Real Estate Sales Need Real Estate Agent Recommendation

[Theresa0]

Hi,
Can anyone recommend a good real estate agent who can help us start our search for a condo/apartent in BA from the U.S.?
We've had difficulty receiving a response to the e-mail on-line offerings. We will be in BA within the next 3 months but want to
find something ahead of time.
Thanks,
Theresa

 

[earlyretirement]

Hi,
Can anyone recommend a good real estate agent who can help us start our search for a condo/apartent in BA from the U.S.?
We've had difficulty receiving a response to the e-mail on-line offerings. We will be in BA within the next 3 months but want to
find something ahead of time.
Thanks,
Theresa

I sent you a DM to a GREAT agent. I've used for the past 15 years. Very honest and hardworking.

 

[earlyretirement]

A good realtor and a good Notary Public and a good honest banker is all you need.

The best real estate portal so far is this one - https://www.zonaprop.com.ar/

So just see properties you're interested in and have your realtor contact them. Always have your own buyer's agent vs. using the seller's realtor. You need someone fighting for YOUR interests and you have to pay the 4% agent commission anyway.

 

[nikad]

I noticed OP did not mention whether they are looking to buy or rent property. Buying should be easy, renting... not so much atm.

 

[Ceviche]

A good realtor and a good Notary Public and a good honest banker is all you need.

The best real estate portal so far is this one - https://www.zonaprop.com.ar/

So just see properties you're interested in and have your realtor contact them. Always have your own buyer's agent vs. using the seller's realtor. You need someone fighting for YOUR interests and you have to pay the 4% agent commission anyway.

If you bring in your own buyer 's agent - though you got to know the property via seller's agent = what happens? do you have to pay 4% to each? or can the seller's agent refuse to talk to buyer's agent?

 

[earlyretirement]

If you bring in your own buyer 's agent - though you got to know the property via seller's agent = what happens? do you have to pay 4% to each? or can the seller's agent refuse to talk to buyer's agent?

You MUST have your own buyer's agent. Otherwise if you see the property first without one then the seller's agent gets the double commission. When that happens they ALWAYS favor the seller and trying to get the most money as she/she will make 7% of the commission (4% from buyer and 3% from seller). Once you see the property with the seller's agent you have to pay her if you buy. That's why it ALWAYS makes sense to have your agent set up the showing if you see something on ZonaProp. Just give them your list and he/she will set it up.

I get what your asking Ceviche. If you saw the listing with the seller's agent first without an agent. That seller's agent will claim SHE showed you the property. It's a wierd territorial type of sh*t. You could try to fight you on it but they will always win as they just won't take your offer to the seller. I've had that happen before. Fortunately I was smarter and got around it. I'd just write a letter asking if they got an offer and then pay the doorman like $20 US to slide the letter under the door. They would ALWAYS call me back..haha

 

[earlyretirement]

If you bring in your own buyer 's agent - though you got to know the property via seller's agent = what happens? do you have to pay 4% to each? or can the seller's agent refuse to talk to buyer's agent?

Also, sorry forgot to answer if you need clarification. No, you do NOT pay 4% each. As a buyer you pay 4% total commissions in most cases on residential real estate. If it's residential/commercial or commercial only you usually pay 5% commission. The seller typically pays 3% to their seller's agent.

However, the buyer's "agent" only gets 50% of that 4% in the buyer's commission. You see, the seller's agent automatically gets 50% of that. So seller's agent gets 3% from the SELLER and they get 50% or 2% from the buyer's agent too. The listing agent is the one that makes most of the money as they get a split of buyer's agent too.

When I was buying a lot of real estate in Buenos Aires what I'd do in a building I liked a lot of units is I'd maybe already own in that building. Las Heras 1976 is a good example. That was the first apartment in Buenos Aires I bought at the corner of Las Heras / Junin. So I bought one. And then after I moved in. I slid a letter under ALL the owners doors offering to buy their units. All above market price and they would save 3% from not having to pay a realtor. It was beautiful! We bought up 11 units in that building. ALL commission free without an agent!

