Thursday, November 16, 2006
San Diego firm helps U.S. buyers find Mexican Real Estate
This article looks suspiciously like an advertisement in disguise, but it does discuss how much easier it is for Americans to buy property in Mexico. It also suggests that a person looking for a house in Mexico could easily do so on-line, but for heaven's sake DON'T DO THAT. Mexican real estate, and purchasing real estate, is a completely different process that what we're used to in the U.S. I have an older post on this subject {Educating SMA's future residents) that outlines the pitfalls of dealing with less than reputable real estate agents.
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3 comments:
It definitely smells like an advertisement. That's the sad and somewhat true development in advertising in this day and age. It works as an 'If you scratch my back, I'll scratch yours' situation; the advertiser, in this case Mexicana Properties is probably holding advertising dollars (a Carrot) in front of the Donkey (San Diego Daily Transcript). The problem is obvious...who knows if Mexicana Properties is even a reputable company? There's no filter. the last thing that media outlets need are more bias. That's my opinion at least.
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http://www.leimortgage.com/blog/
Readers should please take note that both the National Association of Realtors [NAR] and the Arizona Association of Realtors are developing certification programs with the Mexican Association of Professional Realtors [AMPI]to establish standards of practice both in the State of Sonora and country of Mexico for real estate sales and investments.
Which, of course, is because such protections are not yet in place.
Nevertheless, even when the protections are place, is is still not advisable for the buying process to take place on-line, nor should it be done without careful thought and consideration.
One of the big differences buying real estate in Mexico, according to the retirees I've worked with in San Miguel, is that a "contract" is not a binding document as it is in the U.S. I met several people who had found homes they loved, signed contracts and then found out a few days later that the seller found a buyer who would offer much more, and the deal was off. In fact, my last day in the field I met a woman who was in the process of buying a house there. I asked if she was excited, and she said, "Well, this is the 5th house I've had under contract. I'll get excited when I actually own the house."
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