Susan certainly has a story to tell, and her positive attitude is an inspiration in itself! It has been exactly a year since our first trip to Ecuador--specifically Cuenca. After years of contemplating expat life, when we finally did it, we jumped quickly. YapaTree showed us rentals and units for sale during that visit. Super helpful! We first rented in El Centro and once settled were off with them again to get serious regarding a condo purchase. We moved in last February. Cuenca was the right choice for us as was YapaTree! Susan's deed stories reminded us of our explorations regarding where we had thought we would end up--Portugal. Getting a clear deed there and use of the property as a living accommodation can be very tricky, expensive and time consuming. New condos are not a problem generally, but if its a fixer-upper, barn conversion, or old family home--watch out!
My heart goes out to Susan, and I’m inspired by her bravery in recounting her experiences. That said, I always remember my late (Ecuadorian) father’s wise words: “Hay que ser bueno pero no pendejo.” When conducting business in Ecuador - and I say this as an Ecuadorian who has bought and sold property in the country - assume you have no recourse. None. Is that absolutely true? Of course not. But the legal reality is that respondents often outlive plaintiffs, and at an alarming rate. Due diligence is critical, as are the services of an ethical property specialist, attorney, and notario publico. Check, verify, wait a while, then check and verify again. And if you don’t speak Spanish, invest in a professional translator who is employed by you, for you, and only you. They are worth their weight in gold.
Thanks for your thoughtful comments. Agree that buyers should not just assume they have the same legal recourse here and be careful before making any real commitment. We recently had a buyer pay the deposit and then decide they wanted to back out. We were able to get 100% of their deposit back, but that is not always the case.
Such a great video and so informative. There are so many Ecuador real estate videos that just are sunshine and butterflies instead of truth and cautionary. Thanks
Thanks Bert. It's very important to us that our customers are informed and educated. The hope is that videos like this help show the risks involved in a property transaction, without fearmongering. It's a balance.
The disparities in wealth between North Americans and locals is always going to create an incentive to exploit new comers. Similar risks are present in North America when investing in real estate, but spiraling real estate prices in North America means that even poor investments will usually yield some profit. Those assumptions about real estate being the best form of investment do not apply when the market here is so different and the rule of law is so weak.
Thanks for your input John. It is a very different market with different risks. It's still by far the favored type of investment by locals - but they have lots of learnings that expats don't.
Excellent content, another great interview. Loved your interview with Dra. Maite! Both interviews providing very useful information for the Gringo community. Am impressed Susan is so optimistic. As a ten year Cuenca renter, I can say it’s been a nightmare post Covid with the corrupt (a word you gratefully used) landlord/“realtor” situation. Surely there are laws protecting renters who have signed lease contracts. Would like to know the ‘Pueblo’ Ministry name and contact info that governs rental transactions and protects from abusive landlords.
When the realtor is not there , Bring a translator knock on the door talk to the sellers. Talk to the people who lives on the same street. Talk to the owner of the Tiny convenient store on the same street talk to the people who lives across the street. Talk to anybody and everybody get all the Info you can.
Information is power! In Susan's case, finding any neighbors would be a challenge as it's relatively remote and many owners aren't there full time. It's generally signficantly more challenging finding appropriate prices for land. Even for locals.
Honestly even if you’re familiar with an area even in your own home country …. It’s not a bad idea to rent in a place you’ve not lived in full time for a year or two before plunking down cash on a property. That said what she went through with all of this is quite a lot more than I’d ever expect!
Thanks Derek. We do agree that renting in the area may have better equiped Susan to catch some issues. But, each piece of land is unique and has it's own challenges. So it's very doubtful that renting somewhere (even very close by) is the silver bullet to catch all of the issues Susan went through. We believe that more due diligence on the targetted property (either by yourself if you know what you're looking for or a trusted partner) is the best way forward in land buying scenarios. This takes a lot of time and effort, even for locals that know what they are doing.
