I heard that there is going to be a fire sale on over 40 properties in Playa Encanto. That they are going to be confiscated and be sold at auction to the highest appraised value with only Mexican nationals bidding on properties. Anybody else hear about this?
I assume these are the Holdouts per the artical, They are not in a real trust? now they are being reclaimed by the Goverment?
Im wanting to buy a beach front lot in PP, the education on the forum, internet is telling me to stay with a long done development so
We are protected from this kind of thing. Any other pointers?
Im looking at one lot in Playa Miramar its got a bank trust that is in an AZ LLC already,
Says quick close due to the LLC. Can someone clarify the benefit of the LLC, and should I do the same thing?
Help me not get screwed over!!
Dan
I'm not sure what is going on, just trying to get some info. I do know two people that have their property on the list. They have bank trusts and have retained legal representation.
You do realize that article is from 1997, right? I mean, I know the Mexican courts are slow, but I would think all of that would have settled one way or the other a long time ago.
So what is going on is that an American named Popovich sued Jim Perry in the USA in 1992 and won 5.1 million. This was for Jim Perry's fraudulent scheme, which was that Perry did not get a master trust that he said he would, the Popovich had about 75000 invested in the property and lot, after all the appeals and such in the USA the lawsuit was reduced and a judgment was entered for 1.7 million. (nice return on investment) The Popovich's still have there house and lot. Next in 2001 the Popovich's filed in Sonora court to collect the money from the Perry's, now 17 years later the courts have agreed to this, and the way that the Popovich's are attempting to collect is by looking up properties in the public registry that the Perry's have liens on (mostly paid off but never released), most if not all of there properties were sold to American's by Perry and when the Perry's were paid in full they did not release the liens even when asked by the Americans (there is not a notification system in Mexico to realize that there is a lien filed.) So in essence the Mexican Court is not considering the US citizen that purchased from Perry and Perry failed to release the lien (not even sure they are aware of this) and the Popovich's are trying to collect 1.7 plus million for a problem they no longer have, additionally the Popovich's still own the house and lot in Playa Encanto that the whole lawsuit was about. Being that many of the home owners were unaware of this situation a firestorm is about to be started both against the Perry's and Popovich's due to their greed, I would be careful and use a good attorney to do any property purchase in Mexico. PSS all of the property owners have paid the taxes on the properties that they think they own for all these years as well as building homes and maintaining them.
You do realize that article is from 1997, right? I mean, I know the Mexican courts are slow, but I would think all of that would have settled one way or the other a long time ago.
So what is going on is that an American named Popovich sued Jim Perry in the USA in 1992 and won 5.1 million. This was for Jim Perry's fraudulent scheme, which was that Perry did not get a master trust that he said he would, the Popovich had about 75000 invested in the property and lot, after all the appeals and such in the USA the lawsuit was reduced and a judgment was entered for 1.7 million. (nice return on investment) The Popovich's still have there house and lot. Next in 2001 the Popovich's filed in Sonora court to collect the money from the Perry's, now 17 years later the courts have agreed to this, and the way that the Popovich's are attempting to collect is by looking up properties in the public registry that the Perry's have liens on (mostly paid off but never released), most if not all of there properties were sold to American's by Perry and when the Perry's were paid in full they did not release the liens even when asked by the Americans (there is not a notification system in Mexico to realize that there is a lien filed.) So in essence the Mexican Court is not considering the US citizen that purchased from Perry and Perry failed to release the lien (not even sure they are aware of this) and the Popovich's are trying to collect 1.7 plus million for a problem they no longer have, additionally the Popovich's still own the house and lot in Playa Encanto that the whole lawsuit was about. Being that many of the home owners were unaware of this situation a firestorm is about to be started both against the Perry's and Popovich's due to their greed, I would be careful and use a good attorney to do any property purchase in Mexico. PSS all of the property owners have paid the taxes on the properties that they think they own for all these years as well as building homes and maintaining them.
It sounds like you have some insight thanks for sharing.
So what is going on is that an American named Popovich sued Jim Perry in the USA in 1992 and won 5.1 million. This was for Jim Perry's fraudulent scheme, which was that Perry did not get a master trust that he said he would, the Popovich had about 75000 invested in the property and lot, after all the appeals and such in the USA the lawsuit was reduced and a judgment was entered for 1.7 million. (nice return on investment) The Popovich's still have there house and lot. Next in 2001 the Popovich's filed in Sonora court to collect the money from the Perry's, now 17 years later the courts have agreed to this, and the way that the Popovich's are attempting to collect is by looking up properties in the public registry that the Perry's have liens on (mostly paid off but never released), most if not all of there properties were sold to American's by Perry and when the Perry's were paid in full they did not release the liens even when asked by the Americans (there is not a notification system in Mexico to realize that there is a lien filed.) So in essence the Mexican Court is not considering the US citizen that purchased from Perry and Perry failed to release the lien (not even sure they are aware of this) and the Popovich's are trying to collect 1.7 plus million for a problem they no longer have, additionally the Popovich's still own the house and lot in Playa Encanto that the whole lawsuit was about. Being that many of the home owners were unaware of this situation a firestorm is about to be started both against the Perry's and Popovich's due to their greed, I would be careful and use a good attorney to do any property purchase in Mexico. PSS all of the property owners have paid the taxes on the properties that they think they own for all these years as well as building homes and maintaining them.
Thank you for sharing your insight and information.
Wouldn't be the first time, likely won't be the last. But, let me tell you a little story...
