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 Moderated by: bartmanaz Page:  First Page Previous Page  1  2  3  4  Next Page Last Page  
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Real estate purchase  Rating:  Rating
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 Posted: Fri Dec 11th, 2015 02:08 pm
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aloha
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Mana: 
bombero,i have lived here full time for many many yrs. my experience,and that of many i know w/ realtors has been unpleasant. honest? have you looked at the price of homes on the mkt? even the ones sitting empty for yrs? really? ridiculously inflated.i feel bad for any newcomers when they see the existing mls/prices. as is typical anywhere 'forewarned is forearmed' hard to argue that,huh? but I digress. realtor shopping should have its own thread.

Last edited on Fri Dec 11th, 2015 02:10 pm by aloha

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 Posted: Fri Dec 11th, 2015 03:02 pm
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bombero
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Mana: 
aloha, if your experience has been unpleasant, speak in specific terms, name names. Yes I have looked at prices, they go down, or they don't sell. Inflated prices are usually sellers saying if you will pay this much, I will sell, if not.......who cares.

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 Posted: Fri Dec 11th, 2015 07:56 pm
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aloha
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agree to dis-agree. perspective~

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 Posted: Fri Dec 11th, 2015 11:55 pm
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bombero
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Last edited on Sat Dec 12th, 2015 12:24 am by bombero

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 Posted: Sat Dec 12th, 2015 04:44 am
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Richard Baca
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Remember all, there are no REALTORS® in San Carlos. It's a registered and copyrighted term. NONE of the brokers and agents here can qualify regardless of what they tell you. There is no meaningful local association; no State Board monitoring ethics and acting on grievances; no regular testing to maintain proficiency standards and basically no supervision whatsoever! As for the overpriced market, yes unfortunately that's so. It's a result of that glitzy MLS system that uses listed prices as comparables to set prices on new listings! Sad but true and again, no State imposition of proper implementation! IMO, it's a disservice to sellers because they are given unrealistic sales expectations and a disservice to the buying public because of the sticker shock.
In choosing a r/e broker, I suggest choosing one with a long and proven track record; one with no lawsuit history and one with which all buyers have received their deed or trust as the case may be. I won't mention any names, but beware of the "dazzle 'em with brilliance, & baffle 'em with fancy talk"! Just ask around before plunging in.

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 Posted: Sat Dec 12th, 2015 11:58 am
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bartmanaz
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Mana: 
Mr. Baca paints a picture of the real estate industry in San Carlos that differs a bit from the current situation as I understand it.  I invite your attention to the following links that are readily available online with a bit of due diligence.

http://www.sancarlosmexico.com/mls.html

http://mexico.realtyserver.com/

http://mexico.realtyserver.com/Member

http://mexico.realtyserver.com/DoOfficeSearch

Draw your own conclusions from the membership requirements, training and ethics requirements and list of those firms/agents who are members.

Bart

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 Posted: Sat Dec 12th, 2015 06:52 pm
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Richard Baca
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Thank you Bart for posting those links. My issue with the San Carlos r/e business community is that the local version of MLS uses existing MLS listings as comparables in setting prices of new listings. I think they are "massaging" themselves instead of letting the market seek it's own level. They razzle and dazzle the seller and give what is in many cases, an unrealistic price expectation. From the purchasing public's point of view, many listed prices give some potential buyers "sticker shock". I don't think it's fair to either side. The way that I suggest prices is based on what is known as the "cost replacement method" of appraisal. I have studied r/e appraisal and am experienced in performing it. Others here are also trained and experienced so it's doable and IMO should be the preferred method of arriving at professionally suggested prices.

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 Posted: Sat Dec 12th, 2015 08:47 pm
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bartmanaz
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Mana: 
Again a bit of basic research shows the method you propose probably is more relevant to schools, churches and other real estate which does not enter the resale market often.
See:
The sales comparison approach is commonly used in valuing single-family homes and land. Sometimes called the market data approach, it is an estimate of value derived by comparing a property with recently sold properties with similar characteristics. These similar properties are referred to as comparables, and in order to provide a valid comparison, each must:
Be as similar to the subject property as possible;Have been sold within the last year in an open and competitive market andHave been sold under typical market conditions.

