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Last edited: Jan 1, 2022 at 11:32 PM
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Started by Mariamaria87 · Nov 11, 2019 · 36 replies
check with Brandon at Remax, he is amazing.
I got my lot in las conchas from rebeccapalomino@gmail.com 2 years ago, really nice lady and bilingual, her and her husband are both realtors out there.
Mariamaria87 said:We’re a young family wanting to purchase a small vacant lot or cheap home in Puerto Penasco . My husband and I are humble enough to rub elbows with the common and work hard enough to laugh at jokes with the rich . Seeking a knowledgeable English/Spanish speaking realtor
We have a few lots we should sell, and will consider carrying financing. If you provide an email address or phone number I can send you the details.
Mariamaria87 said:We’re a young family wanting to purchase a small vacant lot or cheap home in Puerto Penasco . My husband and I are humble enough to rub elbows with the common and work hard enough to laugh at jokes with the rich . Seeking a knowledgeable English/Spanish speaking realtor
If you really want to get a great deal search the MLS for properties you like and drive by and have a look. If you like the house and area and would like to see it THEN CONTACT THE LISTING AGENT (reason for this is because they are the listing agent and they won't need to split their commission so they are more willing to make an offer at a lower price). Use the MLS here it has almost everything that is available https://puertopenascoampi.com/search/?url=http%3A%2F%2Flink.flexmls.com%2F12gmr1896agy%2C12 and the majority of listings have been for sale for about 4 years or more they just pull the listing and relist so it shows as new. The condos have a higher turnover so listings may be new. The HOA for all condos and some housing development are high so you may want to check.
The agents here do not have the same code of ethics as in the USA because this is Mexico where they can get away with anything REMEMBER THAT. They are about lining their pockets at your expense, they will always try and sell you a condo or an expensive house that they currently have as a listing because they will make the most commission from being high priced and don't like showing other realtors listings. If they do show you another realtors listing they will tell you your offer price will not be accepted without even submitting it. Then there is the bait and switch on cheap land they will have a banner showing lots for cheap when you get in the office its no longer available and they forgot to take down the sign then try to show you some other expensive lots.
I will wait for some of the realtors to attack me before I start listing the actual realtors and what happened where and when.
So realtors if you don't know who I am I suggest you leave me be because you may be one of the guilty ones that I still have your business card.
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ultraron said:check with Brandon at Remax, he is amazing.
Brandon is no longer in Penasco. The family has sold the agency.
Mariamaria87 said:We’re a young family wanting to purchase a small vacant lot or cheap home in Puerto Penasco . My husband and I are humble enough to rub elbows with the common and work hard enough to laugh at jokes with the rich . Seeking a knowledgeable English/Spanish speaking realtor
In addition to RP Life's comments:
From the tenor of your inquiry you are thinking a small inexpensive place in one of the neighborhoods?? Most homes that I suspect fit your criterion will be owned by a local Mexican. By and large locals do not use a Realtor to sell property. They find the notion of paying 6% ridiculous. If I am correct, you will not find what you seek on the MLS or any agencies web site. If you drive around the barrios you will see signs on property "SE Vende", Occasionally there will also be a phone number. If the seller does not speak english he or she will have someone that does, neighbor, friend, relative.
Now the cautions:
Never pass the money until the possibility of a sale is approved by a Notario. Never... this is irrespective of how the land is held. You will have to Pay the Notario to establish this. This applies irrespective of who owns the property but there are special considerations if the property is owned by a Mexican.
You have to establish that the person who is offering the land for sale is the person named on the Title and that the property can be sold. Is the property offered by the seller the same property listed on the title at the registry? To change the registered owner of a titled property requires a fee to the local registry and often Families neglect this step. So when Tio Roberto passes away and 'gives' the property to a son, unless the son takes the legal steps to transfer ownership, the Titilo, into his name at the Registry the son cannot sell the property until he effects the transfer and gets a Titilo in his name. This transfer costs somewhere in the neighborhood of $100 and 'everyone' knows he 'owns it' so why spend the $100 at the registry?? There are probably additional costs for a Notario to effect this transfer. That is a significant amount of money to the average Mexican family,
In addition many properties cannot be sold outside of the original family that was granted the land. That is just the first sale. I do not believe there is any Ejido land within the city but there is a lot outside of town and land that is part of Ejido cannot be sold.
