Many real estate investors in the U.S. are beginning to look past the border for alternatives to an uncertain market; while prices are low, experts are still not certain if prices have bottomed out yet, and some warn that the low prices will just stay that way – for quite some time. Mexico real estate provides one alternative close to home which investors are finding attractive.
Mexico property prices, on the whole, were far less affected by the U.S. housing bubble and the international recession than the U.S. itself and many other places. Only in certain tourism hot-spots (specifically those that were in the middle of a boom where pre-recession demand from U.S. buyers created a glut of new construction which is still on the market, did prices take a dip, and this was less severe than in the U.S. Price reductions are disappearing, and sellers are listing their properties back at the “normal” prices of 2007/2008.
In most of the country, prices have continued in a slow but steady upward direction. Both situations can provide excellent opportunities for investors.
Those investing in the beachfront tourism areas can still find some of the price reductions left over, or those special cases where a buyer has reasons not related to the global economy to sell quickly at a lower price. The return to a healthy upward movement in property sales prices means that these opportunities will pay off in re-sale return. As tourism continues to grow in Mexico as well, the rental income market is also an excellent choice for bring return from a property investment.
In the rest of Mexico, prices have generally remained lower. Making a lower value investment here will show slower appreciation, but also appreciation that is less susceptible to fluctuations in the U.S. economy. Some colonial cities as well as lakefront villages are just being discovered by international tourism, and could bring a more drastic return as the tourism economy takes off.
Compared to the U.S. market which one hand has been erratic at times, and on the other hand leaves some smaller investors feeling that the situation is largely manipulated by large investment corporations with the inside scoop, the Mexico real estate market is still less “sophisticated,” meaning that the opportunity for this kind of large scale manipulation is not available. For smaller investors, this leaves more freedom to find either high-potential properties, or very stable and secure investments, with more confidence that an erratic market will not cost them a good chunk of their life savings.
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While the average condo price North Americans are usually looking for is around $250,000 USD, Mexico real estate offers many, many options for condos priced lower than this. The following 3 condos give a very general overview of what you can find for $150,000 in various parts of Mexico.
1. Puerto Vallarta Condo with Oceanview
In a trendy neighborhood just south of the old town, this Puerto Vallarta condo is an excellent deal considering the location. With 2 bedrooms, 1 bathroom, and almost 900 square feet of living space, this condo is a unique opportunity to own at this price in this neighborhood. It is a small complex with only 7 units, and has an over-sized terrace, ideal for patio parties. The kitchen is large, and comes fully equipped, making cooking a pleasure. The shared rooftop terrace has a swimming pool, and offers views of the ocean.
2. Playa del Carmen condo in a Golf-Course Community
This very large one bedroom has 2 bathrooms, over 1100 square feet of construction and double height ceilings in the open-concept dining and living room, with a view of the ocean. It is very well located in a community called Playacar, which is the area’s original upscale neighborhood, and is located right next to downtown; both Fifth Avenue (downtown’s main tourist street) and the beach are a very short walk away. There is air-conditioning, and large balcony with a jacuzzi. This condo is an excellent opportunity in an upscale community!
3. Cozumel condo with a Beautiful Park View
Accross the strait on the island of Cozumel, this 2 bedroom, 2 bathroom unit has 10 foot ceilings, and is located in an excellent residential part of the city. The condo is located in a new 3 storey building with only 3 units, and has an amazing view of a wonder park, called Corpus Christi Park. The original listing price was $175,000 USD, now reduced considerably for quick sale. Financing is also available; with credit approval and 30% down you can begin enjoying this unit immediately, living near the oceanfront in a beautiful park side neighborhood.
If you are looking for a condo around the $150,000 USD mark, you will be able to find hundreds of other options, throughout the country. Take a look at our Mexico real estate MLS listings to help get an idea of what’s available, consider various appropriate areas, and contact an experienced agent to help you find the property best for your needs.
The Mexico condo market offers a wide variety of options, and Cancun real estate is no exception. While the most famous option are the highrise condos directly on the beachfront, (a favorite for a very good reason) there are many types of choices within this concept.