How could I possibly have time to rent, while being away from my house in the States? I need to buy a place, not much money to spend, so that I can get the Residency by Investment, and I need a place to live anyway. I am getting too old to keep on moving and moving some more. I doubt that Social Security will be paying me enough to do the Retirement option, and age 62 is a few years off anyway. So far, I have not found how to find the deals on affordable low-maintenance houses. I do not need to be on the beach, I do not need a view, I do not need big windows, but a paved street would be nice especially if I do eventually get a car. I am an indoor person, but I will need a lot of space as I am too much a pack-rat and I want to bring all my stuff in a shipping container. If I do have to do an exploratory, I would want to have a purchased address and my Temporary Residency before I return to the States, so that I can immediately ship my stuff. I would set up as much as I can before returning to the States to sell my U.S. house just as soon as I ship my stuff. I can figure out other details later. I do not want to waste time renting. Who is that renting option for? Those young people still living with their parents?
@@yosefmacgruber1920 While I'm not a real estate expert, since you replied to my comment, I can share my personal experience and observations about why we chose to rent (not buy) in Cuenca, Ecuador. First of all, let's consider who might benefit from renting. Many people choose to rent for various reasons. In our case, my husband and I sold our house and belongings, moved to Cuenca with a completely filled 20-foot container, and rented a home. Our rental costs are significantly lower than there were for most available housing options in the USA for a much larger home here. For now, we're not planning to invest in a new property anywhere, but that may change in the future. For us, owning a home in Cuenca didn't offer any advantages. I've had some negative experiences with real estate in the past, including losing 70% of my home's value (yes, 70%) during the 2008 real estate meltdown at a rather crucial point that made a move MUCH more difficult. That property’s value didn’t recuperate for about 15 years. That experience has made me very cautious about jumping into any real estate purchases right away, especially in another country. Caution is not a waste of time. Some folks choose to sell most of their belongings and live in furnished apartments, which can be a great option for certain lifestyles. However, I understand that this is not something you’d like to do. It's also worth mentioning that obtaining residency in Ecuador doesn't require homeownership. You can obtain residency by investing in a Certificate of Deposit (CD) with a bank or credit union in Ecuador. Interest rates vary, but I’ve seen people reporting that they earn around 10% on their CDs. This investment may be lower than purchasing a house to achieve residency. There are other types of investments that can qualify someone for residency by investment as well. To confirm, I strongly recommend speaking with a visa agent & a real estate professional. If you're unsure about the projected monthly amount of your USA Social Security payment, you can check the current estimate online through the Social Security Administration website. They should also be mailing you a yearly statement with that information.
@@yosefmacgruber1920 While I'm not a real estate expert, since you replied to my comment, I can share my personal experience and observations about why we chose to rent (not buy) in Cuenca, Ecuador. First of all, let's consider who might benefit from renting. Many people choose to rent for various reasons. In our case, my husband and I sold our house and belongings, moved to Cuenca with a completely filled 20-foot container, and rented a home. Our rental costs are significantly lower than there were for most available housing options in the USA for a much larger home here. For now, we're not planning to invest in a new property anywhere, but that may change in the future. For us, owning a home in Cuenca didn't offer any advantages. I've had some negative experiences with real estate in the past, including losing 70% of my home's value (yes, 70%) during the 2008 real estate meltdown at a rather crucial point that made a move MUCH more difficult. That property's value didn't recuperate for about 15 years. That experience has made me very cautious about jumping into any real estate purchases right away, especially in another country. Caution is not a waste of time. Some folks choose to sell most of their belongings and live in furnished apartments, which can be a great option for certain lifestyles. However, I understand that this is not something you'd like to do. It's also worth mentioning that obtaining residency in Ecuador doesn't require homeownership. You can obtain residency by investing in a Certificate of Deposit (CD) with a bank or credit union in Ecuador. Interest rates vary, but I've seen people reporting that they earn around 10% on their CDs. This investment may be lower than purchasing a house to achieve residency. There are other types of investments that can qualify someone for residency by investment as well. To confirm, I strongly recommend speaking with a visa agent & a real estate professional. If you're unsure about the projected monthly amount of your USA Social Security payment, you can check the current estimate online through the Social Security Administration website. They should also be mailing you a yearly statement with that information.