If there are people living illegally on the land, squatters, forget about it.
So what to do? Get a copy of the Title. Take that and the seller to a Notario and present the offer to buy. The Notario will certify that the sale can take place after checking all the relevant parameters. You will have to pay for this whether the property is declared sellable or not.
You can see the process can be lengthy, expensive and confusing. Since the sale price might be low local Realtors do not want to bother managing all the stuff necessary for a small fee when they can work ona $200,000 property. Understandable from a business standpoint.
As you probably know, unless your or your spouse holds citizenship in Mexico you will be required to Pay for a Fidiecomisso or Bank Trust to legally hold real estate close to the sea or the border in Mexico. Irrespective or what you might be told, there is NO other way you can legally own the property in these locals. . Cost of a bank trust depends on several factors but will range from $6,000 and up. Don't be tempted by a 'Private Sale' or "Trusted Friend" because you will not own anything,
My ex wife was a Mexican from Kino. There was a lot for sale next to her grandfather that was very inexpensive. Problem was the title was in the name of a long gone great uncle. EVERYONE in KIno knew that the property was 'owned' by the seller. No problem I was assured. We got a copy of the title and took it to a Notario who said he could effect the sale but it would cost 10 times the sale price to get a title in Anna's name! In a case like this every relative descendant of the long gone uncle had to be located and sign off, same as in the US.
Last edited: Nov 16, 2019 at 9:23 AM
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As of a month ago Brandon is still there with Remax.He is still selling realty just not a owner anymore.
RP Life said:If you really want to get a great deal search the MLS for properties you like and drive by and have a look. If you like the house and area and would like to see it THEN CONTACT THE LISTING AGENT (reason for this is because they are the listing agent and they won't need to split their commission so they are more willing to make an offer at a lower price). Use the MLS here it has almost everything that is available https://puertopenascoampi.com/search/?url=http://link.flexmls.com/12gmr1896agy,12 and the majority of listings have been for sale for about 4 years or more they just pull the listing and relist so it shows as new. The condos have a higher turnover so listings may be new. The HOA for all condos and some housing development are high so you may want to check.
The agents here do not have the same code of ethics as in the USA because this is Mexico where they can get away with anything REMEMBER THAT. They are about lining their pockets at your expense, they will always try and sell you a condo or an expensive house that they currently have as a listing because they will make the most commission from being high priced and don't like showing other realtors listings. If they do show you another realtors listing they will tell you your offer price will not be accepted without even submitting it. Then there is the bait and switch on cheap land they will have a banner showing lots for cheap when you get in the office its no longer available and they forgot to take down the sign then try to show you some other expensive lots.
I will wait for some of the realtors to attack me before I start listing the actual realtors and what happened where and when.
So realtors if you don't know who I am I suggest you leave me be because you may be one of the guilty ones that I still have your business card.
Fortunately there are a good n
RP Life said:If you really want to get a great deal search the MLS for properties you like and drive by and have a look. If you like the house and area and would like to see it THEN CONTACT THE LISTING AGENT (reason for this is because they are the listing agent and they won't need to split their commission so they are more willing to make an offer at a lower price). Use the MLS here it has almost everything that is available https://puertopenascoampi.com/search/?url=http://link.flexmls.com/12gmr1896agy,12 and the majority of listings have been for sale for about 4 years or more they just pull the listing and relist so it shows as new. The condos have a higher turnover so listings may be new. The HOA for all condos and some housing development are high so you may want to check.
The agents here do not have the same code of ethics as in the USA because this is Mexico where they can get away with anything REMEMBER THAT. They are about lining their pockets at your expense, they will always try and sell you a condo or an expensive house that they currently have as a listing because they will make the most commission from being high priced and don't like showing other realtors listings. If they do show you another realtors listing they will tell you your offer price will not be accepted without even submitting it. Then there is the bait and switch on cheap land they will have a banner showing lots for cheap when you get in the office its no longer available and they forgot to take down the sign then try to show you some other expensive lots.
