Cash is king, but you already knew that, I’m sure. If you are looking for an incredible good deal, you better bring cash if you want the seller of a property in Costa Rica to even think about accepting a lowball offer. Of course, if you are looking for owner financing your lowball offer will be an uphill battle.
Financing of a home purchase is so simple almost anywhere in the world. It’s really a serious pain that banks in Costa Rica do not finance a mortgage to non-residents. You cannot even get a bridge loan from a bank here. Most private lender financing starts at 12% and it is difficult to find any lenders willing to finance a mortgage a property outside the Central Valley.
So what do you do when you want to buy a house in Costa Rica before you have sold your house in New Jersey? A great option can be owner financing. But can you get that great deal you’re looking for? Let’s have a look at a scenario that will show your options.