Source:  http://www.investopedia.com/articles/realestate/12/real-estate-valuation.asp

 So there is nothing wrong with the comparative market approach as practiced by the San Carlos MLS members as you insist.  
The article goes on to discuss the cost approach.  I was struck by the following:
"The cost approach makes the assumption that a reasonable buyer would not pay more for an existing improved property than it would cost to buy a comparable lot and construct a building that is comparable in terms of desirability and usefulness. This approach is useful when the property being appraised is a type of property that is not frequently sold and is not an income-producing property. Examples include schools, churches, hospitals and government buildings."
Bart

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 Posted: Sat Dec 12th, 2015 09:09 pm
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long time resident
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The information about the bank trust not being transferable is incorrect. Many of the property transfers that take place in the restricted zone are the bank trusts being transferred from the seller to the buyer. When the buyer receives their bank trust documents with their name on it, the original party that initiated the bank trust will be listed also, right at the beginning, and the trust document will have the entire history of the property with-in its' body. Notarios are lawyers that have been appointed by the governor to represent them legally in the state. One then would be required to go to Notario college to make sure that they understand all of their duties. Being held to a higher standard? Some of the real estate agents in San Carlos are licensed by the state of Sonora, and have a better understand and fiduciary duty then most lawyers I know. If you ask around, the bad lawyers and the bad agents will be mentioned over and over again in conversation, but there are some that are honest, educated, and held to the highest standard in their profession. Ask around, ask questions, be informed. The client also has a duty to become educated in what is required to purchase real estate in Sonora. It is not rocket science, but without a reputable agent or broker to walk then through it, it is a lot more difficult. There is a lot of literature out there, on buying in Mexico. Many have done it very successfully.

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 Posted: Sat Dec 12th, 2015 09:21 pm
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long time resident
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Having just read Mr Bacas statement, I have to disagree. There are a few real estate professionals in San Carlos that are members of the NAR. They could not be a member without being a Realtor. Some are licensed currently in the United States as well as the State of Sonora. Some claim to be, and are not. It is not difficult to check online who has a valid license and who claims to and doesn't.
As far as the value of a property, we use current comps (will go back 6 mod max), and price per sq foot seems to be a good place to start. If the property doesn't get any showings, then the seller is asked to lower their price. It only takes one person who wants to buy a property at the price being asked, to make it worth that price.

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 Posted: Sat Dec 12th, 2015 11:17 pm
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RichD
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I did not know you could transfer a trust, thanks for that information. Makes it even better to look for a property with an existing trust. Using actual selling price of recent sales is just common sense but I did not think the information is available. Where do you find comparable sales information?

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 Posted: Sat Dec 12th, 2015 11:58 pm
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Richard Baca
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RichD, there is no sold & closed price data available which is why the MLS prices based on listed price comparables is ludicrous. The only way to arrive at current FMV is via valuation using the "cost replacement" appraisal method. Mexican licensed appraisers are good at this.

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 Posted: Sun Dec 13th, 2015 12:23 am
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aloha
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long time resident,i did my homework. I was beyond dis-appointed w/ the 6 realtors I communicated with. I was beyond satisfied w/ my att'y, notario (who is respected and well known thru out Sonora) and my banker. I purchased thru a private party. a gamble? perhaps. but no more than dealing w/ a realtor. an intelligent person can go the un -conventional route. its not rocket science.there are almost more houses empty here than occupied. not a solid advertisement for the realtors in this community.

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 Posted: Sun Dec 13th, 2015 02:25 pm
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maryt
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Richard is right that there is no info on what the houses actually sold for. In my opinion that is the only way to truly know the market value. I wish there was a way for that info to be disseminated.