I will wait for some of the realtors to attack me before I start listing the actual realtors and what happened where and when.
So realtors if you don't know who I am I suggest you leave me be because you may be one of the guilty ones that I still have your business card.
We have dealt with a good number of realtors both buying and selling, and have not encountered anything like this.
joanC said:Fortunately there are a good n
We have dealt with a good number of realtors both buying and selling, and have not encountered anything like this.
Well you are one of the lucky ones. I have names of several realtors all from different companies that I had the same issue with so eventually I said forget them I will write my own offers and email direct to the listing agents and every one was willing to make a deal at my price. I picked the best value for money to purchased. To this day the others are still listed for sale and this is 4 years now.
RP Life said:Well you are one of the lucky ones. I have names of several realtors all from different companies that I had the same issue with so eventually I said forget them I will write my own offers and email direct to the listing agents and every one was willing to make a deal at my price. I picked the best value for money to purchased. To this day the others are still listed for sale and this is 4 years now.
You have found a way to keep them honest. Thanks for sharing.
One thing to ensure is that the person fronting the property to you is a licensed realtor, and not just a "bird-dog" promoting any number of realtors' listings hoping to scare up a finders fee.
Currently, I am working with Fabian and he is part of the Brandon Remax team that is no longer under the same ownership.
Fabian Nieblas
RE/MAX Legacy
Cel: 638-107-6357
Office: 638-383-1425
U.S. : 602-334-4359
www.rockypointbestdeals.com
Fabian Nieblas
RE/MAX Legacy
Cel: 638-107-6357
Office: 638-383-1425
U.S. : 602-334-4359
www.rockypointbestdeals.com
ultraron said:As of a month ago Brandon is still there with Remax.He is still selling realty just not a owner anymore.
Brendon sent a bulk message that they were expecting another child and he was moving to Arizona.
I am going to sell my condo at Bella Sirena. I need a relator. My husband is licensed in Green Valley AZ. I f any one is interested my number is 520 490 3420.
New development in town Casitas Mariani all homes starting under $100k. casitasmariani.com PM me for info, or check out the site.
I looked at those and thought they looked good for the price.
Thinking of purchasing a property in PP. Some of the properties we are interested in are in an Az llc. Our realtor says that being in an llc a notario does not need to be involved. I understand this because the bank trust would remain the same but how do I find out that the trust is actually owned by the llc we would be purchasing?
Forgot to add that we have been working with Fabian out of remax for a few years now. He has been very knowledgeable helpful and patient with us.
kahunito said:
how do I find out that the trust is actually owned by the llc we would be purchasing?
The trust must be apprised (via legal documentation by notario) of any changes in the LLC ownership / members.
Southbeacher said:
The trust must be apprised (via legal documentation by notario) of any changes in the LLC ownership / members.
Have not heard of that. I have heard that Mexico is interested in somehow restricting LLC activity in real estate as they miss out on taxes and banks don't make the big bucks issuing a Fidecomisso. I checked the ICRESON , (the state of Sonora agency governing real estate) website and there is a description of ICRESON's legal responsibilities but no mention of this.
It is a bit of a legal sticky wicket, as what you buy when a property is held in an LLC is the STOCK of the LLC, the property is owned by the LLC and not an individual person. Officers of the LLC are named in and control the LLC. Mexican's sticking their nose into the sale of stock in a US corporation would raise some eyebrows here. where does that stop?? Appears that Mexico would have to prohibt, by law, a Us corporation from owning anything in Mexico.
