Forbes Investments de Costa Rica, SA is official!!! Those investors interested in earning 15 to 30% ROI in the first year are encouraged to get in on this action NOW. We are in the business of buying, fixing and flipping real estate pre-foreclosed and foreclosed properties in Costa Rica. There is no better time, place or opportunity today than this.
Forbes Investments de Costa Rica, SA is the only entity of its kind in Costa Rica. Valerie Frank –Solórzano the founder and presidnet of Forbes Investments de Costa Rica, SA personally is involved in each purchase, negotiation, bidding, rehabilitation and sale of the investment properties.
Forbes Investments de Costa Rica, SA is on course to pay out higher than usual returns on investments with the profits gained from the purchase, rehabilitation and sale of pre-foreclosed and foreclosed properties. Our top priority in choosing a property to acquire is geared towards those that we already have a purchaser for and is sold under current market values to these cash buyers. Not only does this reward our purchaser for having the buying power, but it excites more purchasers to join our database, thus adding to our easy and targeted exit of these properties and quicker and profitable payouts to our investors.
Our techniques to insure quality purchases follow a rigorous six-step process. Not one property is purchased without having passed each of these steps with a profitable margin. Unexpected time delays in the rehabilitation process or in the property transfer process may present itself, however, our conservative margins allow for this delay without jeopardizing the profit margins. When we have no time delays or if we are able to acquire the properties before they hit the foreclosure block or at the third foreclosure bid, then our returns are only higher. This is what allows for our ROI to hit higher than normal averages.
Forbes Investments de Costa Rica is seeking investors that are not in need of liquidity as we require the investment to remain in our use for a minimum of one year; three years is ideal. You will not want ot leave us after your first payout!!!! The rewards are great. The nature of the business at hand requires purchasing power, and our investor’s capital allows for this purpose. Each investor becomes a partner in the company and each investment decision is in capable and professional hands.
The timing to participate in such an investment opportunity could not be better than now. In this present moment of worldly financial crisis, Forbes Investments de Costa Rica, SA is flourishing. Do not miss out on your opportunity to be part of something great. This is the opportunity, and the time is now to secure your financial future.
val@forbescr.com
Saturday, December 20, 2008
Tuesday, October 21, 2008
Costa Rica Foreclosures and New Legislation
Costa Rica’s Legislative Assembly enacted a new policy for the collection of secured and unsecured, defaulted debts on the 16th of October 2007. It was a much needed change as there were many loopholes in past legislation which allowed delays in the foreclosure and collection processes. Credit grantors essentially had no recourse, taking the grantor anywhere from 8 months to 2 years to foreclose on a property. Only paying the debt in full will prevent a foreclosure with the new legislation.
The mechanism is amazingly simple. Today three auction dates are set up front for each property in foreclosure. In the past, the second and third auction dates were set only after the outcome of the first auction proceeding. Since with past legislation practically anything could stop the foreclosure process, setting a new date and getting the process started took months. Today’s legislation has cut this time to a maximum of 90 days as nothing, other than payment in full can stop foreclosure proceedings, the three dates are set up front, ten-business days apart.
Costa Rica Foreclosure process is as follows:
All participants on the day of auction must present a certified check representing between 30% to 50% of the opening bid prior to entering the court room; without it they cannot participate in the auction. The starting bid is the total of the original note. It is not established upon current market value. This is one of the foreclosure wonders of Costa Rica.
If at this first auction there is a successful bidder, they have three business days to pay the remaining balance or the auction is forfeited and their down payment is disbursed; one third to pay down the balance of lien and the other two thirds to the court. This is never returned to the forfeiting bidder. The foreclosure proceeds to the second date but 100% of the remaining balance must be presented in a certified check in order to enter. Usually, if there were no bidders present for the first auction, the opening price for the second auction would begin at 25% less than the initial bid. In essence, 75% of lien amount and a certified check representing 50% of that figure is needed to participate. By the third and last auction date, a certified check for the full amount of the bid must be presented as this final auction begins at 25% of the initial lien amount.
Another notable amendment in the policy has provided for court appointed representatives, specialists in foreclosure proceedings, to conduct the auctions. The process is no longer a judge’s dominion as in the past.
Due to the agility of the new legislation, there has been a thirty percent increase in foreclosures since May 1, 2008, when the law went into effect. Mortgage grantors waited for passage of this new legislation to begin foreclosure proceedings. Government entities are also using the new legislation to their advantage to collect on real property tax payments in default, as are local banks. Four years ago, banks began issuing millions of dollars worth of credit to their cardholders, and as in the U S, many card holders have defaulted. Banks are now attaching the debt as a lien on cardholders’ real estate - and foreclosing.
Understand that all mortgages in Costa Rica carry a variable rate: there are no fixed rate mortgages. Many of the mortgages issued were in US Dollars when it was more economical to borrow dollars verses Colones. The prime rate in the country has increase to the point that the amount of money initially borrowed, coupled with the rate adjustment has caused many monthly mortgage payments to rise above what is affordable for the borrower. Hence, more foreclosures are now on the horizon. Most likely, by years end, or first quarter 2009, there will be a fifty percent increase in foreclosure.
Please email me if you have any questions. val@forbescr.com
The mechanism is amazingly simple. Today three auction dates are set up front for each property in foreclosure. In the past, the second and third auction dates were set only after the outcome of the first auction proceeding. Since with past legislation practically anything could stop the foreclosure process, setting a new date and getting the process started took months. Today’s legislation has cut this time to a maximum of 90 days as nothing, other than payment in full can stop foreclosure proceedings, the three dates are set up front, ten-business days apart.