I'd start to do things like that outside of the box that saved everyone money. Also, hopefully people find these posts helpful and useful. I don't want to be accused of promoting my website. Everything is free and I'll answer any real estate related questions as I know it inside and out and I'm passionate about it.

 

[nikad]

NO, you're wrong that buying isn't easier than renting. It's not so easy. I've had many, many people that retained my firm to help them fix errors that their realtor, or Escribano made. So you have be careful and use good people. Buying is NOT easy in BA like you're suggesting nikad.

I meant it is easier in terms of properties currently available for sale vs rent. The buying / selling process can become challenging, complex and extremely tricky if you don't know what you are doing ( lots of scams )

 

[earlyretirement]

I noticed OP did not mention whether they are looking to buy or rent property. Buying should be easy, renting... not so much atm.

NO, you're wrong that buying isn't easier than renting. It's not so easy. I've had many, many people that retained my firm to help them fix errors that their realtor, or Escribano made. So you have be careful and use good people. Buying is NOT easy in BA like you're suggesting nikad.

 

[earlyretirement]

I meant it is easier in terms of properties currently available for sale vs rent. The buying / selling process can become challenging, complex and extremely tricky if you don't know what you are doing ( lots of scams )

Ahhhh Yes, you're totally right! Yes, almost ZERO long term rentals for rent but yes it's a buyer's market to buy. Lots of listings and great time to buy.

Yes, buying real estate is tricky here. I can tell you hundreds of horror stories of people that tried to do it on their own, or trusted the LISTING agent's lawyer and things ended up really really bad. And really you can't do anything as the judicial system doesn't work there and it's all CASH so you have to do it right from the start.

LOTS of scams is right!

 

[Rich One]

I believe Earlyretirement's contribution to this Forum is great and invaluable, has been of great assistance to most of us.

 

[earlyretirement]

I believe Earlyretirement's contribution to this Forum is great and invaluable, has been of great assistance to most of us.

Thank you so much Rich One for your kind words. It was my pleasure assisting hundreds of forum members on the old forum. It was a shame that the owner started deleting my posts for NO reason but I'm glad he did it as it drove me to create my own forum and this is 100X better. In a relatively short amount of time I believe members will switch over to my new forum.

 

[FuturoBA]

Ahhhh Yes, you're totally right! Yes, almost ZERO long term rentals for rent but yes it's a buyer's market to buy. Lots of listings and great time to buy.

Yes, buying real estate is tricky here. I can tell you hundreds of horror stories of people that tried to do it on their own, or trusted the LISTING agent's lawyer and things ended up really really bad. And really you can't do anything as the judicial system doesn't work there and it's all CASH so you have to do it right from the start.

LOTS of scams is right!

What types of scams and horror stories?? Were they more headache or incompetence related or scams where they ran off with someone's money?? Or if one uses a reputable buying agent, should he be able to guide you on what to do and how to avoid most potential pitfalls??

 

[earlyretirement]

What types of scams and horror stories?? Were they more headache or incompetence related or scams where they ran off with someone's money?? Or if one uses a reputable buying agent, should he be able to guide you on what to do and how to avoid most potential pitfalls??

There are many. Argentina has a great central property registry but sometimes unethical lawyers don't even check it. Realtors or escribanos in cahoots have scammed people. Many foreigners just use the lawyers/escribanos that the realtors recommend. So you have had cases where the 30% boleto (down payment) has been scammed from foreigners. Sometimes even the full purchase price.

Even if you have a reputable buyer's agent keep in mind you can still get scammed if the Escribano makes a mistake. Remember there is no real recourse in Argentina so once you get scammed you're doomed! It takes many years to get in front of a judge. And even then you have corruption. So you have to make sure you make no mistakes and using great professionals.

