Ever considered buying a condo in Playa?

[Redline325]

Hello,
My wife and I are U.S. citizens who put a deposit down on a pre-construction condo in the Coco Beach area of Playa back in July of 2010. The building was not yet started but due to be finished in late 2011. Well, the building is finished and I think it turned out nicer than I could have expected. The problem is in the last 6 months the mortgage industry in Mexico has evaporated. Our intent was to purchase with a mortgage from the start and I did all the due diligence I possibly could at the time. Now we need to close...and our 800+ FICO scores, sufficient monthly income, and plenty enough cash for closing fees and reserves will not get us a mortgage.

So I'm looking for someone who would be willing to consider a partnership in the condo. No cutting corners, if this happens I would expect many phone calls and meeting in person, with a partnership agreement drafted by a lawyer in the U.S. and everyone's names on the trust in MX. I will fully disclose the specifics to serious parties over the phone, Facetime, Skype, etc.

I'm sure I'll be heavily flamed here for getting into this situation, I deserve it. I used advisers and advice recommend here on this forum....couldn't predict the mortgage industry completely shutting down in MX.

Condo is a 2 bed/2 1/2 bath between 5th and the beach. not a penthouse but has a large outdoor balcony with a Jacuzzi, very unique in the area.

If interested shoot an e-mail to Chris at playacondopartnership@gmail.com

[CondoPerico]

Maybe you could get the money in the USA. Mortgage rates have not been this low in three decades. Since you are well qualified you should be able to get a refinance with no problem.
Every good wish for success.

[J InTheShade]

I am so thankful that I, sometimes, listen to my husband. The "rule" is that we have to live somewhere for a minimum of a year before we buy a house or a property.

[MaeEast]

I seriously considered it for quite some time as a retirement investment (rental) and then for future living, but decided I definitely would prefer a private yard for gardening and a private pool and more cultural events, basically I need a bigger city than Playa----thus I am considering a house in Merida instead.

I did see some truly amazing condos in Playa and still think they are a good investment in the long run, just be sure why you want it -to rent out (there are a lot of condo rentals on the market) or to live in now /or eventually. Tourist traffic to Playa will keep increasing for sure.

[Lizard]

Hi everyone,

This is my first time posting, but I have been lurking for a few years.

Chris, we have been shopping for a condo in Playa as well. I heard last week that the last mortgage provider (Scotiabank) had pulled out of the business. I then contacted the mortgage broker I had been dealing with, and she has informed me that the rumor is not true. Scotiabank is apparently changing their product (?), and has temporarily suspended taking new applications, but should be up and running in a month or so (Mexican time).

I know that doesn't help you much if you need to close right now, but if you still have a few months, it may be encouraging. Unfortunately, interest rates were around 8% with Scotiabank, and without any competition, aren't likely to go back down right now.

I'm sure you are investigating your other options:

1) getting a Home Equity Line of Credit (HELOC) with much lower interest rates, or
2) an unsecured personal line of credit (hopefully lower interest than the Mexico mortgage), or
3) arranging financing through the developer - you may be able to get interest only payments for 4 years or so, the time it takes you to get the mortgage situation worked out, or find a partner...

I wish you suerte!

[calgaryguy]

I would recommend you go to the developer and ask them to carry financing as you are unable to get a mortgage. I am a developer and built a project in Playa and this exact thing happened to me/the buyer. I would guess the developer wants the deal to proceed as much as you do. There are several ways for them to secure themselves and everyone should be able to be comfortable. Good luck.

[Redline325]

Thanks for the suggestions everyone. Hopefully this will work out.

[davestew]

Hi. This is news to me. I would suggest contacting Doug Jones at Mortgages in Mexico. Mexico Mortgage|Loans Mexico|Mexico Financing

He got us our financing and knows everything there is about all money sources in Mexico. If anyone can, he can help you out.

Dave

[Redline325]

Originally Posted by davestew

Hi. This is news to me. I would suggest contacting Doug Jones at Mortgages in Mexico. Mexico Mortgage|Loans Mexico|Mexico Financing

He got us our financing and knows everything there is about all money sources in Mexico. If anyone can, he can help you out.

Dave

Doug Jones is who we've been working with for the past 5 months...so you'll believe me when I say there are NO mortgages in Mexico!