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Gringo Price, myth or reality?

Oftentimes we’ve come across this expression referring to prices inflated in accordance to the customer’s #nationality. Not only with the so-called “Gringos” - Foreigners from the USA -. If you’re from overseas you’re more likely to fall prey to these kinds of prices, but are they a reality or just an urban myth you shouldn't lose sleep for?

Unfortunately, a few wicked colombians that, obviously, don’t represent the vast majority, have taken advantage of the fact that newcomers generally have plenty of money in their pockets - As you normally would being in a country your not really knowledgeable about budget wise - and inflate the prices of the products, services and even real estate they’re selling as soon as they notice your accent. But how to avoid them?

When it comes to #RealEstate, always ask for credentials!

The realtors that are helping you find your next Colombian property must belong to the Colombian MLS. The MLS – Multiple Listing Systems do exist via La Lonja, which is the regional governing body of all professional brokers of #Antioquia. If they are not members of these governing bodies, consider it a red flag.

If you find it a bit uncomfortable asking them straight away, a telltale sign for you to know is how they send their listings; a professional link must look something like this. If they send you a bunch of images clump together with a price sent as a message at the end of them, you’re in deep water.

The “realtors” we're talking about usually make deals under the table with the owner in order for them to get the money you’re being ripped off, and those agreements involve sums of money that are way higher than what realtors get paid when a deal is closed (3%). One sign they’re very likely doing that is, for instance, when the contract you agreed upon establishes for some of the payments you’re set to do, to be done in cash (bills, notes, change, etc.). The money involved in the swindle cannot be sent to the owner’s bank account as it’s a rather large amount of money to be taxed and not enjoyed by the bank account’s owner. Please be sure your money reaches the bank account of the owner of the property listed for sale in every single payment done to buy it.

But how to know if the person you’re talking to is the real owner?

Your realtor must help you verify an official document called Certificado de Tradición y Libertad which contains the name of the current owner. If the asset is owned and leased by a #bank, ask them for the number of the contract and contact the office of the bank in question to verify the information given.


If you liked this post, do not forget to like it, or tell us what your opinion is or what experiences you have had with Colombian real estate, we hope hearing from you!

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