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Everything you need to know about buying and selling real estate in Mexico, Puerto Vallarta, and the Banderas Bay region

Buying Property in Mexico

Accuracy of Market Data in Order to Have Fair Market Value

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. 

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Buying Property in Mexico

Why is Fair Market Value Important?

Those of us living in Mexico 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 must be available. 

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Questions to ask your real estate agent

How Do You Pay a Fair Price?

I probably don’t need to tell you to do research and ask questions of your real estate agent before you make an offer. Ask for: Research Recently Sold, Comparable Properties. A comparable property is one that is similar in size, condition, neighborhood and amenities. One 1,200-square-foot, recently remodeled, one-story condo should be listed at roughly the same price as a similar 1,200-square-foot condo in the same neighborhood.

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Buying & Selling Real State in Puerto Vallarta

What Determines Fair Market Value?

Those of us living in Mexico who are from other parts of North America can 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 commonly have sold market data.  

CONTINUE READING
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