Mexico Real Estate
Thousands of homes are sold every year, and the vast majority of these sales involve the work of an estate agent.
Here's our guide to getting the best from your agent.
"Real Estate Agent" is just another name for "Salesperson"
- Don't ever lose sight of that fact. Their only mission is to sell, sell, sell to you.
- Don't ever let on that you are in a desperate situation, or that you need to buy a house fast, or that you are in a desperate crunch to buy this house now, because you are being transferred into town this week.
- It's simply none of their business and as far as they are concerned, you are not in a rush to buy a house.
What estate agents do
Real Estate are the 'arrangers' of the property world, carrying out three main functions: valuing, advertising and negotiating.
- They decide how much a home is worth, based on an understanding of the local property market and consideration of the fixtures and fittings.
- They make sure that potential buyers know of the sale by advertising and providing details, or 'particulars'.
- They act as the go-between for buyers and sellers communicating offers and counter-offers between the two parties.
Getting the best from your estate agent
When you're looking for an estate agent, ask among friends for recommendations, and take a look at the boards in the area in which you're planning to buy.
Also, have a look at the local press to see who advertises - it will give you an idea of how busy they are.
Estate agents are self-regulated, working under codes of conduct regulated by their professional bodies. Look for agents who are members of organizations such as the Royal Institution of Chartered Surveyors and the National Association of Estate Agents. Some, although not all, agents are also members of the Ombudsman for Estate Agents (OEA) Scheme which guarantees that if you have problems with your agent, you will have a right of redress. Look for the OEA badge on their details.
Although estate agents are usually working on behalf of the seller, they still have certain duties to all buyers.
- They must not mislead buyers about the nature of the property in the particulars that they provide.
- They must treat all buyers fairly, and should not hold back offers in cases where a buyer has refused to use their services.
- When you make an offer, the agent must pass a written copy to the seller, unless they have specified otherwise (for example, that they will not consider offers below a certain amount).
More info: Real Estate in Mexico
What is a Mortgage?
A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.
REAL ESTATE SCHOOLS IN MEXICO
If you are considering becoming a real estate agent, it is highly recommended that you start by researching what types of real estate schools are available in your area.
An ever increasing number of services are now also offering Real estate schools online.
When looking for a real estate schools on the Internet, be sure to look for the type of school that is suited to your interests.
There are a variety of real estate courses available for the nonprofessionals that are interested in investing in real estate. If you are looking to become a real estate professional, you will want to look for a real estate course that covers topics such as the principles of real estate, law and contracts, and finance.