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Here are some great tips for buying property in Mexico! Thanks to Thomas Lloyd buying property in Mexico has become a little better to understand!
The thought of buying a property in a foreign country can feel like an overwhelming task, but there are ways to ensure the entire process goes smoothly. Here are five tips from my 17 years experience working in the Cancun real estate market to help make your search more efficient.
5 Top tips for buying real estate in Mexico
1. Start your search on the web. The web is a wonderful tool to start comparing areas, properties and prices. However, remember to use it as a guide to get you started. Many properties never make it online, so it is possible the property you end up buying is not even listed there.
The web is also a source of valuable information about areas, trends, legalities, etc. A good real estate web site will help you become an educated buyer. Take the time to learn everything you can and learn tips and tricks from the experts when ever possible, check out Mexico Real Estate Blog For example.
And one of the most important aspects is your ability to start establishing a relationship with a Mexico real estate broker. Start corresponding with several until you find one you are comfortable with and feel will do the best job for you. A good buyer s broker can be invaluable to help you find the property you are looking for.
2. Choose your broker. Once you find a broker you feel comfortable with, let that broker go to work for you. Many buyers make the mistake of contacting various brokers and make appointments to see properties. Usually what happens is they end up seeing the same properties more than once since many brokers handle the same listings. If you have chosen a good buyer s broker, your broker can show you any listed property and will work hard to find just the right one for you. Here is how you can help out ..
3. Be specific about your needs. When you are ready to plan your trip to see properties, you should send your broker a detailed description of what you are looking for and price range. Remember your broker is not a mind reader, so the more specific you can be, the more helpful that information is. With this information your broker can search out appropriate options for you to see and avoid wasting your time as well as theirs.
4. Be realistic. That beach front house for $100,000 USD does not exist. If you are serious about buying real estate in Mexico, stop wasting your time looking for properties with price tags from 20 years ago.
5. Once you find it ..ACT! If your broker has found the right property for you, don t expect it to wait for you. But when I say act, I don t mean act foolishly. Always do your due diligence quickly, then take action. If not, someone else may.
“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”
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 15 years. Mexico Real Estate Degree & Professional Identificacion Number S.E.P. #5978657. He is the current president of TOPmexicorealestate
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
Down Payment Options. Yes, there are options! Saving money for a down payment may seem like an impossible feat. You have bills to pay, the car breaks down at the most inopportune time, life happens! But I bet there are some options available for a down payment and closing costs that you may not be aware of!
Gift Funds~ Is there a relative that you can ask to help get you into your first home? Lenders will allow gift funds from a relative to cover both a down payment and closing costs! Depending upon the program you choose, all of the down payment and closing costs may be gift funds! The catch is the donor must be relatd. The relative must be able to show the ability to give the gift and the transfer of funds must be documented. You may also receive gift funds from a domestic partner or a non profit like your church. If you are considering getting a gift for down payment and closing costs, be sure and speak to your lender or agent to make sure the transfer is done in a way that will be acceptable to the lender.
Sell your stuff~ You may have items that haven’t been used for a long time like
your wave runner, boat or dirt bike. These items may bring in a decent amount of cash to help pay a down payment. This too will need to be documented correctly. Proof that you owned the item, fair market value of the item and evidence of the sale. Be sure you make copies of the title and bill of sale. Talk to your lender or agent to make sure it is done properly. You may have antiques or high priced items to sell. These are a little trickier to document. Talk about it with a professional prior to selling these types of items to make sure they are able to be documented properly.
401(k)~ Many 401(k) programs will allow you to borrow against them with no penalty in order to purchase a home. Check with your 401(k) holder to find out the requirements.
Pay off Debt~ Maybe you have some debt that if you were not making payments on it would create instant savings for a down payment. The money you would save in interest payments to a credit card is money in your pocket!
Bond/Grant Programs~ There are bond programs available that are set up specifically to assist first time home buyers with down payment and closing cost assistance. Your city may have one available. FHA has a 
program in California called CHF Access that is a second trust deed specifically for down payment and closing costs. There are specific lender requirements for this program, so be sure to speak with your loan officer or agent to find out more.
These are some great options for you if you have been unable to save money for a down payment. Combine any or all of these! Throw in a credit from the seller for closing costs and you are on your way to owning the home of your dreams! Now is a great time to buy a home with interest rates being at all time lows and housing prices at an affordable level. Don’t let a little thing like a down payment stand in the way of your owning your own home! Let’s figure out how to get you there!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
Stephanie Reynolds 
Colleen Mitchell 
