Real Estate Buying Tips
Use a Realtor and if not paying cash, get a good lender. Get pre-approved for a loan! Buy when others aren’t buying!
Get Title information about the property you are interested in!
A realtor can tell you when the owners bought it, what they paid, who they are, how much they may owe to lenders, whether a spouse died etc.!
Find out, if you can, the seller’s motivation. Are they taking a California Prop 60/90/110 property tax transfer, moving out of state, have a Death of Spouse (survivors have two years to claim the $500,000 exemption), Long Term Care, Needing a Handicapped Friendly Home, Downsizing, 1031 Exchange, Job change, Medical reasons etc.!
If you see the property, write the owners a note telling them how much you like the property! If you have children and they like the home, have them write a short note to the sellers too! If you visit the property, consider sending a thank you note and maybe flowers to the owners, thanking them for holding their home open for you to see!
Look at the photos, awards, and military or sports connections and mention these in your note or comments!
Get sales comparables from your Realtor.
Is the lot splittable (more value later)? Is the home movable (ask me about Yanking the Land/Severed Improvements)? What is the zoning of your desired home and others nearby?
Overlook cosmetic issues! Get a Home Inspection! Check the schools, the walkability, and the ease of access, the neighborhood, the neighbors, and more!
Does the home comply with state law…smoke detectors, water heater safety straps, radon tested, carbon monoxide detectors.
Has the home been inspected for mold? What is the crime rate? Are services you require nearby?
Think about the future. Is it a single story and if not, where could an elevator go. Is it handicapped friendly? Could you install a stair chair? In California, check on proposition 110 (for handicap property tax transfers)!
Consider buying with and option or a lease purchase, if you are not sure of the home, property, schools, neighbors etc.!
Is there a Notice of Default on the home? Will the property be part of a 1031 Exchange?
Use online information services to help answer questions, like how to hold title, who pays for what etc., and get our 45 page comprehensive Buyer’s Guide!
Even if the home is not listed, you can make an offer!
Don’t have emotion when buying, only when you have succeeded in buying!
Buyers will probably have Buyer’s remorse as they think they have paid too much, bought in the wrong neighborhood etc. Make sure to discuss this !
Use the “Chicago Agent” free mobile device application to see the Seller’s full closing costs! Knowing their closing costs, allows you to consider offering to pay for some of the closing costs, instead of increasing your offer price!
Consider paying for a home warranty or some repairs! Consider getting a binder from the title company (usually 10% of the basic rate)… just in case you have to sell within a few years!
Author: Fred Eckert
Why Use AMPI?
AMPI is the national association of real estate professionals that have, since 1956, gathered under laws and codes of ethics and conduct to create a reliable, trustworthy an efficient real estate environment in Mexico.
AMPI consists of separate autonomous sections all throughout the nation, as well as more than 4,000 associates and affiliates. Each section is independent and has its own board of directors, only surpassed by a national board of directors comprised of twenty associates from all over the republic.
Developed over the years with the input and knowledge of its members, AMPI is much more than just a collection of offices. AMPI has been a solid and recognized institution in Mexico for the past 27 years. It was originally established in 1956 and was consolidated in 1980. AMPI is currently represented in all the principle cities and regions of Mexico stretching from Tijuana to Cancun.
The Riviera Nayarita, Vallarta and Compostela chapters of AMPI are dedicated to promote the best practices in real estate by providing its members with education to reinforce the standards of ethics that give our industry the credibility which our clients deserve.
AMPI is committed to giving our membership access to a multiple listing service that forms the platform from which our industry can expand locally and into other markets while giving our members precise and up to date information that is vital to continuous improvement and growth.