@@yosefmacgruber1920 I can share my own experience & perspective on this one. We decided to rent in Cuenca instead of buying. Renting can be a good fit for many people. We sold our house in the USA, moved here with a 20ft container filled with the items we retained and found a much larger rental for MUCH less than what we'd pay in the US. Owning wasn't right for us in Cuenca. I lost a lot in the 2008 housing crisis, so I'm cautious, especially in another country. While some people downsize to furnished apartments, I understand that's not your preference. You don't need to own a home for residency in Ecuador. You can invest in a CD at a local bank. Interest rates can be good, potentially a lower investment than buying property. There might be other investment options too, so it's best to check with a visa agent and a real estate pro. If you're unsure about your Social Security estimate, check the official website or your yearly statement. Hope this helps!
For me renting is the way to go, less risk and more flexibility. And being older I don't want to leave my heirs the complication of having to liquidate foreign property.
It is very disappointing when you are trying to do business here, it seems that the moment people know you are a foreigner all they see is an opportunity to rip somebody off. The saddest part is that I’m Ecuadorian living in the states for over 40 years and every year I come back and I have to any type of business or fixing a problem in my mom’s house I’m reluctant to ask just one person because I know they want to charge me more because they know I live in the states. Thankfully I have good friends who live here and I always ask for their advice before I do anything. But I have to say there are still good honest people who won’t rip you off.
I agree it can be very disheartening. I did a video on the "gringo tax" a little while ago. I prefer to refer to it as the 'out of town' tax as it applies to a much wider cross section than gringos. Hope it's of value: ruclips.net/video/DBEb6NBli8o/видео.htmlsi=PxrlD2z9t9TkEWdD There are certainly honest people here too, but they can be tougher to find - partly due to business hiding behind the defamation laws whenever anything negative or constructive about their business is mentioned.
Agreed. I was born in the country (Ecuadorian father, American mother) and "present" as purely Anglo, and with a French husband in tow. Service providers invariably start conducting business in English with us, and I let them. I confess to taking a perverse pleasure in not disclosing that I'm fluent in Spanish, and frankly, it's become part and parcel of my decision-making process when selecting service providers.
What a terrible story that Susan shared! I think your advice to rent for a while before buying is really good. Still don’t know who to trust once we move there. It seems like that’s what it all boils down to: trust 😖
It's a horrible sequence of events Susan went through. You're correct, it's very difficult to know who to trust here. We've worked with many agents here as part of various deals etc. Our list of trusted real estate agents vs non-trusted is extremely one-sided unfortunately. We're trying to restore balance.
The way to secure someone to have ownership of something before the owner passing is to transfer ownership with usufruct rights. This protects the original owner and allow the heir to gain full access later on.
If you are interested in another cautionary tale I would love to tell you about our experience having a 'luxury house' built in a coastal urbanization in a so called 'gated community'. I would love to know of an attorney who would be willing to take our case. The owner of the community is from Quito. I don't know if it matters if our attorney is from the coast or not. Thank you.
Hi Elizabeth. Sorry to hear about your experience. I am interested, but it's unlikely I'd be able to visit anytime soon. I'm sure there are many lawyers that are willing to take your case. The key question is whether they'll do so under the condition that you have a genuine chance of receiving an outcome you are looking for. There are quite a few instances where lawyers will just say yes to anything to charge their fees. Wish I had something more positve to add.
@@yapatree9495Thank you for your advice. I have heard that the legal process is slow and torturous. I may resort to posting photos and videos online. I have heard that this can be effective and is also legal.
