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How to find real estate property in Panama Panama has been blessed with more than its share of natural beauty, but it has not kept pace with North America when it comes to online marketing. The real estate industry is further hampered because it does not have a Multiple Listing Service (MLS). No MLSs means that you can't go to one website and access a comprehensive database of properties that are for sale or lease. For twenty-somethings who are more familiar with Google than with the Yellow Pages, this may present a problem but if you didn't grow up with a lightning-fast computer to satisfy your every whim, you'll appreciate the old-fashioned work that it takes to find the perfect property in Panama.
Here is a step-by-step guide on how to find real estate property in Panama.
Step 1: Determine your budget and method of payment. This may seem like a no-brainer, but things are a bit different in Panama, and deals can be structured based on many factors. Will you pay for your property in cash? If so, this is an easy item to check off your list because all you have to figure out is the overall amount you want to spend. If you need financing, it's a bit more complicated. You will need to figure out how much down payment you can offer, and then where you want your monthly payment to be. Traditional mortgages are harder to get in Panama, especially if you're not yet a resident. That leaves seller financing. Some developers, like Empresas Bern, offer a 5-year financing program on their condos. Although the interest rates are higher than a traditional mortgage, there isn't a lengthy approval process so getting the loan is simple--just submit a deposit check and a copy of your passport and then sign the appropriate paperwork. Individuals can also offer financing, but many individuals don't want to do this. If you need financing, this may limit what you can buy.