Checking legitimacy of ‘rent to own’ facebook ads

[mariam440087]

Hello! I would like to ask how nalalaman if legit ang ads ng mga ‘rent to own’ condos sa facebook. I’m planning kase to own one to finally have a place of my own. Ang usual na nakita ko contains:

“NO DOWNPAYMENT!!
5 YEARS TO PAY 0% INTEREST
FLEXIBLE PAYMENT TERMS

Studio type xxSQM xK for xx months
1BR xxsqm xK for xx months
2BR xxsqm xK for xx months

HOW TO AVAIL?
REQUIREMENTS NEEDED

☑ 2 VALID ID
☑ Any proof of billing
☑ 25K reservation fee

Free site tripping this Sat/Sun 12PM-5PM”

Are these ads legit? Sorry I’m really new to this and really need you thoughts on the matter. Thank you!

 

[cbh]

@mariam440087 Scam at worst or misleading at best.

 

[xitosunwin]

@cbh 5 years to pay no interest pero after 5 years need to pay remaining balance that's 5x the amount

 

[aly1031]

@mariam440087 Yes, most are legit. Pero syempre, wag ka naman magpapareserve online lang without actually visiting the site and meeting the agent (then verify the agent from the developer).

Most probably, Megaworld yung nakita mo. Instead of the usual 20% downpayment (na outright pag ready for occupancy na, at installment without interest kung pre-selling pa), installment nila ipapagawa kahit ready for occupancy na. The catch is, syempre pang RFO na rin ang total contract price.

So yung nakikita mong 30k-40k/mo for 5yrs (downpayment pa lang yun), posibleng 80k up na after 5yrs (bank loan needed), until you fully pay the unit. Kung iniisip mo na parang nagrent ka lang tapos surrender the unit na lang after, naunahan ka dyan ng developer. Every couple of years, may lumpsum sya (let's say 200k+, isang bagsak). So at the end of the 5yr dp term, malaki na malulugi mo, tapos dun pa sya mareremata, sayang. Pagkakakitaan na kasi nila yung first 5yrs mo eh, tapos ireresell uli nila yan na parang walang nangyari. Kaya ok lang sa kanila hindi mo mafully own.

Pag maghahanap ka, always always get the TCP first. Kahit gano pa sila kalegit o kababa ng monthly, magkakatalo naman yan kung magkano ba talaga ang ibabayad sa buong duration ng term, yun din kasi basis kung mawqualify ka a bank loan.

 

[fasonreeman]

@aly1031 Ano ang TCP

 

[wisa35]

@fasonreeman Total Contract Price

 

[bellag]

@mariam440087 andaming scam ngayon sa real estate so if interesado ka, best to check sino developer, if may license, etc

 

[jamestown57]

@mariam440087 yung 5 years na yan downpayment pa lang yan na stretch kelaangan mo pa mag loan para sa monthly amort ng malaki after 5 yrs

 

[wisam]

@mariam440087 Working in real estate here. Kung kaya, hingi ka ng sample contract. Make sure na yung contract ay "Contract of Lease with Option to Purchase"

 

[hisbeloved89]

@mariam440087 Legit but misleading.

You can respond nman sa ads and ask the agent for sample computation. But for rent to own condo units usually yung upfront cost before you move in are the reservation fee and 4 months deposit and 1 month advance rent but may vary per developer.

 

[personalizedbook]

@mariam440087 Mostly legit pero misleading ang post nyan. Maliit lang Downpayment pero after nun, malaki pala amortization.

 

[rightway16]

@mariam440087 Nooooe

 

[jasonodavis]

@mariam440087 susurpresahin ka nila haha (maling akala).

 

[rmkries]

@mariam440087 there’s no such thing as rent to own.

 

[hisbeloved89]

@rmkries How so? Tell us more.