Foreclosure properties: Foreclosures. Such an attractive word in the real estate world. What if you had a way to obtain foreclosures in Los Cabos? Would you be interested?
Here in the sun, sand, and surf, properties still get foreclosed on. There are many reasons that someone may fall into default. Recently this situation was due to obtaining loans with little or no credit and most times without even a down payment. House owners opted for a variable rate and as the interest rates increased, they we not able to make their payments. Owners then decided to walk away from their property instead of trying to make the payments. As a result, the property then falls into foreclosure.
Anyone living outside of Mexico can own foreclosure property just as you would own a regular property here in Mexico.
When purchasing a foreclosure property, you only need to put up 10% of the property value in escrow as a good faith deposit. Once the bank sends a copy of the paperwork that shows that you own the title, you will be required to put up the rest of the money. Due to the fact that the houses are empty and the bank wants to get them paid off as soon as possible, the closing time is usually maximum three months. Nevertheless, most are usually done within a month.
Maybe you’ll find that diamond in the rough – that excuse to buy here – that property you always wanted to own to visit but then rent out. Imagine the possibilities…