Costa Rica Foreclosure process is as follows:
All participants on the day of auction must present a certified check representing between 30% to 50% of the opening bid prior to entering the court room; without it they cannot participate in the auction. The starting bid is the total of the original note. It is not established upon current market value. This is one of the foreclosure wonders of Costa Rica.
If at this first auction there is a successful bidder, they have three business days to pay the remaining balance or the auction is forfeited and their down payment is disbursed; one third to pay down the balance of lien and the other two thirds to the court. This is never returned to the forfeiting bidder. The foreclosure proceeds to the second date but 100% of the remaining balance must be presented in a certified check in order to enter. Usually, if there were no bidders present for the first auction, the opening price for the second auction would begin at 25% less than the initial bid. In essence, 75% of lien amount and a certified check representing 50% of that figure is needed to participate. By the third and last auction date, a certified check for the full amount of the bid must be presented as this final auction begins at 25% of the initial lien amount.
Another notable amendment in the policy has provided for court appointed representatives, specialists in foreclosure proceedings, to conduct the auctions. The process is no longer a judge’s dominion as in the past.
Due to the agility of the new legislation, there has been a thirty percent increase in foreclosures since May 1, 2008, when the law went into effect. Mortgage grantors waited for passage of this new legislation to begin foreclosure proceedings. Government entities are also using the new legislation to their advantage to collect on real property tax payments in default, as are local banks. Four years ago, banks began issuing millions of dollars worth of credit to their cardholders, and as in the U S, many card holders have defaulted. Banks are now attaching the debt as a lien on cardholders’ real estate - and foreclosing.
Understand that all mortgages in Costa Rica carry a variable rate: there are no fixed rate mortgages. Many of the mortgages issued were in US Dollars when it was more economical to borrow dollars verses Colones. The prime rate in the country has increase to the point that the amount of money initially borrowed, coupled with the rate adjustment has caused many monthly mortgage payments to rise above what is affordable for the borrower. Hence, more foreclosures are now on the horizon. Most likely, by years end, or first quarter 2009, there will be a fifty percent increase in foreclosure.
Please email me if you have any questions. val@forbescr.com
Wednesday, October 15, 2008
Costa RIca Foreclosures 4 the REAL Investor
Foreclosure investing in Costa Rica is a unique industry. Not many know the specifics of the business and even fewer have the financial means to participate. It is essentially uncharted territory creating a huge supply of real estate to select from for our investors.
The global economic situation, recently passed legislation in Costa Rica, and the country’s distinctiveness, has made this present time, the product, and setting opportune. Costa Rica, besides being strategically located for easy access from North and South America, both Atlantic and Pacific coastlines and 2 International Airports allow for easy access into the country from anywhere globally.
Costa Rica became a democracy in 1821 and today it remains stable and strong, standing by its decision in 1983 to be a neutral entity in world conflicts. Numerous free trade zones and tax holidays, along with Costa Rica’s encouragement for foreign investments and business friendly government policy, has attracted the financial and physical presence of fortune 500 companies such as Wal-Mart, HP, Pfizer, Microsoft, GE, Intel, etc. The World Bank in a conference in El Salvador earlier this year stated that the country possesses one of the most stable and robust democracies in Latin America.
Adding to the strength and attractiveness of the real estate market in Costa Rica is the country's stunning scenery, unlimited out door activities, it's rain forests, beaches, and pleasant citizens. For self-sustainable ecological tourism, it ranks number two in the world only falling short to Palau in the South Pacific. The Corcovado National Park, located in the Osa Peninsula has been labeled the most biologically intense place on earth according to National Geographic. One of the many islands, La Isla del Coco, is a candidate for the Seven Wonders of the World adding to the desire to possess a piece of paradise where foreigners have the same rights as its citizens in Costa Rica Real Estate ownership.
In a country that is slightly smaller than the state of West Virginia, a little over a quarter of its territory remains protected for natural preservation. It is undoubtedly inevitable that the limited amount of land will only boost the demand to own it and, the economies strength and countries magnetism will only increase the capital gain potential for investors.
Next posting will include information on the new legislation that has made a difference for our investors and the step by step foreclosure proceedings in Costa Rica.
The global economic situation, recently passed legislation in Costa Rica, and the country’s distinctiveness, has made this present time, the product, and setting opportune. Costa Rica, besides being strategically located for easy access from North and South America, both Atlantic and Pacific coastlines and 2 International Airports allow for easy access into the country from anywhere globally.
Costa Rica became a democracy in 1821 and today it remains stable and strong, standing by its decision in 1983 to be a neutral entity in world conflicts. Numerous free trade zones and tax holidays, along with Costa Rica’s encouragement for foreign investments and business friendly government policy, has attracted the financial and physical presence of fortune 500 companies such as Wal-Mart, HP, Pfizer, Microsoft, GE, Intel, etc. The World Bank in a conference in El Salvador earlier this year stated that the country possesses one of the most stable and robust democracies in Latin America.
Adding to the strength and attractiveness of the real estate market in Costa Rica is the country's stunning scenery, unlimited out door activities, it's rain forests, beaches, and pleasant citizens. For self-sustainable ecological tourism, it ranks number two in the world only falling short to Palau in the South Pacific. The Corcovado National Park, located in the Osa Peninsula has been labeled the most biologically intense place on earth according to National Geographic. One of the many islands, La Isla del Coco, is a candidate for the Seven Wonders of the World adding to the desire to possess a piece of paradise where foreigners have the same rights as its citizens in Costa Rica Real Estate ownership.
In a country that is slightly smaller than the state of West Virginia, a little over a quarter of its territory remains protected for natural preservation. It is undoubtedly inevitable that the limited amount of land will only boost the demand to own it and, the economies strength and countries magnetism will only increase the capital gain potential for investors.
Next posting will include information on the new legislation that has made a difference for our investors and the step by step foreclosure proceedings in Costa Rica.
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