surebought
Feb 23, 2011, 12:40 PM
Post #1 of 4
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Some Comments about Real Estate in Mexico.
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For brief periods of time in my life, I have sold Real Estate in the US and in Mexico. Then I was in retail and I have talked with probably 1000 people about their second home situation in Mexico over time. Here is what I would like to pass on to interested people about that. If you are thinking about moving to Mexico, don't buy a piece of property right away. Rent for awhile and see, for sure, whether Mexico is right for you. There are two good reasons for this. Many people have regretted their purchase because they bought the first place they liked and they paid way too much for it. "Gosh, if I had only waited, I could have bought that house up on the hill for less money." And the second reason is, that many times after moving to Mexico, something happens back in the US that compels them to move back to the US quickly. Its usually an illness or somebody's mother needs 24 hour care. Both Maud and Ernie's parents are still alive and the chance of serious illness for four older people is really high. Or some other excuse. Once they have bought their dream house, it can be very hard to sell it quickly, if at all. And once they're back in the States the house becomes a nuisance to maintain. There are lots of people in this last situation. Right now I am trying to help a guy that owns a very remote Ranch about two hours away from me and he lives in Atlanta and Ranch is in Baja. Any problem and he has to fly out here at great expense. This time, he had to drive out here so he can keep a car in San Diego, just because of this Ranch. It's a bad situation. I am waiting for his call right now so I can do him a favor so I am passing the time by writing this.
If you are thinking about selling Real Estate in Mexico, I think it is much more difficult then selling in the States. There is a lot more follow up. You'll end wasting a lot of days taking Maud and Ernie around showing them everything you've got with your car and your gas, and they won't even buy you lunch, and they won't tell you anything, like how much money they have got to spent. Sometimes its real comedy. Then they give you a call a month later saying that they bought a place directly from an owner. But they are having a lot of problems with the transaction and could you please help them negotiate with the owner, because he keeps changing the deal. I live in this town and I don't want to get into these kind of conflicts with the locals, so now I have to avoid Maud and Ernie. I don't want to hear their stories. All this they want you to do for free of course. People do the dumbest things down here and they expect somebody or the legal system to bail them out.
In the states, the Real Estate Agent gets paid right off the top from escrow. Not so here in Mexico and it's very common for the owner to stiff the agent out of their hard earned commission. And you the agent, can't practically do anything about it.
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