The LLC is totally a US thing, not designed to particularly hold a Bank Trust, and the corporation is used for many reasons. Protection from personal bankruptcy is one. The name of the LLC of course appears on the Fidecomisso as the beneficiary. . There is documentation creating and defining any US LLC that will indicate what is held in the LLC and who holds the stock of the corporation but that information does not appear in the Fidicomisso held by an LLC. That documentation should be in the possession of the individuals named as stock holders of the LLC. Changes in the ownership and contents of an LLC is a relatively simple matter, accomplished through an attorney in the US, not in Mexico. Face to face appearance for transfer of stock in an LLC is not even required, only certified signatures. I a sure it is registered in the US by an attorney there. If there is a requirement that a Mexican notorio or agobado must be notified, it is, as far as I have seen, not enforced at all. The Mexican banks that hold and issue the trusts are not notified of any changes in ownership of LLC stock.
As always the Notario is the final word on these matters. Please do not take my word on this as I am not an attorney and it is based on only my experiences. Check with a Notario. It's the only way to go!! (Great Slogan !!) And a US attorney. That slogan should be prominent in every real estate office in Mexico !!
I am hearing about a possible upcoming disaster of similar proportions and causes to past real estate rip offs. Sincerely hope it is all rumor .
Last edited: Feb 9, 2020 at 1:40 PM
Southbeacher said:
The trust must be apprised (via legal documentation by notario) of any changes in the LLC ownership / members.
We are in the process of doing this now under direction and assistance of our attorney. While our Fidecomisso is still in place, it is currently in a non-compliant status requiring updated LLC member information. Until it is updated and compliant, the property or shares of membership in the property can’t be sold through the Mexican real estate process.
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No attorney. Notario...
Roberto said:
Have not heard of that. I have heard that Mexico is interested in somehow restricting LLC activity in real estate as they miss out on taxes and banks don't make the big bucks issuing a Fidecomisso. I checked the ICRESON , (the state of Sonora agency governing real estate) website and there is a description of ICRESON's legal responsibilities but no mention of this.
It is a bit of a legal sticky wicket, as what you buy when a property is held in an LLC is the STOCK of the LLC, the property is owned by the LLC and not an individual person. Officers of the LLC are named in and control the LLC. Mexican's sticking their nose into the sale of stock in a US corporation would raise some eyebrows here. where does that stop?? Appears that Mexico would have to prohibt, by law, a Us corporation from owning anything in Mexico.
The LLC is totally a US thing, not designed to particularly hold a Bank Trust, and the corporation is used for many reasons. Protection from personal bankruptcy is one. The name of the LLC of course appears on the Fidecomisso as the beneficiary. . There is documentation creating and defining any US LLC that will indicate what is held in the LLC and who holds the stock of the corporation but that information does not appear in the Fidicomisso held by an LLC. That documentation should be in the possession of the individuals named as stock holders of the LLC. Changes in the ownership and contents of an LLC is a relatively simple matter, accomplished through an attorney in the US, not in Mexico. Face to face appearance for transfer of stock in an LLC is not even required, only certified signatures. I a sure it is registered in the US by an attorney there. If there is a requirement that a Mexican notorio or agobado must be notified, it is, as far as I have seen, not enforced at all. The Mexican banks that hold and issue the trusts are not notified of any changes in ownership of LLC stock.
As always the Notario is the final word on these matters. Please do not take my word on this as I am not an attorney and it is based on only my experiences. Check with a Notario. It's the only way to go!! (Great Slogan !!) And a US attorney. That slogan should be prominent in every real estate office in Mexico !!
I am hearing about a possible upcoming disaster of similar proportions and causes to past real estate rip offs. Sincerely hope it is all rumor .
It's unfortunate this particular forum does not have anyone who has actually owned any property, or has real experience with LLC's and Bank Trusts. Hopefully some member on this forum can step up and give us reliable info...we all need dependable sources on a subject so important.
Why do you say that??? I have owned several properties and sold many more and I am not the only one. I think most of the members own real estate and most understand what a Bank Trust is and how to get one. I have had experience with LLCs and Fidiecomissos. Are you suggesting I am passing along unreliable information?? Would you prefer that I just can it? My information is based on many personal experiences over the years in formal actual real estate sales and interactions with Notorios, that ended successfully in either a title or a fidiecomisso. Some things may have changed but I always say talk to a Notario as that's the only place you will get reliable, accurate information.