One thing you will find that condos in Cancun have in common is comfort. The reputation which the area has gained and the demand of buyers ensures that high-quality condos in all price ranges are available, offering a comfortable lifestyle. Whether you have an ocean view from a large balcony, or you have the convenience of being next to excellent shopping choices, you will be living in a comfortable unit, with space suitable for your needs.
Whether you are looking for an inexpensive unit in a condo hotel which will provide you with an income, a luxury penthouse with a private rooftop lounge and pool, or a spacious condo in the city, close to all services, Cancun will have many options available. Prices can range from under $80,000 USD to over $1 million. The condos on the hotel strip will offer you one of the world’s most loved beaches only steps away; condos downtown will offer you very easy walking access to malls, restaurants and shops.
In any case, you will also have easy access to the benefits of the other parts of the city. All residents of Cancun enjoy the privilege of living near the wide, soft-sanded beaches with the turquoise Caribbean behind them. All residents also enjoy access to modern shopping, international restaurants, movies in English and much more. Within Cancun, there are several golf courses and a marina. On the Riviera Maya – the area which followed Cancun in its tourism success, and stretches south along the Peninsula – there are 8 more world-class golf courses, and many eco-tourism activities, including fun theme parks with an environmental and cultural focus.
Cancun is also a thriving city, which has been investing in large-scale projects, such as the new park to celebrate the bicentennial of Mexico’s independence, and the centennial of the Mexican Revolution. Transportation to and from Cancun is made easy through the Cancun international airport. This airport has recently been expanded, and is in the process of being converted into an international air-travel hub. This means more direct and affordable flight options back home.
Consider a Cancun condo – enjoy life in one of the world’s finest beachfront cities.
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If you’ve ever dreamed of living in Europe, with its rich cultural heritage, beautiful Mediterranean beaches, and relaxed lifestyle, here’s some good news for you; you don’t have to go as far as Europe, or pay prices that high. Playa del Carmen real estate, on Mexico’s Yucatan Peninsula, offers a very similar lifestyle, only a couple of hours from home, and at a much more accessible price.
One neighborhood in Playa del Carmen, the north end of Downtown, including half of Fifth Avenue, the city’s main pedestrian street with restaurants, bars and shops, has been settled by a very large number of Italians. These same Italians have invested opening hotels, restaurants and cafes, offering you can sit down in a stylish sidewalk cafe, sipping cappuccino, or enjoying find Italian cuisine, as relaxed tourists and local residents walk by enjoying the warm weather and relaxing atmosphere. All the buildings are low-rise, adding to the distinct image.
Italians aren’t the only ones contributing to this area’s lifestyle; many Americans (the only non-Mexican group which surpasses the Italians in numbers) have also opened interesting little restaurants and shops. There are a number of Argentinian grills and bars – ideal for enjoying international soccer games.
Of course, a key consideration is the types of properties available. Between Fifth Avenue and the beach, there are many established communities, as well as new developments in the Little Italy area, a block or two from both the area’s beautiful beaches, and activity of Fifth Avenue. Some quaint little homes originally built for local Mexicans are also being remodelled and are on the market for very good prices; these back from the beach, and are mixed into new condos, fruit shops, bakeries and local taco restaurants.
Besides the fact that one of these properties will cost you a fraction of what a property in Europe would cost (starting as low as $100,000 USD), the cost of life is lower than both Europe and the United States. Day to day goods (available in excellent variety in Walmart and similar stores nearby) cost considerably less, furniture and large-ticket purchase have noticeable savings, and bills are lower. No wonder so many Italians are moving here!
What’s more, Mexico’s economy has been showing excellent resilience in the face of global economic turmoil, as opposed to the distressed cases of Europe’s Mediterranean, and even in some ways fairing better than the U.S. (Unemployment is only at 4%!) Real estate values have also been showing a more constant appreciation, and better chances of return for investors.
Consider a European lifestyle close to home, and for a very accessible cost of living! Consider Playa del Carmen real estate.
