We make choices every day. They need to be informed ones. President Kennedy said: “We choose to stay with the comfort of opinion rather than the discomfort of thought”.
A recent discussion with a seller made me realize she needed to become aware of misunderstandings which could happen by her not understanding Mexican immigration and tax requirements. In this local real estate market, nationals and foreigners should be registered to do business and pay taxes to Hacienda or the Mexican IRS. However, there are people who choose not to be registered and illegally earn income they do not report.
If you have found a property, and you want to make an offer, I recommend the following: Your offer should include time for you to conduct due diligence, an inspection, or other concerns. Beware of your having to put your deposit into the escrow company before these issues are resolved. Mexico does not require funds to be put up by the buyer in order to have a binding offer. In fact, the country does not require escrow. But for you, as a foreign buyer these two issues are important to understand for your safety.
Those of us living in Mexico who are from other parts of North America probably take the concept of fair market value for granted. We assume that this measure of value is used in other markets and other countries. Actually, it is not common outside of the USA or Canada to have sold market data. In order to have information about sales prices and to adjust for differences in properties; data needs to be available. If we start out with the objective to have fair market value, where, do we as consumers normally go? There are no websites as in Canada and the USA such as Zillow and Trulia offering a large number of properties for sale as well as average sales prices by areas.
What does the AMPI* Code of Ethics say about loyalty of a real estate professional to his local organization and his colleagues?
The real estate professional has an obligation to share his experience and knowledge with his colleagues. A real estate professional should not make comments with respect to business actions performed by another Real Estate Professional unless his opinion is official requested. Such opinion must be based on truth and not rumor.