Property for Sale in Belize Ambergris Caye
Purchasing properties from the Bank Auctions in Belize can be a very profitable and can generate successful buyer significant capital gains that are tax free in Belize .
Description: 24 condo style apartments in two concrete buildings on a busy street of Seagrape Drive. Property occupied 25% of the land . Excess land could be subdivided, used to build additional rental units or a retail development.
Market value of the 24 apartments $50, 000 US x 24 = $1, 200, 000 US
Excess land $500, 000 US
Total market value $1, 700, 000 US
Bank reserve was announced at $1, 000, 000 US. Highest bid was $600, 000 US. After consulting with the bank representative present at the sale the property was sold for $600, 000 US.
Potential net profit for the buyer $1, 100, 000 US
Many more investment grade properties are set to come on the foreclosure market within the next 24 month .
Buying properties from the Belize Real Estate auctions however, can consume a lot of time and for the absentee buyer it may be next to impossible to sort out properties that can bring high returns . Also biding in person for all the potential properties will require the buyers to be in Belize full time. Buyer without local bank account would not be able to provide the auctioneer with the local banks cashiers check immediately after the auction as required by Belize Law. In addition most of the properties offered are single family lumber homes that require substantial capital repairs and are located in the obscure areas. Those type of properties can never be resold or rented for a reasonable price. Coldwell Banker Ambergris Caye agents are experts at the Belize property auctions and can guide the potential buyers in the directions of the profitable properties that can be ether rented out or listed and resold for a significant profit.
Coldwell Banker Ambegris Caye procedures for foreclosure, bank owned, auction purchase properties.
Coldwell Banker AC can assist buyer in purchasing foreclosure and bank owned properties through bank held auctions. Our office has extensive files on the existing REO properties available from the banks and other financial institutions of Belize. We also have a great relationship with the Bank credit officers, CEO`s, and auctioneers.
All REO properties in Belize must be sold through auction and sometimes the auctions are held for the same properties multiple times. The rules of the property purchase through the auction are as follows-10% non-refundable deposit in cash or cashiers check must be placed with auctioneer immediately at the end of the auction, balance of the purchase price has to be paid within 14 calendar days. FREE AND CLEAR TITLE IS PROVIDED. All buildings are sold in AS IS condition.