Have you considered joining the thousands of other Americans and Canadians who are buying Cancun real estate for their retirement? If not, then perhaps you should. Besides offering a very relaxing life on a beautiful beachfront, Cancun has all modern services available, and allows retirees to enjoy lifestyle at its best, at a very accessible price.
Of course, the original lure of Cancun, and one of the central points that would make you as a retiree choose this as the place to spend the most relaxing years of your life is the beach; Because of the unique geographical positioning of the city and the long, peninsula-like hotel area, separated from the city by a lagoon, there are over 50 miles of wide, sandy beaches in the city alone. You will enjoy these beaches as a part of day to day life, for morning walks, or relaxing evenings sipping a margarita. The view from your condo balcony will remind you of the beautiful place you live in every time you sit down to enjoy your breakfast in the fresh morning breeze from the ocean.
These beautiful beaches have drawn many others to make Cancun their home – retirees and families, Americans, Europeans and Mexicans – and with the large number of tourists and residents have come many modern services. As a planned community, there are wide access roads, numerous modern shopping centers with English movies, a huge selection of restaurants, ranging from American fast food, to international gourmet, and local tacos.
The Cancun International Airport is the top in Mexico for providing direct flight options to many parts of the U.S. As the airport grows as an international travel hub, more direct and low-priced flights appear, making it easy for you to make visits back home, or welcome the kids and grandkids for a visit (strangely enough, you’ll find they have more time to visit once Cancun is your home!) Several world-class hospitals provide healthcare at very affordable prices – 50-70% cheaper than in the U.S., but according to the World Health Organization, with service and equipment that is on par with good private hospitals there. Many retirees feel the service is even better, since doctors take time to sit down an talk with you.
You will, in fact, find that your savings go further here. Besides lower grocery bills and utility bills, your Cancun real estate will also give you more for your dollar. Beautiful condos in very comfortable buildings can be found for less than $70,000 USD. Spacious homes just a couple of blocks from the beach can be found for around $150,000 USD. And if you don’t use this home or condo all year round, you can rent it out to vacationers for an income.
Consider choosing Cancun for your retirement; you will enjoy a beachfront lifestyle at its best.
A foreclosure auction is the last phase of the foreclosure process. Once banks have issued a notice of default and obtained court permission to repossess the property, they can sell real estate through public auction to clear the outstanding mortgage loan from their books.
Foreclosure auction attendees submit bids on properties they want to purchase. Oftentimes, bidders compete with multiple buyers to purchase foreclosed real estate. Some auctions require bids to be acknowledged by the auctioneer, while others are silent and bids are placed prior to the sale.
In both auction scenarios the highest bidder wins as long as they meet or exceed the reserve price. When submitting bids at foreclosure auctions it is best to offer the highest amount in order to improve chances of placing the highest bid. It is wise to establish a maximum price in order to prevent over bidding; especially when multiple buyers compete for the same property.
Bidding on foreclosure homes can be intimidating for those who have never attended a public auction. When possible, it is a good idea to attend one or two auctions to become familiar with the process. If auctions are being held online, buyers are usually required to place bids and increase the value as competitors submit their bids.
The policies of foreclosure auctions generally stem from the auction company hosting the sale. Bidders can obtain a copy of policies by contacting the auctioneer directly or through the lenders listing foreclosure homes for sale.
Prior to attending public auctions, buyers must determine if they are required to pre-register or if they must pay a fee to attend. Some auctions require bidders to provide down payment funds to hold properties once winning bids have been placed. Others require bidders to make full payment before leaving the auction. Nearly all auctions require payment in full within 24 hours of bid acceptance.
Public foreclosure auctions can take place in a variety of locations. Auctions are often held in local courthouses or at the property location. When mortgage lenders sell multiple foreclosure homes at one time they usually hold auctions at public venues that can accommodate numerous people.
Individuals can locate upcoming public auctions by conducting research online or via the Classifieds section of local newspapers. Individuals can contact their states’ real estate commission or county Trustee to obtain a current listing of foreclosure sales.
