Tough Real Estate Market Strategy
March 8th, 2010
A recent comment from a realtor in the north of the Bay reminded me of how important it is to stick to the basics. This young man announced in our Ampi meeting that the previous month had been a good one with several closings. The strategy his company has found to be working is to concentrate on the sellers who are motivated, and to spend time explaining current market conditions so when an offer comes in, the seller is educated in the reality of the market.
Hard realities of this market require sellers to be realistic in order to succeed. If the seller does not really need to sell in this current market and is not truly motivated, it is going to be very difficult to find that rare buyer or investor who wants to buy the property unless the price is very attractive. In general, only motivated sellers price their properties competitively. What is it in human nature that makes us all believe we are so unique that a buyer will fall in love with our real estate and have the money to pay whatever we ask for it?
Myths and misunderstandings in Mexican real estate, Part II
March 1st, 2010
The fideicomiso trust cedes the rights of ownership to the primary beneficiary. This includes the right to buy, sell, remodel, tear down, gift the property, etc. This trust is NOT a lease. A lease would be more easily revocable and this is not at all what the primary beneficiary (foreign owner) receives in the trust.
When you purchase property here, you agree in writing that you will be bound by the laws of Mexico for any issue involving real estate ownership. The Calvo clause is the doctrine stating that the venue of legal jurisdiction is Mexico, and not another country.
Myths and Misunderstandings in Mexican Real Estate, Part I
February 22nd, 2010
While a client and I were looking a home for sale recently, we noticed a wooden cross about 3 feet tall, stuck in one of the trees on the property. The client remarked, “Oh, someone died here”. The cross had been left on the property to commemorate the feast day or holiday in honor of constructions workers. When construction sites are active on this one day of the year, it is customary for the laborers to make and decorate a wooden cross to have a prayer and a blessing for the safety of the workers. Memorials seen on highways with small altars, often with flowers or candles, mark the site where someone lost their lives. The use of the cross is different depending on the situation.
