Mexico Connect
Forums  > Areas > Jalisco's Lake Chapala Region

Cathy

Nov 30, 1919, 12:00 AM

Post #1 of 11 (2565 views)

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Any Owner Finance On Homes,W/Large Dn Pmt?

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Looking for some owner finance 3% for 3-5 yrs

PDW

Nov 30, 1919, 12:00 AM

Post #2 of 11 (2558 views)

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Any Owner Finance On Homes,W/Large Dn Pmt?

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Just another thought. If the buyer owns property in the US or Canada, one might consider a second mortgage on that property rather than financing the Mexico property. Surely the seller would have more leverage in Canada or the US.

Jim Bentein

Nov 30, 1919, 12:00 AM

Post #3 of 11 (2558 views)

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Any Owner Finance On Homes,W/Large Dn Pmt?

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Are you out of your mind? Haven't you read anything about the real estate "bubble" in the U.S. (and Canada)? It rivals what was happening on the NASDAQ a few years ago in many markets (i.e. San Diego, Naples Fla). Who in their right minds would leverage an asset that probably will tank in the next couple of years (a house in North America) for an asset that will almost certainly depreciate (read about the lake and the big oversupply of properties in the Lakeside?)? In fact, the property being pitched below has been on the market there for years - like a lot of other places.
Doesn't anybody on this board read about economics? We're headed for the big one, folks! Not time to be going further into debt to buy anything.<p>Luego

Sheila in Texas

Nov 30, 1919, 12:00 AM

Post #4 of 11 (2555 views)

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was that 50% down payment, on the asking price?

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Yes. The asking price had been reduced and was a good price. I asked for and got a balloon mortgage -- lower monthly payments with a payoff in 2 years. If you know of anyone who wants to buy a house with a great view in Gatesville, TX, send them my way. I'm selling my present home to pay for the mortgage on the Ajijic house. I plan to move south in about 2 or 3 years.

Justus Hauser

Nov 30, 1919, 12:00 AM

Post #5 of 11 (2557 views)

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Any Owner Finance On Homes,W/Large Dn Pmt?

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<center><img src="http://www.deutscheweltweit.de/houseview.jpg"></center><p>

Sheila in Texas

Nov 30, 1919, 12:00 AM

Post #6 of 11 (2557 views)

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Any Owner Finance On Homes,W/Large Dn Pmt?

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I recently bought a lovely home in Ajijic at 50% down with the owners financing the rest. The percentage rate is 8%, so I think you'll have to come up on your percentage rate expectations. Due to needing financing, your options are limited but seller financing is out there. You just have to look hard and be willing to negotiate. Good luck! I worked with La Donna and Bill Farrar at Reality Executives and had a great experience.

arbon

Nov 30, 1919, 12:00 AM

Post #7 of 11 (2556 views)

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was that 50% down payment, on the asking price?

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??????

smitty

Nov 30, 1919, 12:00 AM

Post #8 of 11 (2557 views)

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very difficult

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creditors have a lot of trouble enforcing their rights in the Mexican legal system, so seller-financing with the seller holding a mortgage is fairly rare.

Rolly

Nov 30, 1919, 12:00 AM

Post #9 of 11 (2556 views)

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Hi Sheila

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Just wanted to say Hi. I grew up in Lampasas.<p>Check me out in Mexico at Rollybrook.com<p>Rolly

hank

Nov 30, 1919, 12:00 AM

Post #10 of 11 (2556 views)

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Anything possible it all depends on the owner, most are CASH though.

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Bill

Nov 30, 1919, 12:00 AM

Post #11 of 11 (2557 views)

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ROFL Surely you jest? nfm

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