Having looked around for a couple of years now for a house in the area we've been staying, Vic and I have just recently found the one that made us take the leap.
It's a small one storey concrete home, on a 10m x 40m lot, that needs finishing inside and out.
We ran across it (literally) on one of our runs, and the owner had just put up the SE VENDE sign.
We quickly called the number of the private for sale sign and I spoke directly with the owner. Silvia spoke little English so I once again got to put my Spanish to the test. Her asking price was $1,000,000 (pesos that is), and after negotiation we purchased for $850,000 (which translates to about $67,000. Cdn). The deal was struck at the kitchen table, which we ended up purchasing too.
While inexpensive versus homes in Canada, the opportunity to watch the destruction and construction is giving us a new appreciation for differences in how things are accomplished here in Mexico.
The house is basically a shell of concrete blocks and white paint (which makes things more challenging), but the room divisions and sizes are excellent, and lots of windows throughout make it a wonderfully bright home.
Little known fact that when you buy a home privately, your downpayment does not sit in trust with the lawyer as it does in Canada, but goes directly to the Seller via the lawyer, and is for about 10% of the purchase price. This is then leverage for the Seller to ensure you carry through with the purchase. The benefit to the buyer is that should the Seller not proceed, the Buyer will receive their deposit back as well as an additional amount equal to that deposit!
So, we took our verbal offer to our lawyer who drafted up all the paperwork, and sat down with Silvia and Lorena (the lawyer) to cement the deal! Three months later the deal closed this week on April 3rd!
It takes longer to close on property here as well, as being Canadians requires that we purchase property within 50 kms of the ocean (in our case the Gulf of Mexico) in a trust (known here as a fideicomiso), and this must be set up through the lawyer on our behalf.
Wiring funds from Canada to a bank in Mexico requires account numbers, swift numbers and as much detail as possible to ensure timely arrivals and reduce your stress! We recommend sending a small amount first if you have the time to await its arrival, so you know you've got it right. Not so on our first try, but after recalling the wire and stressing over where in electronic limbo those funds might be, we did get it figured out!
So, attached here you will see pictures of the house as it was when we first purchased it, and we will keep you updated on its progress as the construction evolves!
Have a great sunny day! We are!
Hugs from Mexico.
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