I've been running this forum since Jesus was knee-high to a grasshopper, or thereabouts. It certainly wouldn't be the first time I've seen a newly registered member (like yourself or ibtau there) come here with an agenda or some horrible tale of woe about an evil Mexican real estate deal or whatever. Sometimes it's legit, sometimes it's pure bullshit and sometimes, it's just someone with a vendetta trying to besmirch someone else. So, when I see something like this, especially citing something going back over 10 years ago, I hope you can understand why it doesn't pass my "sniff test" at first glance. We have many real estate members here and chances are they've talked about a topic that potentially affects so many before.
Nothing personal against either of you. If it's true and other members bear it out, that's great; that's exactly why this forum exists -- to share both the good and bad about Rocky Point with no censorship. But if it is indeed agenda driven, that usually comes out rather quickly as well.
Does that make sense? And oh, welcome!
:umah: :ohyeah: :umah:
If you buy a lot anywhere, make sure you use a mexican notario and get the bank trust in your name. Just changing an LLC I don't believe is legal in Mexico- someone should pay the capital gains tax in Mexico. If the transaction is just done in the US, none of this will happen.
If you buy a lot anywhere, make sure you use a mexican notario and get the bank trust in your name. Just changing an LLC I don't believe is legal in Mexico- someone should pay the capital gains tax in Mexico. If the transaction is just done in the US, none of this will happen.
Spot on..that guy is trying to stick you will all the gain Dan......should be a warning sign
Wouldn't be the first time, likely won't be the last. But, let me tell you a little story...
I've been running this forum since Jesus was knee-high to a grasshopper, or thereabouts. It certainly wouldn't be the first time I've seen a newly registered member (like yourself or ibtau there) come here with an agenda or some horrible tale of woe about an evil Mexican real estate deal or whatever. Sometimes it's legit, sometimes it's pure bullshit and sometimes, it's just someone with a vendetta trying to besmirch someone else. So, when I see something like this, especially citing something going back over 10 years ago, I hope you can understand why it doesn't pass my "sniff test" at first glance. We have many real estate members here and chances are they've talked about a topic that potentially affects so many before.
Nothing personal against either of you. If it's true and other members bear it out, that's great; that's exactly why this forum exists -- to share both the good and bad about Rocky Point with no censorship. But if it is indeed agenda driven, that usually comes out rather quickly as well.
Does that make sense? And oh, welcome!
:umah: :ohyeah: :umah:
That would be May of 2008, that's when Tyler opened this forum.
That would be May of 2008, that's when Tyler opened this forum.
Don't forget the years of the old rockypointonline, mi amigo, which basically birthed this forum when it demised. All the arguments and going-ons over the "chicken coops" which I'm sure you remember. Crazy days!
Wouldn't be the first time, likely won't be the last. But, let me tell you a little story...
I've been running this forum since Jesus was knee-high to a grasshopper, or thereabouts. It certainly wouldn't be the first time I've seen a newly registered member (like yourself or ibtau there) come here with an agenda or some horrible tale of woe about an evil Mexican real estate deal or whatever. Sometimes it's legit, sometimes it's pure bullshit and sometimes, it's just someone with a vendetta trying to besmirch someone else. So, when I see something like this, especially citing something going back over 10 years ago, I hope you can understand why it doesn't pass my "sniff test" at first glance. We have many real estate members here and chances are they've talked about a topic that potentially affects so many before.
Nothing personal against either of you. If it's true and other members bear it out, that's great; that's exactly why this forum exists -- to share both the good and bad about Rocky Point with no censorship. But if it is indeed agenda driven, that usually comes out rather quickly as well.
Does that make sense? And oh, welcome!
:umah: :ohyeah: :umah:
Just for the record I've been a member here since 2011 so the Newby comment isn't accurate. The only agenda I have was stated above in my initial post. At this point I have no horrible tales of woe, no bullshit, no vendettas, just looking for more information, as you all know information is power.
Hope that makes sense, tell Jesus I said hello.
Just for the record I've been a member here since 2011 so the Newby comment isn't accurate. The only agenda I have was stated above in my initial post. At this point I have no horrible tales of woe, no bullshit, no vendettas, just looking for more information, as you all know information is power.
Hope that makes sense, tell Jesus I said hello.
Don't forget the years of the old rockypointonline, mi amigo, which basically birthed this forum when it demised. All the arguments and going-ons over the "chicken coops" which I'm sure you remember. Crazy days!
Yep, and if you remember we had that couple who stayed at the Reef when they were in town that hosted us for a few months in the interim before Tyler so graciously gave us this new permanent home. Wish I could remember their names. Anybody?
Ahhh, back in the day, when the dog wasn't such a wuss and Benny wasn't spending all his time in divorce court trying to make a buck.
Yep, and if you remember we had that couple who stayed at the Reef when they were in town that hosted us for a few months in the interim before Tyler so graciously gave us this new permanent home. Wish I could remember their names. Anybody?
Ahhh, back in the day, when the dog wasn't such a wuss and Benny wasn't spending all his time in divorce court trying to make a buck.
And don't forget Old Sub and the Wall Mart / Fed Ex yak. Seem to recall he was banished for consistently and irrationally bashing Mexico. Had some fun with him.
Yep, and if you remember we had that couple who stayed at the Reef when they were in town that hosted us for a few months in the interim before Tyler so graciously gave us this new permanent home. Wish I could remember their names. Anybody?
Ahhh, back in the day, when the dog wasn't such a wuss and Benny wasn't spending all his time in divorce court trying to make a buck.
.
Kenny said:
Yep, and if you remember we had that couple who stayed at the Reef when they were in town that hosted us for a few months in the interim before Tyler so graciously gave us this new permanent home. Wish I could remember their names. Anybody?
Ahhh, back in the day, when the dog wasn't such a wuss and Benny wasn't spending all his time in divorce court trying to make a buck.
.
Hey Kenny don't start, wouldn't want anyone having a meltdown.