The best real estate company in Rocky point Mexico is Rocky point best real estate.
I asked Joseph a lot of questions about buying a home in Mexico and I got good answers to all of them here's some of the questions I asked him maybe it can help you also.
1. Can I really own property in Mexico (or is it a 99 year lease)?
2. How much are closing costs?
3. Can I get notified of new listings?
4. How does financing work?
5. What are the additional, ongoing yearly or monthly fees
1. Yes, you can legally own property in Mexico. Laws differ based on where in Mexico you purchase. In Puerto Peñasco, you need to hold title via a financial instrument called a fideicomiso, or a bank trust. This is the method that Mexico provides to ensure that foreign investors have a way to legally hold title. It adds to the closing costs, but since the bank trust system has been put in place, no one using it has ever lost their property other than for things like non-payment of taxes.
2. Closing costs are higher here than in the USA. The general rule of thumb is that they are around 2.5% of the purchase price plus $8,000 - $10,000 USD. This is for a property held in a bank trust. Closing costs will be lower when dealing with a property already in a bank trust owned by an American LLC, and for transferring title to a Mexican national.
3. Yes, we're proud to have a robust website at RockyPointBest.com that allows you to search all current listings on our MLS and sign up for automatic listing notifications that will email you whenever a new listing that matches your criteria hits the market.
4. Bank financing is very hard to get here in most cases.
Almost all properties are bought with cash or with some sort of seller or developer financing.
If someone has equity in a house in the USA, they might be able to pull out that equity with a HELOC to purchase a home here.
Seller financing has a lot of variables since the seller decides what terms they would want to entertain, or even if they want to offer any financing at all, I can't tell you exactly what terms are available for each property. That's something we would need to negotiate with each seller.
Normally, an individual seller (not a developer) will ask for between 40% and 50% down payment, amortize the loan between 10 and 20 years, but have a balloon payment after between 2 and 5 years. If the loan is amortized over 15 years with a 4-year balloon, for example, you would make the monthly payments as if it were a 15-year mortgage, but after 4 years the total unpaid amount of the loan would be due. The interest rates of those loans is anywhere between 6% and 8%, usually.
Developers tend to ask for between 30% and 50% down and will usually give 15 - 20-year loans with no balloon payment. The interest rates tend to be higher, between 7% and 10%, and usually the higher the down payment, the lower the interest rate.
5. There are a few additional fees to consider when purchasing a property here. Property taxes are an annual fee, and tend to be a lot lower here than in the USA, often under $1000 / year. There's also a cost to maintaining the bank trust, which is usually between $450 and $600 / year, and varies by bank. The final ongoing cost common here are HOA fees. HOA fees keep common areas maintained in resorts and many neighborhoods, and often pay for private security and other benefits. read more