Foreclosure home prices are determined based on the balance due on the original mortgage loan. When foreclosed homeowners carry more than one mortgage, or if tax liens or creditor judgments are in place, buyers are responsible for paying outstanding debts before they can take possession of the property.
Buyers must take time to research public records to determine what expenses are attached to the property. Property records are available through the county Trustee and can often be obtained online.
Buyers should also obtain comparable sales reports to determine the current market value of foreclosure properties sold through auction. Comp sales reports can be obtained through local realtors or via real estate websites such as Realtor.com. Conducting research allows auction attendees the opportunity to determine if real estate prices are actually a good deal.
When buyers win auction bids they must obtain property transfer documents and submit final payment. The amount of time required to transfer property records depends on the state where the foreclosure real estate is located.
Some states allow immediate property transfers while others require court confirmation of the sale. Some states provide a redemption period which gives foreclosed property owners the option to buy their house back from the winning bidder.
Buying real estate through foreclosure auctions can be rewarding and profitable as long as buyers understand the process and policies involved. If necessary, consult with a foreclosure specialist or real estate lawyer to ensure the foreclosure sale is properly transferred and recorded.
Everybody loves the water. According to a study, almost two-thirds of the world’s largest cities are coastal areas while around 60% of the world population lives within 60 miles of the sea. Living beside a beach is like spending everyday of your life like a vacation since you can relax and smell the sea breeze.Before, people tend to settle along the coastal areas so they have access to water and food. Living on the coast also gives you easier access to the water for transporting purposes. This practice dates back to our ancestors who tend to settle in coastal areas which might explain why a lot of people are lured to live there.Nowadays, people also tend to dwell within the coastal area for recreational activities such as fishing, boating, and swimming, among others. Aside from that, living by the beach is the perfect place to enjoy nature.
Feast your eyes on the many creatures you can see like dolphins, rare seashells, and critters as well as jellyfishes, crabs, and even birds.Aside from that living by the beach would give you that much needed inspiration and get your artistic gears moving by writing or through photography.People tend to buy coastal properties despite the high price since it offers tranquility and gorgeous sceneries that money cannot buy. Hearing the sound of the ocean, the calming sound of the waves and the soothing ocean breeze is something everyone wants to have when things get a little rough in the city. Living on the coast will decrease stress in your life. It’s like having your own live relaxation tapes wherein you’ll only hear waves crashing and the occasional sound of birds. These are just some of the relaxing things you’ll hear every day in a beach front property.
The beach is the best place to spend quality time with your family or your friends as the beach caters to young and old. Build sandcastles with your friends or party all night with friends.Aside from that oceanfront houses lures in high demand because of its location and its potential. Beach houses also attract buyers because it is also a good money making investment through rent. Some people also love living in small beach communities. Coast dwellers also like to live in an area with people of different origins.Living on the water is also for the lucky and privileged since finding a coastal property is more difficult than looking for a property on land. Coastal properties for sale are also less since homeowners tend to keep their properties longer. It is but evident that houses near the ocean are much more expensive than other properties.
Beach front lands are considered prime real estate which is obvious why many people want to acquire oceanfront properties for investment. But with limited properties up for sale, some of those potential buyers tend to look outside the country and look for coastal properties in less sought out tropical islands which are much cheaper than those properties in known coastal areas.The owner of beach real estate may have to charge tenants more in order to keep up with costs in times of flooding or erosion. However, the desirability of property such as Florida real estate or California real estate is often such that people expect to pay more for the privilege of living there. Property owners know that having a property near the beach will not only serve as a vacation home but would also rake in money because of rent.
However, there are many downsides to living beside the coast too. Storms and hurricanes can be a big bane for property owners near the ocean. Salt water also damages your house after sometime because of the effect of salinity. This means that repairs of beach houses will be more expensive even if you don’t use it that much.Those who rent out their properties must also brace themselves for rate fluctuations. Owners should know that the rate of a beach house will not be as high as the summer price since there is also a high and low beach season.Beach properties can still be a good investment as long as the owners know how to balance the pros and cons.