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For those with HSBC trusts...
We have had problems in the past communicating with HSBC to pay or modify out bank trust. Our attorney Louis was able to contact them and we received an invoice! They also indicated we needed to update our info and sent us a list of requirements. After all the horror stories it’s good to finally know all is good.
We have had problems in the past communicating with HSBC to pay or modify out bank trust. Our attorney Louis was able to contact them and we received an invoice! They also indicated we needed to update our info and sent us a list of requirements. After all the horror stories it’s good to finally know all is good.
Landshark said:
For those with HSBC trusts...
We have had problems in the past communicating with HSBC to pay or modify out bank trust. Our attorney Louis was able to contact them and we received an invoice! They also indicated we needed to update our info and sent us a list of requirements. After all the horror stories it’s good to finally know all is good.
Nice to get some good news.
Landshark - can you share a contact at HSBC. I must have made a half dozen phone calls last year, and most new nothing about title held in trust in Mexico. I finally sent in the check and watched for it to come back and properly endorsed. We recently did the same this year.
Kiter said:
Landshark - can you share a contact at HSBC. I must have made a half dozen phone calls last year, and most new nothing about title held in trust in Mexico. I finally sent in the check and watched for it to come back and properly endorsed. We recently did the same this year.
We received an invoice but there isn’t a phone number on it. Only info regarding our trust, amount due, who to make the check payable to and where to mail it.
Just today I spoke with our lawyer and the transfer of our trust out of HSBC was completed after nearly a year and a half. HSBC truly sucks. Here is a link to some info https://www.facebook.com/1526934614026312/posts/what-is-going-on-with-hsbc-trust-departmentin-general-non-mexicans-are-required-/1750671911652580/ You will have to copy and paste it into your browser
That looks like a nightmare.
After dealing with BBVA Bancomer about being behind for our trust payments, discovered they're awful to deal with as well as well.
BBVA told us, It isn't their responsibly to notify you if you're not paying the correct amount for your Trust payment.
(numerous requests were made for statements from them)
Oh and they get to charge you 2% per month late fee's on any under funded Bank Trust.
BBVA Bancomer is owned by a Argentinean Bank group which is owned by a Spanish Bank group.
After dealing with BBVA Bancomer about being behind for our trust payments, discovered they're awful to deal with as well as well.
BBVA told us, It isn't their responsibly to notify you if you're not paying the correct amount for your Trust payment.
(numerous requests were made for statements from them)
Oh and they get to charge you 2% per month late fee's on any under funded Bank Trust.
BBVA Bancomer is owned by a Argentinean Bank group which is owned by a Spanish Bank group.
In the past we've had someone pay our property taxes. I'm hoping to do this on Monday. I'm pretty sure I know the building I need to go to, what do I need to bring with me and my Spanish is pretty poor.
if you have a past copy of your taxes is what I do ,then go to the last window on the right and they will print you a copy of the taxes due.Then go to the left side of the room to pay. Never have had a problem.
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ultraron said:
if you have a past copy of your taxes is what I do ,then go to the last window on the right and they will print you a copy of the taxes due.Then go to the left side of the room to pay. Never have had a problem.
As Ultraron said, super easy, as you go into the building there is a ticket machine they don't really use anymore.
A lady near the machine will look at your paperwork and point you to the line to wait in (2 weeks ago it was line 5 and 6) they will look up
your 2020 taxes at the window and calculate the discount for paying early (15% for Feb) hand you the paper work and tell you to go stand in line 1 or 2 to pay.
Pay in Peso's because the city was giving I think 16 to 1 to the dollar and you can get approx. 18.5 from most ATM's around town.
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They also take credit cards and do not add any additional fee for their use
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We have an accepted offer on a property in PP through remax. Have already wired the earnest money to Secure title Latin America whos account is at citi bank in the US. Secure Title seems to check out. any one else have any experience with them? The property we bought years ago was thruogh Stewart Title Latin america and everything worked out fine. Also wondering why Remax has changed who they use.