Brokers

So, what’s the real story of buying Mexico real estate?  On one hand, there are the pessimists who can tell you 20 horror stories of situations gone seriously wrong (even though they’ve never been to Mexico.)  On the other hand, there are some suspiciously rosy stories out there that make it sound easier than buying real estate back home.

Of course, the reality is always far less romantic than the common extremes will make it sound like.  The search process can be an exciting process of discovery, and final ownership offers the excitement of “It’s finally ours!”  But the actual process of purchasing is a financial transaction or business deal that is made worthwhile because of the final result.

It is important for you to be able to reassure your clients of this.

What makes the purchasing important is that the final result can depend on how well it’s executed – and this will depend directly on who you refer your clients to.

Essential the practical (and even bureaucratic) nature of the transaction itself isn’t terribly different from that in the U.S. or Canada.  There are a few negative differences in the process that you can make your clients aware of ahead of time.  Generally speaking:

• It takes longer.
• The closing costs are higher percentage-wise. This is more than balanced by lower property prices, but it’s still good to be prepared for this point.
• Mexican offices tend to be more bureaucratic.
• There are fewer financing options.

On the other hand, a positive difference is:

• There are more lawyers and experts involved on the buyer’s side, offering “more eyes” to look out for their interests

There will be times that clients will be frustrated that they’ve had to send the same documents to the same office 3 times.  However, with the guidance of a professional broker, they can be sure that they will get through the process with the final result of owning their dream home at a very affordable cost – which, for the vast majority of cases – more than balances any inconveniences encountered during the process.

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Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 16 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. He is the president of Top Mexico Real Estate. Contact him at (512) 879-6546.

The TOP Mexico Real Estate Network; “Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”