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Baja Real Estate - San Marino / Poor service!

1 Mexico Review updated:

We wanted to purchase a home in San Marino. They wanted a deposit but would not give us a receipt stating it would be refunded when we put down the down payment, only verbally would say it would be part of the down payment. Then they would not use a escrow account for the 30% down payment. They say they do not use escrow in Baja. Now I see all the problems with the area and the way they do business, it is just too risky to buy there. I am going to put the money in a good mutual fund and use the dividends and capital gains it pays to rent a house when we want and not have the hustle of selling later and paying the Mexican fees. Their closing costs are around three time higher than in the states, and they tax you more on the gains when you sell. There are many things to think about.

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Comments

  • Ke
      12th of Aug, 2007
    0 Votes

    This development depends on deposits to do construction, so the slow down will cause delays in delivery. Be very careful to get an exact delivery date and not use a word like tentative. Have a lawyer read the contract and negotiate wording that protects your position. Remember, they are experienced in this, and you are only doing it once (usually). If you are just doing this for an investment, now is not the time, sales have come to a virtual stop. The sub prime crisis has caused an even worse problem in Baja, because this boom was based on speculation and dependent on loose financing.

  • Ke
      28th of Aug, 2007
    0 Votes

    It is only time, and we will elect someone like Jugo Chevez, and we will confiscate all the land owned by greedy foreigners and give it to our people. Please, come and invest, develop, and when we take it back it will be better for us!

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