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 Posted: Sun Dec 13th, 2015 02:55 pm
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bombero
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Richard and Long Time Res, are the only two posters, that I know, posting on this thread that are/have been involved, in San Carlos Real Estate. I would tend to draw from their experience and expertise. As advised, I would also do my due diligence to assure that I was being represented and kept informed by the best available. As for sales and comps, I would have to take the word of Richard and LTR, but most of us know what people are asking for their homes, and what they actually sell for, at least in the sector where we/pl live. Those of us that have been here for many years do not experience the same sales fears, as those who have purchased in the past 10-15 yrs. Time has appreciated these long held properties and losing money is not a concern. I do know of many that bought high, and either have, or will lose money when they sell. So many of these lose situations come from what I call "rash buying", those that show up in SC for a weeks vacation, or visit, fall in love, and just have to have their piece of the pie. These are the folks, all sellers want showing up. I have seen it many time, they do not last, and morph into serious complainers when their house does not sell, and they take the proverbial bath. Buyer, know what you want, make sure, you really want it, and then, always....beware.

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 Posted: Sun Dec 13th, 2015 06:37 pm
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Bullshipper
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The public registar lists all deeds with details, including what the homes sold for if you want to go downtown.

But when buying any home, its easier to demand to see the escrituras and bank trusts for said properties before you even make an offer to determine if their paperwork is complete and in order through your notary or real estate agent, that you are buying from the bonafide owner of the property, and to see what they paid for it.

Lots of times, the owners do not have paper work, and they and their agent will always try to convince you that the sale can proceed normally, which is BS, of course.

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 Posted: Sun Dec 13th, 2015 06:55 pm
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bartmanaz
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Mana: 
If you want to see numbers on sales averages from the MLS through 3d qtr of 2015 visit
http://www.remax-firstchoice-sancarlosmexico.com/images/remaxnews0915.pdf  
Pay attention to the note at the bottom that shows a very high end condo sale which skewed the condo numbers.
 
Look at the averages and ask yourself if the sales price are out of line in a seaside resort community where current homes list for anywhere from $30K to well into seven figures.  Wonder what the prices are like in seaside communities in California....

Also note you can subscribe to this newsletter at 
http://www.remax-firstchoice-sancarlosmexico.com/news.html

Actual MLS sales figures are available-you can either do as Bullshipper suggests or you can ask your realtor.  Oh wait, your realtor is not an MLS member...maybe you should ask them why not.
Bart

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 Posted: Sun Dec 13th, 2015 08:09 pm
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aloha
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bombero~we do not know each other,nor do you know what my experience with buying/selling real estate has been, except for what I have shared above. so to say that there are only 2 people posting that have a clue is a little presumptuous and insulting on your part. but I do not get insulted that easily. I do not think you are the authority regarding how to buy and sell r.e. in san carlos. I manage my affairs quite successfully without your input. no drama,fuss or hassle. thx~

Last edited on Sun Dec 13th, 2015 08:12 pm by aloha

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 Posted: Sun Dec 13th, 2015 08:24 pm
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Richard Baca
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Bullshipper, the sales price in a recorded deed or trust is known as the "contraprestaci├│n" and it is there as the basis used in arriving at the capital gains tax. It may or may not be the sales price but in any event, it's converted to pesos at the exchange rate at the time of the transaction. A purchaser today will most likely be buying in US dollars, so depending how long ago that peso number was recorded, converting it to today's dollars is probably not going to reflect reality notwithstanding the fact that the recorded number was put there for CG tax purposes back when the transaction was originally consummated. As for deed or trust clean or not, just pay the recorder's office for a "certificate of no liens" It will tell you whether there is a clean title or not. The recorder's office is just beyond Ley's in Guaymas, across from the Burger King. They have parking in back and below.As for published sales prices remember, most sellers don't want that published, so take any published claims of sales data with a grain! 

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 Posted: Sun Dec 13th, 2015 09:07 pm
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repsilon
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Well, having been an agent here, the few true professionals are too busy to respond here, or they just don't want to get caught up in the rambling. Being a member of the MLS allows you to see recorded sales prices. Most all of those should be able to be taken as accurate, yet not all recorded prices here are the true sales price. Most agents here can give you a pretty accurate market price. The buyers often bleed a seller even lower. Most sellers don't follow advice and suffer. It is what it is, so learn to understand it. It's kind of like buying from the street vendors, so get some impartial professional advice from a MLS agent that advertises on this site. Good people don't want to be associated with crooks.

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