The Costa Rica real estate market is one of the hottest in the world. Many of us who have visited Costa Rica have been swept away by its climate and beaches, its “green” environmental policies, and its simple way of life. More than a few American citizens, given Costa Rica’s relative proximity to the US, have begun to think of Costa Rica in terms of retirement living, because of its currently affordable real estate and cost of living. And there are even ways to participate in the Costa Rica foreclosure market while remaining in the US.

Shopping For Costa Rican Foreclosures Online

The Internet is the portal to information on all the world has to offer, including information on how to locate, and place bids on, Costa Rican foreclosures. A quick Internet search on Costa Rican foreclosures will point you to companies which specialize in them.

Among these is a business called Foreclosure Costa Rica, with a website at [http://www.foreclosurecostarica.com;] they claim that they sometimes buy Costa Rican properties just prior to their being put into foreclosure, or they buy properties in the banks’ foreclosure portfolios which are withheld from the general public until the banks’ preferred customers have had a chance to consider them. Their principal booker, John Lester, notifies them of Costa Rican foreclosures so that their clients may have a chance to bid on them.

The majority of other realtors offering Costa Rican foreclosures to American buyers also have agents in Costa Rica keeping them updated on all properties going into foreclosure, or, like Foreclosure Costa Rica, working directly with a property’s owner before foreclosure occurs.

Buyer Beware

If you are seriously thinking about buying property in Costa Rica, or any foreign country, educate yourself on the government regulations applying to foreign investment there. Your best means of finding your way through the rules that apply to Costa Rican foreclosures is to do your buying with a US-based realtor.

Some Suggestions

Not all real estate investments turn out to be good ones. If you are presented with a once-in-a-lifetime opportunity, you might be better off passing on it; things which appear too good to be believed probably should not be.

With any real estate purchase, and especially for expensive ones, it is your responsibility to get thorough documentation and clearly-defined contracts from your realtor. Have your own attorney go over everything until you are satisfied.

Visit, or have a professional do a background check on, the realtor handling your Costa Rican foreclosure purchase. An impressive website is still just a website, and doesn’t cost much to maintain. Don’t send any money to anyone whose earlier business history you have not verified.

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