with an agent beside you (versus non-expert family members) helps greatly especially when legal paperwork and processes have to get done. This will certainly future-proof your investment.

4. Real Estate Agents are master negotiators.

Haggling for the price of a house and lot is not similar to haggling for a piece of clothing at your local tiangge. In negotiating a reasonable real estate price, an OFW needs a professional. Good real estate agents always put their client's best interest first and make sure to negotiate for a fair price without being carried away in a heated argument with a property seller.

In the event of property defects or instances when a house and lot or any other property for sale might require improvements or repairs, a real estate agent can help negotiate. This negotiation process includes having the seller repair the issue as a part of the agreement, or lowering the price to accommodate future renovations.

5. Real Estate Agents help close deals without unnecessary troubles.

In the final steps of finalizing the purchase of a house and lot or a condominium, the last thing you want is a tiny bump to cancel the deal. A good real estate agent will be able to foresee any issues prior to the final steps, helping you overcome road blocks or resolve them way before it's too late. Some closing issues would commonly include: missing legal requirements, errors in legal documents (so make sure to double check too before you sign legal documents), housing loan delays.


CHEAT SHEET: 6 Steps to Buying a Property in the Philippines

1. Research the location of the property you want to invest in.
2. Find a reliable real estate agent, preferably a licensed real estate agent who is part of a credible real estate firm, to help you out.
3. Hire your representative and have them provide a Special Power of Attorney (SPA) document. The OFW should, therefore, sign and have consumerized to give any trusted representative or Attorney-in-Fact the power to sign legal documents on their behalf.
4. Complete the documents needed to kickstart the investment process. Here's a list of the usual requirements:
   
   - Consularized Special Power of Attorney authenticated by the Philippine consulate
   - Proof of Income for Three Months
   - Proof of Billing in the Philippines
   - TIN Number
   - Consularized Certificate of Employment and Compensation
   - Employment Contract with the Seal of the Employer and Signature of the Authorized Personnel (employment contract must be in English)
   - Post-dated checks (PDCs) for the down payment 
   - Passport and IDs photocopies or scanned copies
   
   
5. Apply for housing loan. Your legal representative can do this for you via bank, PAG IBIG, or SSS. Real estate properties will provide you with an option to apply for bank financing or go for government financing options.
6. Lastly, open a checking account to pay for monthly amortization. It's not necessary to open a new bank account. Simply open a checking account under your existing bank account. Make sure to keep track of your expenses and reach smart financial decisions.

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