Hard to argue with this advice, but I'd suggest a lot more due diligence than this is required for these type of transactions. This realtor was licensed. A 'real estate license' here has very few advantages for a buyer - or anyone for that matter.
This type of stories also happen to Ecuadorians. There is even a case of a priest scaming an old lady to take her house away from her. It has happened to me that the seller wants to cheat and do 2 deeds. They say let's do a Promise of Sell, then the final deed. Some Ecuadorians are ignorant and don't believe the SRI, the bank will ask for a origin of the funds they received.
Scammers don't discriminate. Gringos just happen to be amongst the most vulnerable to them. Sorry to hear you had a negative experience. I'd be interested in learning more. But, the promissory note process is a valid procedure. Of course, it depends what special conditions etc are included in it.
Unfortunately for her this really came down to due diligence or the lack there of. It's the buyers responsibility to check these things out before making the purchase. And from the sound of it her and her husband were happy with the purchase at the time. They had every opportunity to not purchase the property. I'm having a hard time feeling sorry for her given the situation.
Susan isn't looking for sympathy. She wants people to learn from this. If your key take-away is to do more due-dilengence when buying land in Ecuador, then great. The difficult part is what this actually means in practice where comps are not available and neighbors can often be unhelpful/wanting to extract more money too. Any newcomer is going to have a hard time with this.
@@yapatree9495 Thank you for pointing this out, Jason. The ability to perform thorough due diligence in Ecuador simply does not exist. I think a lot of expats believe, unrealistically, that there is a definitive database somewhere, or a reliable hall of records - there isn't. And when buying raw land, you're pretty much on your own. At least with a condo, or in a gated community, others have "skin in the game", so to speak. Not with haciendas.
This may be an unpopular opinion with you and some of your commenters but it seems like she was trying to play a game that she played in North America where she bought a property took a second on it cut it off sold it a higher price and made something now I understand that's capitalism in the way to Works in America but I think she got her hands stuck in the cookie jar by not understanding it's not the same in every country
Susan's intentions were not to sub-divide or 'flip' any part of the property for profit. Even if that was the intention, she still doesn't deserve to be taken advantage of like this.
A key takeaway from the video is that it's very difficult for expats to know what is the true land value. It's a persistent issue we see and it allows unscrupulous agents to take advantage. Many Ecuadorians also strongly favor land investments as they are perceived as safer - mainly due to a deep distrust of banks.
This is a ridiculous comment. She was taken advantage of by a well organized team that set out to scam her. I won't have any victim blaming here. Thank you.
Victim blaming won't be tolerated here. Susan went out on a limb to tell her story and provide this cautionary tale. Your "honest" feedback is well off the mark and is not appreciated.
Well nothing she said is new nor a surprise to anyone. Except to the unwise . Most expats are economic refugees and see everything thru that lens ..!! Beware Ecuador is not a place for people that are overly optimistic!!! Read the statements from the USA embassy in Quito .. inform yourself!
Susan certainly has a story to tell, and her positive attitude is an inspiration in itself!
It has been exactly a year since our first trip to Ecuador--specifically Cuenca. After years of contemplating expat life, when we finally did it, we jumped quickly. YapaTree showed us rentals and units for sale during that visit. Super helpful! We first rented in El Centro and once settled were off with them again to get serious regarding a condo purchase. We moved in last February. Cuenca was the right choice for us as was YapaTree!
Susan's deed stories reminded us of our explorations regarding where we had thought we would end up--Portugal. Getting a clear deed there and use of the property as a living accommodation can be very tricky, expensive and time consuming. New condos are not a problem generally, but if its a fixer-upper, barn conversion, or old family home--watch out!
Susan is fantastic. Couldn't agree more.
