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babycakes

Sep 7, 2009, 4:34 PM

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Real Estate Agent?

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My husband (Mexican citizen) has a townhouse he is paying off in Ecatepec, Estado de Mexico. Anyway, we want to sell it.. but since it isn't paid in full, it is a little difficult. His mortgage is with IMSS and honestly I don't totally understand the process.. it's not sell it for however much you can get for it and pay off your loan and pocket the profit (if there is any) like in the U.S. (and at least that is how I think it more or less works in the U.S... I have no experience there either).
So we have a FOR SALE OR .. what's the word used here... traspaso. Traspaso is what we have to do really since he doesn't own the townhouse since he is still making payments on it.
So that's the background.
My question is- is there real estate agents that we can hire here to evaluate the house tell us how much they think it's worth, show it to people (bc we live in the city and it really takes hours to get to the house just to show it to one person who may or may not really be that interested, or show up for that matter).
I just really want to get a move on with selling this place!
Thanks,
eli

Marlene

Sep 7, 2009, 10:51 PM

Post #2 of 3 (4245 views)

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Re: [babycakes] Real Estate Agent?

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A Traspaso is not exactly something that Infonovit approves of, since they have rules in place to protect this type of subsidized housing from speculators. It's a risky transaction for both parties and they at Infonovit warn heavily against it, saying it's not legal. A regular realtor won't get involved in this type of thing. A notary can handle it, but they can only place a power of attorney until the loan is paid off. So it's not a house sale as we know it. It's a leap of faith.

(This post was edited by Marlene on Sep 7, 2009, 10:53 PM)

jerezano

Sep 8, 2009, 8:46 AM

Post #3 of 3 (4193 views)

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Re: [Marlene] Real Estate Agent?

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Hello babycakes;

In the United States we would call a Traspaso a Mortgage Assumption.

What Marlene told you is absolutely correct for INFONAVIT and other government housing projects which have strict rules about who can buy and who cannot.

You say however, that it is an IMSS loan. Whether that is covered by the strict rules Marlene mentions I do not know. However a Notary Public would know. If your Notary Public says that the Traspaso is legal and alright for you I would go ahead with the deal. He/she will also advise you about the risks and the legal rights of both parties to the deal. I would stay well away from any real estate agents. As you know, even in the United States such agents are not well regulated. Here in México, not regulated at all.

Remember that here in Mexico a Notary Public is a lawyer specialized and licensed in real estate and other matters. He/she is therefore much more qualified than an ordinary abogado.

Your Notary Public can also recommend a person to evaluate your property and give you an avaluo. He will also be able to go to the tax rolls and determine the evaluation used for taxing the property. The only reason you might want to hire a real estate agent is to show the property since you are so far away from it. I wouldn't suggest that either since you shouldn't be getting that many responses to your sign on the property or from any advertisements you might be making. Yes, but the real estate agent may be able to list your town house on a multiple listing agency but make sure that is possible before contracting for the costly commissions involved.

Good luck. Just for curiosity what are you asking for that mortgage assumption? And have you listed that townhouse here on the special forum?

jerezano.

(This post was edited by jerezano on Sep 8, 2009, 8:52 AM)