Buying Mexico Real Estate 3 Key Steps Not To Overlook
Buying Mexico real estate is one the most important purchases you'll make in your
lifetime; Mexico offers excellent property investment opportunities, ideal places to retire in a warm climate at a low cost for both real estate and daily expenses. However, just as in any real estate transaction, there are some key steps to follow to protect yourself, and in Mexico where real estate laws are less developed, it is especially important to make sure you do your part to make sure that this experience is a dream come true, as it should be.
Here are 3 key steps which many buyers overlook, or tend to under-rate.
1. Find a Reliable Mexico Real Estate Agent
In most of Mexico, there are no laws stating that an agent must demonstrate their ability to represent their clients in a real estate transaction; this means that anyone and everyone can set themselves up as a real estate business, and in many of Mexico's favorite real estate markets, this is indeed what happens.
One observer pointed out that just about everyone from agents to mortgage brokers only earn money when the transaction is finished; sometimes this leads agents to push a deal through, even though it is not in the best interest of the buyer. If this is your case, you've definitely got the wrong agent. A reliable agent will let a deal fall through before pushing through the wrong deal. The agent's reputation in the community will tell a lot. If past clients are happy with their new property and the agent's service, you know that the agent invested the time help them find the right property even if meant waiting longer for their pay.
You can also check for official qualifications, such as degrees, certificates and association with professional real estate associations (AMPI in Mexico.) Do homework. This step will "make or break," and the right agent will also advise you on the following steps, proactively.
2. Thorough Home Inspection
Don't let your excitement about a home make you skip or skimp on this step. A thorough, professional inspection is key. Although you have to pay for this, the cost of repairing hidden problems can cost you considerably more. If you are aware of small problems, and you are buying a "fixer upper," make sure the repairs fall into your budget, and you know the implications of both time and cost. Thorough
Mexico MLS listings present a wide range of properties. If the one you've got excited about doesn't work out, ask your agent to help you find a similar one.
If your agent is pushing you to skim over the inspection quickly, its another sign you might want to reconsider if you did step #1 well enough.
3. Contingencies for Earnest Money
While it is perfectly normal for sellers to ask for a certain percentage at the time of sales contract, "earnest money," which is normally not returned if the buyer pulls out. You need to make sure that the terms for returning this money are in your favor, making exceptions for problems which turn up during the home inspection, financing falling through, etc. Again a reliable agent will advise you on these. Make sure you ask, make sure you read and understand your contract.
As you've noticed, steps 2 and 3 point back to step 1 finding the right agent. Make sure you do your research on that step, invest the time necessary, start over if necessary. Another common theme is don't cut corners; in any step of a real estate transaction, cutting corners can cost you the time or money you saved many times over.
These three points are only a few of the steps to consider. Find a reliable agent, and take the time to do things right; they will help you.
by: Thomas Lloyd
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