how do you buy property outside the country and finding financing here in the U.S and where can I start.
2007-06-16 11:56:55 · 7 answers · asked by uatafoya 2 in Business & Finance ➔ Renting & Real Estate
Here is a great website for info regarding owning property in Mexico. Basically you do not own it, but a trust does.
http://www.mexonline.com/propmex.htm
Regarding financing in the US. In parts of Mexico this is not possible.
Here is a website re financing for you.
http://www.bajainsider.com/baja-real-estate/financetitleinsurancemexico.htm
2007-06-16 12:10:56 · answer #1 · answered by halestrm 6 · 0⤊ 0⤋
Randy is incorrect. US citizens CAN own property in Mexico, EXCEPT on the coasts or near the border. The law changed about a dozen years ago and it is now quite possible and legal for foreigners to own property outright, sell it and/or leave it to an heir.
However, due diligence is important. You need to have a good lawyer who specializes in real estate. And you need to be very certain you have a clear title. Follow hailstrm's advice and check out the excellent websites cited.
Financing is still difficult in Mexico, tho' it is becoming more common, especially for foreigners. More and more companies are offering loans for second homes to US citizens. For mexicans, mortgage rates are high -- currently 12-18%. Most Mexicans still pay cash.
Donna
Learn about Mexico's most beautiful colonial city at www.experiencesanmiguel.com
2007-06-16 21:11:51 · answer #2 · answered by gringa traveler 2 · 0⤊ 0⤋
You cannot buy property in Mexico unless you are a citizen. However, you can get a 99 year lease to a property. We did this years ago and built a "fishing" cabin. Which is a nice way of saying a vacation home.
2007-06-16 12:10:47 · answer #3 · answered by randy 7 · 0⤊ 0⤋
Do your research - my dad has been building a house in Mexico for the last couple of years and it seems he's always running into one problem or another. One thing that you have to have ... a Mexican attorney who specializes in real estate.
Your local library will have a lot of information about buying in foreign countries.
2007-06-16 12:03:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I have always heard that a lease is the better way to go in mexico.
2016-05-17 11:46:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Halesstrm's answer is dead on; the others are not fully informed.
2007-06-16 12:38:09 · answer #6 · answered by mortgage_loan_officer 1 · 0⤊ 0⤋
I can help you out--this is what I do for a living. Please e-mail me at sdmiasd (at) yahoo.com.
2007-06-19 10:16:38 · answer #7 · answered by sdmiasd 2 · 0⤊ 0⤋