PAYING CASH, CONSIDERING SELLER FINANCING, OR PURCHASING A FOR SALE BY OWNER (FSBO)?
Sure, you’re an intelligent, business savvy person, who has purchased many real estate properties in your lifetime. “What could be so difficult about buying a property in Mexico?” These can be famous last words……. The problem is that you don’t even know what you don’t know.
Much of the real estate knowledge we have gained throughout our lifetime DOES NOT transfer when purchasing a property in Mexico. Mexico is a different business culture, based on a different legal system (based on Spanish Law rather than English Law). No matter how long you’ve been traveling to Mexico, and no matter how long you’ve been in business, you are ill-prepared to complete a real estate transaction that will minimize your frustration and money spent to obtain your property in Mexico.
You are about to embark on a large investment in Mexico. There are many moving parts and many people involved in a real estate transaction. No matter how well prepared you are, no matter how much due diligence you have performed, the bottom line is it gets down to “TRUST.” Let’s face it, everyone looks great on the internet. We’ve all written our own website text that will put us in the best light possible.
During your Mexico real estate transaction, would you rather wake up in the middle of the night worrying about “What the heck have I done?” or wake up with peace of mind thinking “I’m so EXCITED for this next adventure in my life?”
Are you looking for a PROJECT MANAGER/ADVISOR/CONSULTANT you can trust to safely walk you through your Mexico Real Estate Purchase? I am applying for this job. In addition to my credentials, I encourage you to call me and determine for yourself if I am the right person you want to hire for this job. (see www.MexicoRealEstateConsulting.com)
I purchased my first real estate property in Mexico in 1994 – pre-NAFTA! I built a home on this property in 2004. During my mortgage career in Mexico which began in 2004, I’ve closed well over 100 transactions for US and Canadian buyers purchasing real estate in Mexico. Maybe I haven’t seen everything that can happen in a real estate transaction, but I’ve seen most of it more than once! Since Mexico can often throw you a curve, it is important to have the problem solving ability, as well as the all-important contacts necessary to get the transaction closed as smoothly and quickly as possible. This “critical path,” or most direct way to get from finding your right property to ultimately taking clear title, requires a project manager who is knowledgeable, knows the right people, provides the constant follow up that is needed, and is nimble in completing the transaction.
You’ve often heard of the “mañana” attitude in Mexico. I’ve found that when I ask someone to do something, it’s not that they wait until mañana to do it (and mañana never comes!), but if they get the ball rolling, it’s not important to them if it gets COMPLETED today, tomorrow, next week, next month or even next year! This is why diligent follow up is required with every person involved in the transaction. My network of contacts knows what I expect from them, and they report back to me. I still have an excellent follow up calendar so nothing slips through the cracks and causes unnecessary delays.
Over the years, I have developed my own translation of the word “Mexico”. Mexico requires "patience, flexibility and a ton of follow up." Doing business in Mexico is not for the meek, and not everyone is cut out to be successful. “Type A” personalities should take special note of this and hire someone who is!
Here is a partial list of the services I provide:
Assist you and your real estate agent (if you have one) in writing your initial contract – the earlier I get involved in the transaction, the better.
Assist in choosing the best Notario Publico (the gate-keeper over the entire legal transaction)
Assist in the setup of the fideicomiso (bank trust) that is required in the restricted zones of Mexico – and may be something you choose to do even for property outside the restricted zone. We will discuss all the options with you and help you decide the best course of action based on your particular personal and financial aspects.
Assist in choosing a title company and setting up an escrow account should you decide to do so. Again, we will discuss all the options and reasons why or why not to go this direction based on your situation.
Review all closing costs and make sure there are no additional fees or extra people/hand-outs involved.
Assist you in choosing the best mortgage option, should you prefer to get a loan, rather than pay cash
Consult with you on the best way to borrow against or liquidate any assets in your home country.
We look at all the tax consequences both in your home country as well as in Mexico. We are tax experts – particularly for the high-end/financially complex buyer or seller.
Assist you in finding a property manager for your property, either for rental income or maintenance while you are not at your property.
I am both a licensed real estate agent and mortgage loan officer in the US. I have a stellar reputation, having served my customers in the US for over 30 years.
Problems in Mexico may not always be accomplished in ways we ex-pats consider to be “logical” but if you’re working with the right people, TRUST is far more dependable than “logic.” If you try to figure out Mexico using our perspective of logic, you probably aren’t going to fare well in Mexico. I tell my clients that if you have a question on how to do something in Mexico, talk to those who have been in Mexico the longest. It is a constant learning experience, and those who have been in Mexico the longest, often know the most. This is part of the charm of visiting or living in Mexico.