Appreciate the kind words Tom! We should do a positive real estate story soon with your lovely condo :)
My heart goes out to Susan, and I’m inspired by her bravery in recounting her experiences. That said, I always remember my late (Ecuadorian) father’s wise words: “Hay que ser bueno pero no pendejo.” When conducting business in Ecuador - and I say this as an Ecuadorian who has bought and sold property in the country - assume you have no recourse. None.
Is that absolutely true? Of course not. But the legal reality is that respondents often outlive plaintiffs, and at an alarming rate. Due diligence is critical, as are the services of an ethical property specialist, attorney, and notario publico. Check, verify, wait a while, then check and verify again. And if you don’t speak Spanish, invest in a professional translator who is employed by you, for you, and only you. They are worth their weight in gold.
Thanks for your thoughtful comments. Agree that buyers should not just assume they have the same legal recourse here and be careful before making any real commitment.
We recently had a buyer pay the deposit and then decide they wanted to back out. We were able to get 100% of their deposit back, but that is not always the case.
Such a great video and so informative. There are so many Ecuador real estate videos that just are sunshine and butterflies instead of truth and cautionary. Thanks
Thanks Bert. It's very important to us that our customers are informed and educated. The hope is that videos like this help show the risks involved in a property transaction, without fearmongering. It's a balance.
The disparities in wealth between North Americans and locals is always going to create an incentive to exploit new comers. Similar risks are present in North America when investing in real estate, but spiraling real estate prices in North America means that even poor investments will usually yield some profit. Those assumptions about real estate being the best form of investment do not apply when the market here is so different and the rule of law is so weak.
Thanks for your input John. It is a very different market with different risks. It's still by far the favored type of investment by locals - but they have lots of learnings that expats don't.
Excellent content, another great interview. Loved your interview with Dra. Maite! Both interviews providing very useful information for the Gringo community. Am impressed Susan is so optimistic. As a ten year Cuenca renter, I can say it’s been a nightmare post Covid with the corrupt (a word you gratefully used) landlord/“realtor” situation. Surely there are laws protecting renters who have signed lease contracts. Would like to know the ‘Pueblo’ Ministry name and contact info that governs rental transactions and protects from abusive landlords.
Thanks Sharon. Appreciate that. I like your suggestion too, we should cover this topic in a video. I'll add to our schedule.
When the realtor is not there , Bring a translator knock on the door talk to the sellers. Talk to the people who lives on the same street. Talk to the owner of the Tiny convenient store on the same street talk to the people who lives across the street. Talk to anybody and everybody get all the Info you can.
Information is power! In Susan's case, finding any neighbors would be a challenge as it's relatively remote and many owners aren't there full time. It's generally signficantly more challenging finding appropriate prices for land. Even for locals.
Great video…would love to hear a similar cautionary tale from a renter…perhaps the capital risked is less but the transaction is no less critical.
Good suggestion Jan. We'll schedule this topic into our calendar.
Honestly even if you’re familiar with an area even in your own home country …. It’s not a bad idea to rent in a place you’ve not lived in full time for a year or two before plunking down cash on a property. That said what she went through with all of this is quite a lot more than I’d ever expect!
Thanks Derek. We do agree that renting in the area may have better equiped Susan to catch some issues. But, each piece of land is unique and has it's own challenges. So it's very doubtful that renting somewhere (even very close by) is the silver bullet to catch all of the issues Susan went through.
We believe that more due diligence on the targetted property (either by yourself if you know what you're looking for or a trusted partner) is the best way forward in land buying scenarios. This takes a lot of time and effort, even for locals that know what they are doing.
