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canuck
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Posted: Fri Mar 7th, 2008 04:36 am |
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| Recently purchased home on Caracol in San Carlos. Had signed accepted deal, with our deposit, (earnest) money, deposited in vendors real estate acct. In Canada or U.S. that should create a deal. It was a cash deal. Vendor decided that he would accept a higher offer after we had reached our deal. No form of recourse in Mexico. In Canada that second offer would have been a back up offer and only came into play should ourselves, purchasers, and the vendors mutually agreed to abandon our deal. We have yet to receive our deposit back but am confident that it is coming. Our buyers agent was extremely helpful and very honest and professional. We would be happy to pass on her name should anyone reading this be looking for an agent to rep. them. Good luck. A deal is not always a deal.
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JZ
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Posted: Fri Mar 7th, 2008 05:51 am |
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I think there are four stages (someone correct me if I'm wrong).
1. Offer and acceptance (deposit given to agent to hold).
2. Signed contract
3. Give instructions to the notario to begin trust termination with the stated intent to transfer rights to the property to the buyer (after the buyer sees this in writing that is the point the deposit is given to the seller).
4. Wire of funds to the buyer and transfer of rights in the property to the seller by the notario.
What stage where you in? Did you have a signed contract?
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canuck
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Posted: Fri Mar 7th, 2008 02:25 pm |
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We had completed #3. Trust doc's were being completed and deposit had been transfered to sellers American Bank. It appears they won't wire it back. They claim to expensive and are sending it via DHL. At this point I believe our next attempt at land owners in San Carlos will be to build.
Anyone know good architects and/or building contractors??
Thanks
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TC
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Posted: Fri Mar 7th, 2008 07:58 pm |
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canuck wrote: We had completed #3. Trust doc's were being completed and deposit had been transfered to sellers American Bank. It appears they won't wire it back. They claim to expensive and are sending it via DHL.
Canuck, none of this is any of my business, of course, but I can't resist piping up to say that if I've understood the situation, it speaks highly of you that you're so apparently calm, polite, and reserved about this. I don't think it would be out of place at all to broadcast in bright neon the name of whoever would renege on a done-deal signed contract that had you spending money and jumping through all sorts of hoops. And then not have the common decency to get your money back to you by the most expeditious means possible.
Some people...
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JZ
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Posted: Fri Mar 7th, 2008 10:30 pm |
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canuck wrote: We had completed #3. Trust doc's were being completed and deposit had been transfered to sellers American Bank. It appears they won't wire it back. They claim to expensive and are sending it via DHL. At this point I believe our next attempt at land owners in San Carlos will be to build.
Anyone know good architects and/or building contractors??
Thanks
I would be surprised if you didn't have some legal recourse, of course whether that would be worth the cost and headache is a totally different matter.
You are better off building anyway. You can design it exactly how you want it.
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Susura
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Posted: Sat Mar 8th, 2008 12:19 am |
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I feel so sorry that this happened to you. What happened to the handshake closing a deal? I remember the day when a man/woman's work and a handshake was a bond. They say what goes around comes around, sometimes it takes a long time.
I hope that your new home will be your dream home.
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bombero
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Posted: Sat Mar 8th, 2008 12:40 am |
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| Not only would I make public the name of the seller, I would also make public the name of the real estate salesperson/broker of the seller. If your seller is an American, you havce the option to sue in the states for your deposit. I would think long and hard about building, unless you plan on staying in SC through the duration of the build. Find yourself a good agent, find that house you want, and eleminate all the issues of building.
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Inde
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Posted: Sat Mar 8th, 2008 02:42 am |
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| I agree with Bombero. Please post the name of the RE agent. A reputable one would not be involved in that sort of behaviour as it will only damage their reputation and they should fire their customer. A deal is a deal is a deal. Please help the rest of us out so we know who to avoid.
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Divecoz
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Posted: Sat Mar 8th, 2008 05:03 am |
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Exactly why Chad the Con Man has been able to steal all that he has from so many people. . . No One will not stand up and be counted.
BY ALL MEANS List everyone involved!
Correct me here if I am wrong. But unlike in the USA and Canada . There is NO Licence, No Board of review, No test taken, to be a Realtor in Mexico!!
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canuck
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Posted: Sat Mar 8th, 2008 02:23 pm |
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Hey guys, thanks for all your interest and advise. As per TC, at this point there is nothing to be gained by slamming anyone, as I still have a large deposit I am waiting to receive. As far as the realtors on both sides: Mine was wonderful, professional and devastated that this could happen. Realtor on sellers side was also cut out of commission because seller had a buddy/partner in San Carlos that sold it himself. Everyone looses! (except the seller). As far as law suits, might have a case, but in Mexico, would I gain anything, doubt it.
Have learned that there may be some structural defects in the house that may turn out to be serious. Cheap developer, bad contractor and even worse builder?? Things all happen for a reason.
Will post more from this experience once I have deposit returned, deposited and cleared.
Still want to become part of the community as we love the area and most of the people we have already met. Looking forward to meeting a lot of you.
Thanks again.
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long time resident
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Posted: Sat Mar 8th, 2008 07:50 pm |
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Divecoz, I will correct you. You do have to have a license to sell real estate here, and you do have to go to school. It is being regulated, beginning this year. For the past two years, classes were offered, and people that are in the business are required to have not only the classes, but be registered with profeco. You can complain to the secretary of economics for the state of Sonora. They are the regulating body.
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repsilon
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Posted: Sat Mar 8th, 2008 09:03 pm |
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| A friend explained to me, this is not entirely out of the norm. It doesn't click with our minds, but down here it is something to consider. Look at who your parties are, and sometimes brace for the unexpected and to us seemingly unethical. Realize that with the final party you are dealing with, they may see the system and ethical practices differently. Thankfully it is not yet the norm, but don't expect the courts to necessarily figure it out very expediently or in your favor. Look at it as a blessing if you do have a flawless transaction, ... most are.
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Divecoz
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Posted: Sat Mar 8th, 2008 09:29 pm |
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long time resident wrote: Divecoz, I will correct you. You do have to have a license to sell real estate here, and you do have to go to school. It is being regulated, beginning this year. For the past two years, classes were offered, and people that are in the business are required to have not only the classes, but be registered with profeco. You can complain to the secretary of economics for the state of Sonora. They are the regulating body.
Interesting. . so as of 2008 you will need a license? Were these classes offered
bilingual as they would be dealing with Mexican law and all.
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long time resident
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Posted: Sat Mar 8th, 2008 11:17 pm |
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Yes, the classes were bi-lingual for those that didn't speak spanish.
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