Congratulations on finding the best source of currently available foreclosures in the Republic of Panama!  Foreclosed properties are mounting up in Panama and this option truly is making investors money, a lot of money.  

Each bank has its own variation of a process that must be followed in order to proceed with the purchase of a property in their inventory.  This is a general outline of how it works.

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First, of course, you'll either want to see the property in person, or have one of our investment agents take you on a virtual walk through and provide detailed photos along with any other information that may be pertinent.  Once a decision has been made to proceed with a formal written offer, your investment agent will send the appropriate form ready for your electronic signature.  Each bank has their own version of their form that must be completed and signed in order for the offer to be submitted.  Once submitted, the offer will either be declined, or, if considered reasonable, will be presented at a weekly board meeting for discussion & approval or denial.

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Once there is an accepted offer, the bank will give the buyer 10 business days to pay a deposit of 10%.  This must be paid via bank draft along with a copy of the bank statement showing where the funds originated.  A "know your client" form will also have to be completed as per Panamanian law.  

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Once the 10% deposit has been paid, the buyer will have two options.  Cash buyers will be able to pay the entirety of the sale price, sign a contract, and wait for the title to be registered in Panama's public registry about 2 weeks later, when they can take possession.  Another option for the cash buyer is to pay the 10% deposit, and then to pay the balance later on, still having to wait a couple of weeks for title transfer.  If you are applying for a mortgage, after the 10% has been paid, the bank will require a non revocable letter of payment letter.  This is a letter from the bank that will hold the buyer's mortgage guaranteeing payment once the title has changed owners in the public registry.

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It's remarkable that your legal fees will be considerably less when buying a foreclosed property from the bank, as they use their own lawyers and charge just the registration fees which seldomly amount to more than five hundred dollars.

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Once deed has been registered in your name, the bank will turn over the keys.