How could I possibly have time to rent, while being away from my house in the States? I need to buy a place, not much money to spend, so that I can get the Residency by Investment, and I need a place to live anyway. I am getting too old to keep on moving and moving some more. I doubt that Social Security will be paying me enough to do the Retirement option, and age 62 is a few years off anyway. So far, I have not found how to find the deals on affordable low-maintenance houses. I do not need to be on the beach, I do not need a view, I do not need big windows, but a paved street would be nice especially if I do eventually get a car. I am an indoor person, but I will need a lot of space as I am too much a pack-rat and I want to bring all my stuff in a shipping container. If I do have to do an exploratory, I would want to have a purchased address and my Temporary Residency before I return to the States, so that I can immediately ship my stuff. I would set up as much as I can before returning to the States to sell my U.S. house just as soon as I ship my stuff. I can figure out other details later. I do not want to waste time renting. Who is that renting option for? Those young people still living with their parents?
@@yosefmacgruber1920 While I'm not a real estate expert, since you replied to my comment, I can share my personal experience and observations about why we chose to rent (not buy) in Cuenca, Ecuador.
First of all, let's consider who might benefit from renting. Many people choose to rent for various reasons. In our case, my husband and I sold our house and belongings, moved to Cuenca with a completely filled 20-foot container, and rented a home. Our rental costs are significantly lower than there were for most available housing options in the USA for a much larger home here. For now, we're not planning to invest in a new property anywhere, but that may change in the future.
For us, owning a home in Cuenca didn't offer any advantages. I've had some negative experiences with real estate in the past, including losing 70% of my home's value (yes, 70%) during the 2008 real estate meltdown at a rather crucial point that made a move MUCH more difficult. That property’s value didn’t recuperate for about 15 years. That experience has made me very cautious about jumping into any real estate purchases right away, especially in another country. Caution is not a waste of time.
Some folks choose to sell most of their belongings and live in furnished apartments, which can be a great option for certain lifestyles. However, I understand that this is not something you’d like to do.
It's also worth mentioning that obtaining residency in Ecuador doesn't require homeownership. You can obtain residency by investing in a Certificate of Deposit (CD) with a bank or credit union in Ecuador. Interest rates vary, but I’ve seen people reporting that they earn around 10% on their CDs. This investment may be lower than purchasing a house to achieve residency. There are other types of investments that can qualify someone for residency by investment as well. To confirm, I strongly recommend speaking with a visa agent & a real estate professional.
If you're unsure about the projected monthly amount of your USA Social Security payment, you can check the current estimate online through the Social Security Administration website. They should also be mailing you a yearly statement with that information.
@@yosefmacgruber1920 While I'm not a real estate expert, since you replied to my comment, I can share my personal experience and observations about why we chose to rent (not buy) in Cuenca, Ecuador.
First of all, let's consider who might benefit from renting. Many people choose to rent for various reasons. In our case, my husband and I sold our house and belongings, moved to Cuenca with a completely filled 20-foot container, and rented a home. Our rental costs are significantly lower than there were for most available housing options in the USA for a much larger home here. For now, we're not planning to invest in a new property anywhere, but that may change in the future.
For us, owning a home in Cuenca didn't offer any advantages. I've had some negative experiences with real estate in the past, including losing 70% of my home's value (yes, 70%) during the 2008 real estate meltdown at a rather crucial point that made a move MUCH more difficult. That property's value didn't recuperate for about 15 years. That experience has made me very cautious about jumping into any real estate purchases right away, especially in another country. Caution is not a waste of time.
Some folks choose to sell most of their belongings and live in furnished apartments, which can be a great option for certain lifestyles. However, I understand that this is not something you'd like to do.
It's also worth mentioning that obtaining residency in Ecuador doesn't require homeownership. You can obtain residency by investing in a Certificate of Deposit (CD) with a bank or credit union in Ecuador. Interest rates vary, but I've seen people reporting that they earn around 10% on their CDs. This investment may be lower than purchasing a house to achieve residency. There are other types of investments that can qualify someone for residency by investment as well. To confirm, I strongly recommend speaking with a visa agent & a real estate professional.
If you're unsure about the projected monthly amount of your USA Social Security payment, you can check the current estimate online through the Social Security Administration website. They should also be mailing you a yearly statement with that information.
