How to Avoid Top Errors and Misconceptions in Mexico Real Estate

PR Log (Press Release) – Nov 07, 2009 – The TOPMexicoRealEstate.com website has recently added a new set of 5 feature articles, pointing to the most important advice needed for non-Mexican buyers of Mexico Real Estate.  The articles, compiled from advice from a panel of Mexico's leading real estate experts, include several "Myth Busted" type articles, one of which addresses the common misconception that a buyer can receive the best price by contacting the advertising agent, and discusses why this idea is false, and what steps a buyer should take to protect themselves.

The new set of feature articles is meant to draw special attention to common errors and misconceptions that non-Mexican real estate buyers have about Mexico Real Estate.  The articles also outline the potential risks related to these misconceptions and how a buyer can avoid them.  Each article includes contributions from various members of TOPMexicoRealEstate's panel of experts, "certified professionals that specialize in guiding new buyers through the Mexican purchasing process," each adding the knowledge they have gained from direct experience during years of interactions.

The current feature articles include:
•   How to buy Real Estate in Mexico – Safely"
•   Top 5 Most Common Mistakes Made By Non-Mexicans When Buying Property In Mexico"
•   What to WATCH OUT for in a Promissory Contract when Purchasing Mexican Properties; Tips from a Panel of Experts
•   Mexico Real Estate Myth: "There are no Real Estate Licenses in Mexico" – FALSE!
•   Mexico Real Estate Myth: "I'll get the Best Deal If I contact the Agent who is advertising the property." - FALSE!

Perhaps one of the most common misconceptions is dealt with the in the fifth feature article, Mexico Real Estate Myth: "I'll get the Best Deal If I contact the Agent who is advertising the property." - FALSE!  The article points out that while some false logic can easily lead us to this conclusion, it can actually prevent a buyer from getting the best price possible (meaning they will pay more) as well as other negative implications.

The article mentions that some buyers may believe that by contacting the listing agent, many buyers believe they are saving money – fewer commissions, and a better price "straight from the source" – or saving time with fewer steps in communication.  However, the panel of experts contributing to this article discusses the fact that not only are these ideas false, but the exact opposite is true.  Linda Neil draws attention to the fact that the situation of having one agent represent both buyer and seller is always a conflict of interest; while the buyer is looking for the lowest price possible and terms most favorable to his interests, the seller is looking for highest price possible and the terms most favorable to his interest.  It is not possible for one person to represent both of these needs fairly.

Other benefits that will be lost include a complete presentation of all suitable properties. An agent representing the seller may have a contract, fiduciary obligation to promote and sell that person's property.  This obligation would mean that the agent should encourage the buyer to take that property, and thereby ignore other possibilities that could be more suitable or offer a better price.  This problem can be avoided by contracting a buyer's agent.

"A true buyer's agent," points Jim Scherrer, "will show the buyer ALL the properties that meet his needs and budget; not just those they have as in-house listings."

Various members of the panel also point out that a buyer's agent in most cases presents NO COST to the buyer; the buyer's agent commission is taken from the seller's commission.  As for the question of communication, it is far better to have someone representing only the buyer's needs in the transactions.  Even if it does take more time during the transaction, this extra time means that someone is researching options for the buyer and reviewing all terms to make sure they are in the buyer's favor.

For a complete discussion of the theme, buyers should visit the feature article on the website.  The new articles include a special link from a "flip page" on the top of the main website to provide extra visibility for this key information.

TOPMexicoRealEstate NETWORK; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely