"Good, Pretty and Cheap": The REAL Secret to House Hunting in Panama
Good business opportunities are always in the right hands when at the time of closing the deal, you were the one to scout it first. When I go to a different country, not only the language changes, even the culture, the food, and also the websites and classified portals where one is used to look for things and offers.
If I want to rent or buy a property in Panama, where should I look?
Apart from the websites of various real estate brokers and agents, where do I find local deals? Today I will give you a secret tip on where to find real estate deals and bargains in Panama.
If you want to search for properties where local or foreign owners and most real estate agencies publish their properties you will find them here: www.encuentra24.com Encuentra24 is the largest and most popular platform in Panama. Besides their large real estate section, you can also find vehicles and even job offers. However, you will have to take some time to search through a lot of information, compare different offers (and sometimes even prices) in order to find your personal bargain. If you search on Encuentra24 you will have everything in one place, owners and real estate brokers, all together.
Remember that, if you decide to buy or rent through a real estate broker in Panama, it is the owner of the property who pays the commission of the real estate broker used for the transaction... not the tenant nor the buyer (that would be you).
But what other options are there? Where can I find the real secret offers?
Many clients do not know that there is a real estate market in Panama managed by the mayor banks. If you look at the banks directly, you will have more options without intermediaries. But if a bank is auctioning for example a property, it will not exactly choose Encuentra24 to publish the auctions. It is for this reason that Banco General (one of the largest and most popular banks in Panama) has just launched its own "property classifieds" advertising portal where new properties (with financing option by the bank), repossessed properties and commercial properties are being published. For bargain hunters, we have compiled a list of sites worth investigating:
1. Banco General “Clasificados de propiedades”
2. Banco Nacional de Panamá:
3. Global Bank:
4. Banco Banesco:
5. Banco Caja de Ahorros:
6. Banco BAC Credomatic:
7. Banco CanalBank
8. Banco Banistmo:
9. Banco Scotiabank
Now what is a Judicial Foreclosure in Panama?
It is when someone could not or failed to pay the loan on their property, the bank took back that property by judicial foreclosure and put it up for sale to recover the money borrowed.
A bank is not a real estate company, so it is not really interested in the property. Banks live off the interests they generate from lending money. Having a property without generating money is a monthly loss. The expenses caused will be very high if the bank keeps that property, so it is better to let go off it as soon as possible, and that is where you come in to buy "good, nice and cheap" as we say in Panama.
Good luck with your hunt. See you on the next blog!