There’s Just Something about Waterfront Real Estate
A lot of people tend to have the desire to live beside a body of water. Be it an ocean, a lake, stream, people would pay the price just to have that property near the said body of water. People dream of living where there are palm trees, water vistas and crashing waves or a more natural or rural lifestyle.The ocean or a lake is one of the best places to live at. Aside from the tranquil environment, it is also a good place for recreation. Living on the beach will give you access to the best view on the planet – the vast ocean vista and gorgeous skyline of sunrise and sunset. Aside from that you can do a lot of things by the beach. You can run, have family picnics, swim, or engage in water sports such as surfing and jet skiing, to name a few. Areas near the lake, on the other hand, give you a sense of adventure too with its nature ambience. It is no wonder that a lot of people tend to live and have a vacation house in the coast or near a lake.
Living beside a beach or a lake is like always spending your days on a vacation. You can just step outside and feel the fresh air or the ocean breeze, stare at the infinite blue waters and feel the sand on your toes or bask under the stars beside a lake, instantly making you forget your worries. Aside from that living beside a beach or a lake would give you postcard perfect sceneries every time you look out your window and which you can enjoy as often as you like.Living near a beach or lake would give you your much needed workout while enjoying nature’s scene. The beach and areas near the lake are good running places for you. Swimming is also a good way to stay fit and unwind.
Living by the beach would also give you the chance to see dolphins, rare seashells, and even birds. On the other hand, you can explore the forest near the lake and enjoy the flora and fauna.The beach and the lake are also good places to have quality time with your family and friends. You can build sand castles with your children and party all night with your friends after. Meanwhile, you can try boating and kayaking on a lake or dive and jump from tire swings. Living by the beach and lake will also give you a reason to spend more time near your home and lessens the time you go out looking for fun.
Aside from that, Living by the beach or lake would surely inspire you in a lot of ways. You can sit on the beach or in a quiet place near lake and write poetries or stories or you could just jot your everyday thoughts in a journal or blog of your experiences living the beach life or the quiet life in a lake house. Another way of using your inspiration to good use is to capture moments through the use of a camera. The beach or the lake is always a good setting for fantastic and awesome pictures that would amaze your family and friends.Residential areas near the water, in fact, are booming that there are some developments that also try to lure buyers by making a man-made lake. This kind of community gives the residents the feel of living near a real lake.
Despite the artificial lake, those who want to live by the water are still buying the said properties even if its prices are expensive.Selling waterfront properties is also a good way to earn money since consumers tend to look for these properties. Living near the water usually entails a high price tag. It is not surprising that buying a waterfront property is much harder than ordinary properties because there aren’t much property sellers. On the other hand, selling a property is much easier than most properties. Property owners know that having a property near the beach or the lake may also mean a money-generating investment through rent.It is truly an advantage to live near the water and you won’t be disappointed once you buy one.
Those that have fallen on hard times may discover their ability to stay on top of their mortgage are in jeopardy. Such a situation is a decidedly serious one. If you cannot make timely mortgage payments, you run the risk of a default. Defaults, of course, set the stage for the property being foreclosed upon. In today’s perilous economic times, more and more people are finding themselves in serious jeopardy regarding mortgage defaults. That is why the availability of a home loan modification plan is so helpful.
For those not familiar with what a home loan modification plan entails, it is a federally back program that helps qualified applicants renegotiate the terms of their mortgage. This can come in the form of lower monthly payments, lower interest rates, the forgiveness of a portion of the balance owed, or, possibly, a combination of all three. While such a program is accessible, it is not automated. In other words, you will need to apply for it. And to start the application process, you will need to send out a hardship letter.
Why is a hardship so important? Well, on the most basic of levels, you need to launch the legal process to initiate the negotiations. A formal hardship letter is the way to do this. Obviously, a hardship letter will detail the specific hardship you are facing that has led the homeowner to fall behind on a mortgage. Again, there must be a clear hardship present because loan modification programs are exclusively for those suffering from financial calamities. The way to make sure that your points are effectively delivered, it would be best to utilize a simple template that covers all the basic points.
