General Discussion If it's Baja Related but Don't Know Where? Post it Here...

Old 09-09-13, 04:18 AM   #21
MexicaliAlan
 
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Default Re: Historic crisis in Baja California construction industry

Quote:
Originally Posted by Woooosh
good job on the sale!
The bank did a bungled up job on getting the buyer a 85% high interest loan and the deal fell through. We spent 2 weeks on the frontera, just got back. The bank´s accountant did an appraisal and had the property sg. mts. correct but had the house´s sq. mts. 29 sq mts. less than the actual size and we took in the escriptura {title] with the correct sg. mts. and he would not change it.
Old 09-09-13, 10:10 AM   #22
Woooosh
 
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Default Re: Historic crisis in Baja California construction industry

Quote:
Originally Posted by MexicaliAlan
The bank did a bungled up job on getting the buyer a 85% high interest loan and the deal fell through. We spent 2 weeks on the frontera, just got back. The bank´s accountant did an appraisal and had the property sg. mts. correct but had the house´s sq. mts. 29 sq mts. less than the actual size and we took in the escriptura {title] with the correct sg. mts. and he would not change it.
Alan are you kidding me? 85% interest is not high, it's impossible. So the deal fell through? I hope you didn't surrender possession yet.

If there's anything we can learn from the experience you are going through, please do share it. I'm so sorry.
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Old 09-09-13, 10:59 AM   #23
Marty Cortez
 
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Default Re: Historic crisis in Baja California construction industry

Quote:
Originally Posted by Woooosh
Alan are you kidding me? 85% interest is not high, it's impossible...
85% Loan-To-Value(15% down)?
Old 09-09-13, 12:04 PM   #24
MexicaliAlan
 
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Default Re: Historic crisis in Baja California construction industry

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Originally Posted by Marty Cortez
85% Loan-To-Value(15% down)?
Correct. The buyer was trying to get a loan with 20% down and the bank told us they can give loans of 85% of their own accountants appraised value. We didn´t ask what the interest rate was.

No they did not get possession and originally the bank told them everything would be approved or not in 2 weeks and it took 5 weeks. We paid for a new survey, good for another year and a search for clear ownership, good for 3 months and another document from the state registers office for nothing, unless we sell it to someone else soon.
Old 09-24-13, 04:33 AM   #25
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Default Re: Historic crisis in Baja California construction industry

Quote:
Originally Posted by MexicaliAlan
Correct. The buyer was trying to get a loan with 20% down and the bank told us they can give loans of 85% of their own accountants appraised value. We didn´t ask what the interest rate was.

No they did not get possession and originally the bank told them everything would be approved or not in 2 weeks and it took 5 weeks. We paid for a new survey, good for another year and a search for clear ownership, good for 3 months and another document from the state registers office for nothing, unless we sell it to someone else soon.
We have another offer pending a bank loan, a different bank than the last one. We are keeping our fingers crossed.
Old 09-24-13, 11:07 AM   #26
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Default Re: Historic crisis in Baja California construction industry

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Originally Posted by MexicaliAlan
We have another offer pending a bank loan, a different bank than the last one. We are keeping our fingers crossed.
Is it possible to handle the money-changing-hands aspects (escrow) stateside and have your lawyer complete the paperwork in Mexico?
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Old 09-24-13, 12:46 PM   #27
MexicaliAlan
 
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Default Re: Historic crisis in Baja California construction industry

Quote:
Originally Posted by Woooosh
Is it possible to handle the money-changing-hands aspects (escrow) stateside and have your lawyer complete the paperwork in Mexico?
No. We have a bank account here that allows US funds to be held. Some banks don´t allow US dollars to be held anymore, I have heard rumors. The payment will be in pesos anyway.

You have to go into the "Notaria" office in person and sign the documents as the new "escriptura" is in a large, numbers in gold letters on the hard cover ledge type book with no lines that the "notaria" office takes to the state registrar's office and leaves there, it can have many "escripturas" and the office there gives a legal stamped on every page [about 10 pages long] , and stamped embossed copy to you and that will be the new owner´s "escriptura". When you go to get a copy they pull out the book and make a copy. [$59.00 pesos last time I got one]. I think these books are sold to the "notaria" offices in a series that corresponds to their licensing and the state registrar´s office numbering system.
Old 09-25-13, 01:33 PM   #28
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Default Re: Historic crisis in Baja California construction industry

Quote:
Originally Posted by MexicaliAlan
No. We have a bank account here that allows US funds to be held. Some banks don´t allow US dollars to be held anymore, I have heard rumors. The payment will be in pesos anyway.

You have to go into the "Notaria" office in person and sign the documents as the new "escriptura" is in a large, numbers in gold letters on the hard cover ledge type book with no lines that the "notaria" office takes to the state registrar's office and leaves there, it can have many "escripturas" and the office there gives a legal stamped on every page [about 10 pages long] , and stamped embossed copy to you and that will be the new owner´s "escriptura". When you go to get a copy they pull out the book and make a copy. [$59.00 pesos last time I got one]. I think these books are sold to the "notaria" offices in a series that corresponds to their licensing and the state registrar´s office numbering system.
I am sure the new rules to combat dollar-laundering in Mexico makes the escrow process a challenge. Pesos to pesos must make things a tad easier.
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Old 12-09-13, 11:08 AM   #29
MexicaliAlan
 
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Default Re: Historic crisis in Baja California construction industry

Quote:
Originally Posted by Woooosh
I am sure the new rules to combat dollar-laundering in Mexico makes the escrow process a challenge. Pesos to pesos must make things a tad easier.
The house is sold. There was no capital gain taxes and the closing costs and the new escriptura was paid for by the buyer. Very easy.
Old 12-09-13, 11:09 AM   #30
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Default Re: Historic crisis in Baja California construction industry

congrats!
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