Mexican Real Estate / Not what you think it will be!
There are many programs, articles, advertisements that promote buying real estate i Mexico, especially Baja. I watched one of these on CBS, because it was a reputable network, I believed it. They presented happy people who found their dream homes in Baja. I went down there and found a nightmare. I bought a home in 2004 and here it is, 2007, and it has not been started yet. This was with a large developer. My real estate company, Coldwell Banker, just south of Rosarito Beach, helped put the deal together. They tried to keep my refundable deposit after I put down the down payment with the developer. Coldwell Banker said the developer said I could to pay commissions. There was nothing in the contract about that. Then I was told one lie after another about when the house would be built. I have met others with the same problem with my developer, Frisas Group. I have met others with similar issues with other developers. Americans need to know, there are no requirements to be a real estate agent in Baja Mexico. They are not subject to building codes and inspections. And, research the meaning and history of the word manana. It does not really mean tomorrow in the same way tomorrow is used in the United States. It has a loose meaning. Unless they say punto manana, it can be anytime. Thus, the attitude about deadlines. Mexicans don't think they are breaking their word when the don't deliver something when they say they will. Just be careful. The United States State Department has a warning about buying real estate in Mexico. Go to their site and read it. They suggest taking a lot of time before entering into a contract, using a Mexican attorney, and making sure titles are secure. The Mexicans have just begun using title insurance companies. They don't in all cases. Don't do this unless you can afford to lose the money you spend. I wish this warning had been online when I researched. I hope this helps save others the heartache I am in.