We have seen cases where a lawyer didn't do a proper check with all the utility companies. An escribano has a HUGE responsibility of not only making sure there are no liens/encumbrances on the property but also no issues with the HOA administration, water, gas, electricity company, etc.

I'd say most realtors in Buenos Aires haven't actually even bought anything themselves. Many of them are perpetual renters all their lives. I was the largest buyer of residential real estate in Buenos Aires. We were the premier consulting company and we would often times get calls weekly from people that wanted to hire and retain us to fix a problem that the realtor or lawyer made. But I always would tell them there wasn't anything I could do at that point. You MUST do everything 100% correct from Day 1 before you buy.

It is NOT like the USA or first-world countries. It's easy to get sucked into thinking everything will work as Buenos Aires looks so civilized and beautiful. But the business environment there especially in the real estate world is murky and you can easily be cheated or conned.

The entire system is flawed if you think about it. For example, when you have an Escribano that discovers an issue, you have to think about it. They basically know they will make $0 if they encounter a problem. So many never tell the foreigner knowing there is NO recourse later down the road. You MUST have an Escribano that will be willing to make $0 on that transition and be honest. The lawyers do NOT make anything up front. They only get paid at closing. So many times you have a situation where they don't want to tell you of any issues. I've had over 100 foreigners over the past 21+ years that have called me that had issues and wanted to hire me after the purchased but I always tell them there is nothing I can do and just refer them to my lawyer.

Having a good realtor helps. But let's be honest. Realtor's bring VERY little value to the transaction. Technology does all the work now. You find properties on real estate portals. I'm going to start a new real estate portal next year in 2024. I will compete with Zona Prop. It will be amazing. With technology, you will discover realtors charge a fortune and do very little but open the door. And write up the offer. That's it.

Take a look at this WSJ article - https://www.expatsba.com/threads/almost-no-one-pays-a-6-real-estate-commission—except-americans-wall-street-journal.124/ The USA and Argentina are amonst the highest realtor commissions in the world. This needs to end ASAP.

The most important person is a great Escribano and Buenos Aires doesn't have many GREAT Escribanos. There are a small handful of great and ethical Escribanos that will are willing to say, "do NOT buy this, danger danger. I will make $0 but I'd rather be honest and protect my reputation". Remember you are paying 100% CASH upfront. There is simply NO room for mistakes and this is why you need to be using really competent professionals.

People serious about buying can go to my website at: https://buysellba.com/step-by-step-guide-to-buy and read ALL the information. And then if they are serious they can go to the Contact Us section and schedule an initial consultation with me and my firm. We will make sure everything gets done properly. NO mistakes can be made when paying 100% cash up front.

We have helped over 500+ non-resident foreigners purchase real estate safely in Buenos Aires since 2002. You can read some of the testimonials here: https://buysellba.com/testimonials

You can read all the magazines and newspapers around the world that have featured me and my company here - https://buysellba.com/news-/-media?blogcategory=ApartmentsBA and here too https://buysellba.com/news-/-media?blogcategory=Koh+Investments

 

[All the Answers]

This is great advice by earlyretirement. Our friends bought an apartment in Palermo many years ago. They used a realtor that was recommended by a friend who also used that realtor. It turns out that the realtor and the lawyer that was recommended, charged some taxes and fees they said were normal. That wasn't true.

For example, they told our friend that the stamp tax was always paid for by the buyer. That wasn't true. They found out after closing that the tax in question is normally split between the buyer and seller. So there are many cases where if you don't know the laws you will get cheated.

They tried to get the money back but there wasn't anything that could be done. There is no small claims court like we have in the USA. They reported the lawyer to the Colegio de Escribanos (Bar Association) but to my knowledge, no action was taken against that Escribano. There is no governing body for realtors. Anyone can become one with NO experience at all.

We also want to buy and read your website - www.BuySellBA.com in detail. It's great information and we saw first hand with our friends that purchased that they should have used better people.