@@yosefmacgruber1920 I can share my own experience & perspective on this one. We decided to rent in Cuenca instead of buying.
Renting can be a good fit for many people. We sold our house in the USA, moved here with a 20ft container filled with the items we retained and found a much larger rental for MUCH less than what we'd pay in the US.
Owning wasn't right for us in Cuenca. I lost a lot in the 2008 housing crisis, so I'm cautious, especially in another country.
While some people downsize to furnished apartments, I understand that's not your preference.
You don't need to own a home for residency in Ecuador. You can invest in a CD at a local bank. Interest rates can be good, potentially a lower investment than buying property. There might be other investment options too, so it's best to check with a visa agent and a real estate pro.
If you're unsure about your Social Security estimate, check the official website or your yearly statement.
Hope this helps!
For me renting is the way to go, less risk and more flexibility. And being older I don't want to leave my heirs the complication of having to liquidate foreign property.
Renting certainly carries less risks and potential complications.
It is very disappointing when you are trying to do business here, it seems that the moment people know you are a foreigner all they see is an opportunity to rip somebody off. The saddest part is that I’m Ecuadorian living in the states for over 40 years and every year I come back and I have to any type of business or fixing a problem in my mom’s house I’m reluctant to ask just one person because I know they want to charge me more because they know I live in the states. Thankfully I have good friends who live here and I always ask for their advice before I do anything. But I have to say there are still good honest people who won’t rip you off.
I agree it can be very disheartening.
I did a video on the "gringo tax" a little while ago. I prefer to refer to it as the 'out of town' tax as it applies to a much wider cross section than gringos. Hope it's of value:
ruclips.net/video/DBEb6NBli8o/видео.htmlsi=PxrlD2z9t9TkEWdD
There are certainly honest people here too, but they can be tougher to find - partly due to business hiding behind the defamation laws whenever anything negative or constructive about their business is mentioned.
Agreed. I was born in the country (Ecuadorian father, American mother) and "present" as purely Anglo, and with a French husband in tow. Service providers invariably start conducting business in English with us, and I let them. I confess to taking a perverse pleasure in not disclosing that I'm fluent in Spanish, and frankly, it's become part and parcel of my decision-making process when selecting service providers.
What a terrible story that Susan shared! I think your advice to rent for a while before buying is really good. Still don’t know who to trust once we move there. It seems like that’s what it all boils down to: trust 😖
It's a horrible sequence of events Susan went through. You're correct, it's very difficult to know who to trust here. We've worked with many agents here as part of various deals etc. Our list of trusted real estate agents vs non-trusted is extremely one-sided unfortunately. We're trying to restore balance.
The way to secure someone to have ownership of something before the owner passing is to transfer ownership with usufruct rights. This protects the original owner and allow the heir to gain full access later on.
If you are interested in another cautionary tale I would love to tell you about our experience having a 'luxury house' built in a coastal urbanization in a so called 'gated community'. I would love to know of an attorney who would be willing to take our case. The owner of the community is from Quito. I don't know if it matters if our attorney is from the coast or not. Thank you.
Hi Elizabeth. Sorry to hear about your experience. I am interested, but it's unlikely I'd be able to visit anytime soon.
I'm sure there are many lawyers that are willing to take your case. The key question is whether they'll do so under the condition that you have a genuine chance of receiving an outcome you are looking for. There are quite a few instances where lawyers will just say yes to anything to charge their fees. Wish I had something more positve to add.
@@yapatree9495Thank you for your advice. I have heard that the legal process is slow and torturous. I may resort to posting photos and videos online. I have heard that this can be effective and is also legal.
So sad. This convinced me never to buy anything in Ecuador. I don't think I could live here either.
Certainly don't buy if you're not sure that Ecuador is for you
Good , Ecuador is better without you
whos books?
Susan's :) But she's in the process of offloading a bunch of them.
man. talk about a wake up call. good job.