Here is an example of a hardship letter template:
YOUR NAME/ADDRESS
LENDER’S NAME/ADDRESS
To [NAME]:
The following is a request to initiate loan modification proceedings. Currently, I am unable to stay current with my mortgage due to the following reasons:
[REASON ONE]
[REASON TWO]
[REASON THREE]
[ETC]
Since these problems will continue to impede my ability to stay timely on my current monthly payments, I would like to request a meeting to discuss modification steps.
Sincerely,
NAME
The goal here is not to present a long and drawn out letter. It is also not intended to plead a case. Rather, it puts forth the basic facts about the hardship you are dealing with. From this point onwards, you can discuss your options with the lender.
NOTE: By researching and comparing the best loan modification companies in the market, you will determine the one that meets your very specific financial situation.
Hector Milla runs the Best Mortgage Loan Modification website – where you can apply for a quick home mortgage loan modification to stop foreclosure.
Thanks to the surplus of inventory and historically low mortgage rates, the time has never been better to buy a new home. The reality is that most people do not have the spare bundles of cash lying around to buy their potential properties outright and need to rely on securing a home loan to finance their purchase of the American Dream.
However, the landscape of the real estate market has substantially changed since the days of your parent’s mortgage. Borrowers are now under greater financial scrutiny than ever as lenders now are interested in mitigating their chances of losing money because of a high-risk borrower.
The change in attitude is a direct result of the mortgage meltdown kicked off by the subprime mortgage mess. Private lenders and federal agencies are tightening the standards associated with the loan approval process, leaving many potential homebuyers high and dry. Prior to the mortgage mess, it was not uncommon for five or six mortgage applications to make it through the approval process. According to The Legacy Group (Bellevue, Washington) loan officer Paul McFadden, “These days, the number of mortgage applications that get approved is probably three out of 10.” Here is why:
- Higher Credit Score Required: Lenders have used credit histories and scores to determine the potential “loan-worthiness” of applicants for decades. Now only potential borrowers with credit scores exceeding 700 can qualify for the best mortgage rates out there. Although there are still mortgage opportunities for those with scores underneath that value, but the interest rates charged will be significantly higher for this demographic.
- Income and Assets Under the Microscope: Prior to the mortgage meltdown, paper proof of both income and assets were enough to secure a mortgage. Lenders are now taking the time to verify the information by making phone calls and triple checking all paperwork submitted.
- Pregnancy: Being pregnant is not a legal path to discrimination, but the New York Times reported that maternity and paternity leave might be seen as a potential “loss of income.” Technically, this type of interference should be categorized under “Income and Assets Under the Microscope.”
- Home Appraisals: Thanks to the crop of under water properties, mortgage lenders are ordering stricter reviews of submitted home appraisals. Homes that do not appraise for the full contract price are subject to disapproval.
- Mortgage Industry Shake Up: Prior to the real estate bubble bursting, mortgage offers with enticing promotional rates were abundant and easy to secure. Right now, the industry is in flux as it attempts to clean up the mess and get business back on track. However, the guidelines are evolving everyday, creating a challenge for lenders regarding instructions on the mortgage approval process. Additionally Congress introduced new regulations to limit the power of predatory lenders, and the blanket laws are negatively impacting small business owners and independent contractors in the mortgage industry.
- Tighter Condo Approval Rules: Although condo living can provide a fantastic quality of life, those interested in financing purchase of a unit should expect challenges in the mortgage approval process. Typically, condos are considered to be a riskier type of home purchases and are charged slightly higher mortgage interest rates than single-family home purchases. The reason why, condos have a community behind them and the finances of the community (as well as the buyer) are being analyzed more intensely by mortgage lenders.
Just because there are hurdles on the path to securing a decent mortgage, does not mean the task is impossible. Mortgage Marvel can quickly provide you with real time mortgage rate comparison from over 900 trusted lenders. The best part is consumers interested in conducting searches require no personal information.