Posted by Don Binkley on September 16, 2007, 6:45 pm, in reply to "Real Estate is Unique!"
I agree that Jalisco, and other states south of the border are unique as far as the buyers needs are concerned. USA/Canada real estate has taken a hit due to sub-prime loans affecting even the big-spenders. |
Calif. buyers could grab-up a $1,000,000 property with as little as 10 percent down and not a big deal credit check...also counting on the rates holding steady to keep payments low on an ARM loan.
Tight credit has now made the purchase of a house or let say a refinance to get cash for that vacation home...not as easy a deal as could be had before. Maybe some buyers for Mexican property were planning on using a second mortgage to finance the deal but I think that most buyers have the extra cash to deal with the purchase of Mexican property and the current mortgage market would not affect their purchasing power.
This might not be true for Baja; as property in Baja was attractive to mortgage companies in S. Calif. and Az. for the Puerto Penasco area. Don't know what happen there but do know that there were lots of buyers looking for weekend beach homes.
You have to be in pretty good shape financially to own property way down here...don't you all agree. Really true if this is only your winter home? Don
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