Thanks Samurai. Ecuador has lots of challenges, but buying land is up there as one of the most risky for newcomers.
The word grin hi o is not my favorite. We should not use it
Only deal with licensed real estate agent and always ask the seller how much he selling his property.
Hard to argue with this advice, but I'd suggest a lot more due diligence than this is required for these type of transactions. This realtor was licensed. A 'real estate license' here has very few advantages for a buyer - or anyone for that matter.
This type of stories also happen to Ecuadorians. There is even a case of a priest scaming an old lady to take her house away from her. It has happened to me that the seller wants to cheat and do 2 deeds. They say let's do a Promise of Sell, then the final deed. Some Ecuadorians are ignorant and don't believe the SRI, the bank will ask for a origin of the funds they received.
Scammers don't discriminate. Gringos just happen to be amongst the most vulnerable to them.
Sorry to hear you had a negative experience. I'd be interested in learning more. But, the promissory note process is a valid procedure. Of course, it depends what special conditions etc are included in it.
Is Susan staying on the farm? or moving into town? How far out of /cuenca is she?
Staying close by. It's approx 30 mins from Cuenca. Beautiful spot.
Unfortunately for her this really came down to due diligence or the lack there of. It's the buyers responsibility to check these things out before making the purchase. And from the sound of it her and her husband were happy with the purchase at the time. They had every opportunity to not purchase the property. I'm having a hard time feeling sorry for her given the situation.
Susan isn't looking for sympathy. She wants people to learn from this. If your key take-away is to do more due-dilengence when buying land in Ecuador, then great. The difficult part is what this actually means in practice where comps are not available and neighbors can often be unhelpful/wanting to extract more money too. Any newcomer is going to have a hard time with this.
@@yapatree9495 Thank you for pointing this out, Jason. The ability to perform thorough due diligence in Ecuador simply does not exist. I think a lot of expats believe, unrealistically, that there is a definitive database somewhere, or a reliable hall of records - there isn't. And when buying raw land, you're pretty much on your own. At least with a condo, or in a gated community, others have "skin in the game", so to speak. Not with haciendas.
This may be an unpopular opinion with you and some of your commenters but it seems like she was trying to play a game that she played in North America where she bought a property took a second on it cut it off sold it a higher price and made something now I understand that's capitalism in the way to Works in America but I think she got her hands stuck in the cookie jar by not understanding it's not the same in every country
Susan's intentions were not to sub-divide or 'flip' any part of the property for profit. Even if that was the intention, she still doesn't deserve to be taken advantage of like this.
"Land just felt safer" shows a horrible understanding of investment. I guess she assumed all land is economically equal.
A key takeaway from the video is that it's very difficult for expats to know what is the true land value. It's a persistent issue we see and it allows unscrupulous agents to take advantage.
Many Ecuadorians also strongly favor land investments as they are perceived as safer - mainly due to a deep distrust of banks.
Sadly her ignorance cost us all .When a foreigner overpays for anything in Ecuador it sets the stage for All to be taken advantage of.
This is a ridiculous comment. She was taken advantage of by a well organized team that set out to scam her. I won't have any victim blaming here. Thank you.
You should add to your disclosure that honest feedback is not "tolerated" in your channel. Only feeling sorry for people.
Victim blaming won't be tolerated here. Susan went out on a limb to tell her story and provide this cautionary tale. Your "honest" feedback is well off the mark and is not appreciated.
Well nothing she said is new nor a surprise to anyone. Except to the unwise . Most expats are economic refugees and see everything thru that lens ..!! Beware Ecuador is not a place for people that are overly optimistic!!! Read the statements from the USA embassy in Quito .. inform yourself!
Imagine the local people, everything is going up in price thanks to you “expats”
All this can be avoided just by staying in your own country, just don’t come to Ecuador and everybody is happy
Lol. And what's your solution for the same thing that happens to say, people from Quito? We all just die where we are born?