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Tuesday, December 16, 2008

Shopping for Property in Peñasco

by Gretchen Ellinger
It’s a Buyer’s Market, and Financing IS Available!

If you have been considering the purchase of property in Puerto Peñasco, now is the time to buy! Selection abounds, with many listings on the market, and prices are down considerably from a year or two ago. Experienced Puerto Peñasco realtors agree that there have never been so many great properties on the market at such low prices, with so many financing options.

In the past, cash payment was generally required to purchase property. Not any more! Banks in both Mexico and the USA offer financing for Mexican properties, and the application and approval process will be familiar to many. Additionally, many developers or owners are offering their own financing, in some cases with as little as 20 percent or less down and up to 30 years to pay. There is often no qualifying for these loans, so the financing is easy to arrange. While “owner” financed loans are often at interest rates above bank rates, some are negotiable, and most have a “no pre-payment penalty” clause, meaning that buyers can pay a little extra against the principal with each payment, effectively reducing the loan interest rate. Prices of properties purchased with financing are generally not negotiable, while a cash buyer can often negotiate a better purchase price. However, anything may be possible in this current buyer’s market, so ask!

If you will help your licensed realtor to help you by providing information about your financial abilities, as well as your property requirements, s/he will be able to guide you to properties with financing options that work for your situation. Now is the time to arrange that great purchase at a great price with great financing!