gdl80 Posted July 14, 2016 Report Share Posted July 14, 2016 Hi, I quick question. If I wanted to buy a house in Mexico, lets say $2/3 million de pesos, how much should/could I offer under the asking price? So for example, If a house was a $3.6 million pesos, would offering $3.2 million pesos be insulting or expected or is it totally dependent on who is selling? Not sure on protocol in this situation.. Also would be buying from Mexican sellers. Many thanks Link to comment Share on other sites More sharing options...
ned small Posted July 14, 2016 Report Share Posted July 14, 2016 Why would it be any different than purchasing a property in the UK? Having said that one of the joys of Mexican culture is the back an forth bargaining game. Just do your due diligence as you would where you live now. Link to comment Share on other sites More sharing options...
bmh Posted July 14, 2016 Report Share Posted July 14, 2016 It is not insulting to offer under the asking price and Mexicans are like everyone else sometimes they go down and sometimes they do not and sometimes they raise the price. I have seen that happen a couple of times..It all depends how motivated they are . Do your due diligence chck against other rperties values., see other houses with realestate places as well and get an appraisal , do not rush. Link to comment Share on other sites More sharing options...
gdl80 Posted July 14, 2016 Author Report Share Posted July 14, 2016 Thanks for the input guys. It helps when others share their opinions and experiences. Having bought 1 house ever in my life and not from a previous owner (it was brand new) I didn't know how it all worked. Link to comment Share on other sites More sharing options...
barcelonaman Posted July 14, 2016 Report Share Posted July 14, 2016 1 hour ago, ned small said: Why would it be any different than purchasing a property in the UK? Having said that one of the joys of Mexican culture is the back an forth bargaining game. Just do your due diligence as you would where you live now. buying in the uk cant be generalized. england and scotland for instance have different laws and the whole home purchasing system is completely different . scots system is more similar to mexican than english system, but even so there are still huge differences. Link to comment Share on other sites More sharing options...
Mainecoons Posted July 14, 2016 Report Share Posted July 14, 2016 One thing that affects bargaining with the locals over property is that carrying costs are very low and they may be very willing to wait a very long time to get their price. We had a really classic example of this on a property on our block that was for sale when we arrived here 8 years ago and finally sold just last year. It started out with a totally ridiculous asking price which they stuck with for over 5 years before finally starting to come down to earth. Ironically, they probably ended up getting less than if they had asked a reasonable price to begin with since the house was put on the market in a much stronger period for sellers than when it finally sold. And it deteriorated significantly over time as well. I've also noticed that property sales involving Mexicans can really get tied up in legalities and conflict if multiple family members are involved. Estate sales seem to be particularly difficult to close. I'd suggest that if you think you have a serious and reasonably motivated Mexican seller involved, you consider retaining a Notario like Luis Enrique in San Antonio to assist you in both the negotiation and the closing of the property. This could save a lot of headache for a reasonable amount of money. Link to comment Share on other sites More sharing options...
gringal Posted July 14, 2016 Report Share Posted July 14, 2016 Nevermind the bargaining. Everyone does, and without making an offer which is downright insulting, you should be able to do better than the asking price. HOWEVER, bear in mind that in Mexico, there are no "disclosure" requirements as there certainly are in the U.S. (don't know about other countries) and therein lies the rub. In CA, we are talking way over 20 pages of them. I know of at least one local situation where the house had parted in the middle and the owner proceeded to stick it back together on the unstable ground and sell it without saying a word about the problem. In my own case, the owner was also the real estate lister and I could tell a long tale of the hidden problems one couldn't even detect with a home inspection. Watch your back. You're on your own here. Link to comment Share on other sites More sharing options...
ned small Posted July 14, 2016 Report Share Posted July 14, 2016 28 minutes ago, barcelonaman said: buying in the uk cant be generalized. england and scotland for instance have different laws and the whole home purchasing system is completely different . scots system is more similar to mexican than english system, but even so there are still huge differences. The OP was asking about making offers in the bargaining process with Mexican owners not any sort of systems as you describe, and that's what my answer refers to. nothing more,nothing less. Link to comment Share on other sites More sharing options...
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