Mexico is a cash culture. Yes one can obtain financing but rates are high compared to Canada and the States – we are talking 10-12 percent and over a fairly short period of time – it is more comparable to what we call bridge financing up north.
I often am asked “Will the owner take a low offer if I pay cash?” Because almost everyone DOES pay cash for their homes it is not a great negotiating position. The market is right now at a low point so negotiating from this point of view can work well . . . and with the Canadian dollar being at an all time low – buying from a Canadian seller who is moving back to Canada for good can be advantageous at this time only in that he or she would be receiving 25% more value for his or her house. Just a thought.
This is a super time to BUY in Lake Chapala. The market is low, but just beginning to climb back up . . . superb deals at this time that will only increase in value as the American economy improves and more and more baby boomers are heading south to retire in a place that has near perfect weather, is not far from ‘home’ and is so affordable!