Buying in Cuenca

      Ecuador offers foreigners the opportunity to own property in Cuenca with all the ownership rights and privileges enjoyed by Ecuadorian citizens. All that is required for you to purchase a property is a passport from your country of origin. This is true regardless of what type of visa you have, even the 90 day visa that is automatically stamped into Canadian, British, American, and Australian passports will allow you to purchase a property. Most properties in Cuenca have clean titles and qualify for title insurance. You will need a competent lawyer with experience in Real Estate to review all title documents before you put down any money.


How much commission should you pay?

      In Ecuador Real Estate agents get their commission from the seller, not from the buyer. The standard commission is 3% paid by the seller. Ecuadorian buyers don't pay commissions. Most local agents are transactional agents who help introduce buyers to sellers. This is also how we work. When you see properties with us you won't have to worry about having to pay additional commissions just because you can't speak Spanish. Oftentimes clients have contacted us about buying properties they have seen on other websites to avoid having to pay Gringo commissions. More often then not we already in direct contact with the owner of the property but just have not gotten around to loading the property on the website.

      Real Estate agents who primarily serve foreign buyers usually charge additional commissions to the buyer. They often hide the fact that they also get money from the seller. Foreign buyers are often ignorant about how things work in Ecuador. Working with us allows you to house hunt like a local without having to hire a translator. You also don't have to pay extra commissions for the privilege of talking to somebody in English. When it comes to rural properties more than 15 minutes from Cuenca we only work on an hourly consulting basis.


Tour fee

      We charge a "tour fee" of $15 per hour for showing properties, which is recorded daily and will be refunded to you in full when you purchase a property through us. If you do not buy a property through us then the money will not be refunded.

      For those who have already made the decision to invest in Ecuador the only initial resistance to the hourly charge is because they have not done something like it before. After taking a moment to think about it most people are smart enough to realize that we are not charging an hourly fee on top of our commission, since the hourly fees are refunded.

      One of the key distinguishing characteristics that set us apart from other Real Estate agencies is that we seek out the best properties so that you are not wasting money going around looking at properties that are run down and overpriced.


Every night is Amateur Night

      During your stay in Ecuador you will be approached by many people who will try to pass themselves off as Real Estate agents. They will often try to appear to be dedicated professionals but in reality they don't have an office, a Real Estate license, a website, or any other thing that proves that they are dedicated to the profession. Most of these people are just trying to make a quick buck at your expense. Typically these people want to take you around to see properties just to receive the hourly fees since that alone is good pay for Ecuador. The single most common complaint we here about amateur Real Estate agents is that most of the places they have available are lousy. Often these amateurs will try to claim that they can get you a better deal but in reality they have no idea whatsoever what things are actually selling for as they have no comparable sales values to pull from. Even if they do a good job of bargaining the seller down to as low as they are willing to go does not mean you are getting a good deal; sellers often overcharge when they don't know how much places are going for. Those Ecuadorians who dabble in Real Estate here in Cuenca tend to be very disarming, friendly, and polite. These are all things that newly arriving Gringos normally use as likely indicators of trustworthiness because they were fairly reliable indicators back where they came from. You are not in Kansas anymore. Here things are very different and some things will take you by surprise. Learning how things really work down here as opposed to what you have read in those glossy travel magazines is sure to be quite an adventure. I think you will agree that it is best to learn about the darker aspects of the Latin American culture with small amounts of money that you can afford to lose rather than on a property purchase.

      There are also many Ex-pats who dabble in Real Estate, most of them don't have any inventory and just want to shake your hand at an Ex-pat event to refer you to somebody else who they hope will sell you something so that they can get part of the commission. This often results in you being referred to a Real Estate agent based on who gives the hand shaker the largest chunk of the commission rather than which agent is able to find the best properties at the best prices. Complaints about unethical behavior and poor service are easier to ignore when somebody is getting a kickback. A bilingual Ex-pat who works directly with owners may be a good bet especially if you can find one who works full time; failing that an Ecuadorian personal assistant who dabbles in Real Estate would be the lesser of two evils. There is one common type of Ecuadorian personal assistant that should be avoided at all costs. These are often unskilled middle-aged women who blur the lines between work and friendship until you feel completely taken advantage of. There are good personal assistants but if you feel manipulative pressure from a personal assistant on a consistent basis then trust your instincts over the recommendations of your fellow Ex-pats.

      When dealing with large purchases dealing with amateurs can be very risky. You are actually better of going it alone and trying your best to check everything yourself then trusting a dabbler with your hard earned wealth. The success rate for people successfully buying property directly from sellers is a higher percentage than with those that deal with shady part-time Realtor types. If you have already started drinking the Cool Aid stop now and find somebody who knows what they are doing.


Real Estate Professionals

      When you are dealing with a full-time dedicated professional then you are dealing with somebody who has a reputation to maintain and hopefully a minimum level of competence. Even after choosing the best agent that you can find you still need to pay attention to how things are proceeding. You need to ask questions if you don't understand something and be willing to protest if you see something being done wrong.

      There are some things that you should be aware of when considering which agency to work with. Agencies large enough to have websites often operate with exclusive listing contracts. One thing that you should know is that most agencies that use exclusive contracts charge owners for taking pictures and promoting the property. Sellers that pay for a Realtor to promote their property certainly expect the agent to get them the highest possible price when they sell. Charging for taking a listing also creates a fiduciary responsibility according to the "Códico de Comercio" (Ecuador's commercial code).

      We do not charge anything for putting a property on the market and allow sellers to promote their properties with others if they choose. Only when somebody buys through us do we make any commission. This lack of obligation to the seller is what gives us the freedom to be a true transactional agent.


Next steps

      In preparation for your trip to Cuenca it is best to make sure that you bring a couple of your checks with you. Foreign checks can be used for deposits on property purchases in most cases. If you are cashing in stocks or other paper "assets" in order to invest in a new home in Cuenca then you will need to make the necessary arrangements before you leave so that you can initiate a wire transfer while you are in Ecuador.

Buyers are encouraged to contact us at least a few days in advance so that we can be available to serve you when you need us.

Please do not contact us about things unrelated to Real Estate.































Cuenca's Best Properties • Edificio Acropolis suite #501, Jose Peralta y 12 de Abril • Cuenca, Ecuador
Telf. 089 550 186 • e-mail: michael@cuencasbestproperties.com
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