 

[David]

I agree realtors in Buenos Aires are almost worthless. I identified properties on my own at Zona Prop. Most took a few days to get back and it was horribly frustrating as many properties I identified, the realtor wouldn't ever show me saying the owners were busy. Seems strange to list a property, have a willing and able buyer and then not being able to see it. That was the pattern for a week.

Most owners are very flaky and wishy washy if they want to sell or not. One we made an offer, the seller made a counter offer. We accepted and then they changed their mind. I've never seen anything so unprofessional by both realtors and the owners. I'm now looking at new construction.

 

[Oatmeal]

Slightly off tangent to the discussion. What is the process of actually paying for the property? I read it is all in Cash but what are the methods to brining the money into the country? Alternatively have there been situations or is it even common that the seller has a USD bank account in the US and accepts transfers? I'm trying to understand how this process is done. Thank you

 

[BuySellBA]

Slightly off tangent to the discussion. What is the process of actually paying for the property? I read it is all in Cash but what are the methods to brining the money into the country? Alternatively have there been situations or is it even common that the seller has a USD bank account in the US and accepts transfers? I'm trying to understand how this process is done. Thank you

You can read the very detailed process of the buying process here on our website. It's all free - https://buysellba.com/step-by-step-guide-to-buy

You can bring cash into the country via a financial company. They will mostly use the bond swap method which is legal. Or if the seller of the apartment has a bank account outside of Argentina, you can wire it there. It's 100% legal. However, many locals don't declare that account abroad but now with Milei I don't think people will fear too much like with previous regimes. But you never know as Macri's people are coming in. I'd assume there will be another tax amnesty.

For situations where the seller has a bank account in the USA, it's quite easy. You wire the funds to them but ahead of time, your escribano does all the paperwork and escritura and you both sign it ahead of time so you're protected. It says the title transfers once you send the funds. Then once the funds are received, the seller signs a receipt saying they got it. It's totally safe as long as you have a good Escribano that structures it correctly.

I've done it that way hundreds of times safely.

 

[Oatmeal]

You can read the very detailed process of the buying process here on our website. It's all free - https://buysellba.com/step-by-step-guide-to-buy

You can bring cash into the country via a financial company. They will mostly use the bond swap method which is legal. Or if the seller of the apartment has a bank account outside of Argentina, you can wire it there. It's 100% legal. However, many locals don't declare that account abroad but now with Milei I don't think people will fear too much like with previous regimes. But you never know as Macri's people are coming in. I'd assume there will be another tax amnesty.

For situations where the seller has a bank account in the USA, it's quite easy. You wire the funds to them but ahead of time, your escribano does all the paperwork and escritura and you both sign it ahead of time so you're protected. It says the title transfers once you send the funds. Then once the funds are received, the seller signs a receipt saying they got it. It's totally safe as long as you have a good Escribano that structures it correctly.

I've done it that way hundreds of times safely.

Thank you for this. I will continue to research and keep up on this site and the link you shared.

 

[Oatmeal]

You can read the very detailed process of the buying process here on our website. It's all free - https://buysellba.com/step-by-step-guide-to-buy

You can bring cash into the country via a financial company. They will mostly use the bond swap method which is legal. Or if the seller of the apartment has a bank account outside of Argentina, you can wire it there. It's 100% legal. However, many locals don't declare that account abroad but now with Milei I don't think people will fear too much like with previous regimes. But you never know as Macri's people are coming in. I'd assume there will be another tax amnesty.

For situations where the seller has a bank account in the USA, it's quite easy. You wire the funds to them but ahead of time, your escribano does all the paperwork and escritura and you both sign it ahead of time so you're protected. It says the title transfers once you send the funds. Then once the funds are received, the seller signs a receipt saying they got it. It's totally safe as long as you have a good Escribano that structures it correctly.

I've done it that way hundreds of times safely.

The website you shared is too good! Really appreciate it. Now I have a lot of reading I need to do.