Charles M. Sotelo, Broker/Owner
Valle Realty & Development
520-432-2505
vallerealty@cybertrails.com
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Sellers FAQ
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Sellers Most Frequently Asked Questions
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Question: Does the foreign purchaser know how to buy in Mexico and do they have the financial ability to make the purchase?
Answer: We always council and pre-qualify all prospective purchasers. We the Buyers, will be ready, willing and able to purchase. The Seller will appreciate this fact and the negotiations should proceed trouble free. But, if there is a problem, we have the experience and contacts to help see us through.
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Pricing
How is the price set?
Generally a bank will order an appraisal ( same as in the United States) but, the Notary Public can present research information for us to inspect through the Testimony of Public Instrument ('Testimonio de Escritura Publico') available to him at the Public Registry of Property. We will have a good feel for value if and when we make an offer.
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Purchase Offer
Are there contingencies in a purchase?
In the Preliminary Sales Agreement ('Contrato de Promesa de Venta') the purchaser and the seller can agree to complete the sale/purchase of a particular piece of property when a certain event takes place. (This is where your contingencies will be placed if agreed to by all parties). If the contingencies can not be met you can cancel the contract but be liable for certain costs incurred by the Notary, attorney, etc.. These costs should be spelled out before hand by the billing party but it is up to us to ask for up to date accounting for our record keeping.
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Disclosure
What is a seller obligated to disclose?
It varies from state to state in the United States. Under the most restrictive state, the seller and the sellers' broker, if there is one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him and which are not known to, or within reach of the diligent attention and observation of the buyer. In the case of Mexican properties. The seller may be asked to provide the buyer with specifices concerning condition of all known physical attributes of the property. Sellers generally will cooperate but, it is up to us the buyers to do our due diligence by researching with theNotary Public public records, asking questions of neighbors, etc.. 'Buyer beware' is motivation enough.
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When do Sellers market their properties for best price?
When is the best time for Purchaser to buy?
In addition to supply and demand, and other economic factors, the time of year the Seller chooses to sell can make a difference both in the amount of time it takes to sell and in the ultimate selling price. Generally, the market picks up as early as February, with the strongest selling season usually lasting through May and June. With the onset of summer, the market slows. July is often the slowest month for sales (Shrewd buyers can find motivated Sellers in the summer months), don't wait for the anticipation of a strong spring market likely putting upward pressure on the sales price to buy. Also, many prospective buyers take vacations during mid-summer. Following the summer slowdown, sales activity tends to pick up for a time, although less vigorous. This buy/sell season usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays. (again, good buys can be found because Sellers know Buyers are hard to find during the holidays)
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