Have some friends looking to purchase a place in this gated development. It's located among some other similar developments behind Sam's Club area. Anyone know anything about these, is it a nice rainbows and lollipop type of place, or some kind of weigh-station for the drug cartels?
De La Rosas
- Thread starter Bob Oso
- Start date
Roberto
Guest
Approach with care, lots of care. There are lots of abandoned units in several of these developments. Drive up and see. Believe it is not possible to get clear ownership, irrespective of what they tell you. Spoke to one owner who wanted to sell but had no clear ownership although he was assured of a Bank Trust at time of his purchase. He said one of the local agents from one of the leading agencies right up front said they would gladly sell it and let the new owner deal with the problem.
ADR
Guest
I live across the street from Rosas, in Margaritas. Same builder. Some have title, some do not, at least in our development. It seems like the locals that bought all received titles, but Americans did not, even though we paid in full.
The builder skipped town without paying his bank note on the land, so the bank is not happy with him and holding titles hostage. Some of us in Margaritas have an attorney working on title for our group.
We have a HOA ran by Americans that most people. even a few of the locals participate in, and that helps keep out the riff-raff. Other than a rash of thieves coming through skylights into empty units a while back, we haven't had too many issues.
I try to get down there twice a month, if possible, and personally have had no issues, but I have never felt unsafe, even when my kids are there.
Yes there are some empty units, mostly due to the builder keeping about 1/4 of the units for his own use, and then leaving town. Margaritas is well maintained and has garages to keep your things safe. Rosas has only carports.
However, Rosas may not have the same issues. I believe Rosie Glover at http://www.proalliance.com.mx/ owns property in Rosas, you could always contact her and see what she has to say.
More questions? Feel free to shoot me a message. Hope this helps!
The builder skipped town without paying his bank note on the land, so the bank is not happy with him and holding titles hostage. Some of us in Margaritas have an attorney working on title for our group.
We have a HOA ran by Americans that most people. even a few of the locals participate in, and that helps keep out the riff-raff. Other than a rash of thieves coming through skylights into empty units a while back, we haven't had too many issues.
I try to get down there twice a month, if possible, and personally have had no issues, but I have never felt unsafe, even when my kids are there.
Yes there are some empty units, mostly due to the builder keeping about 1/4 of the units for his own use, and then leaving town. Margaritas is well maintained and has garages to keep your things safe. Rosas has only carports.
However, Rosas may not have the same issues. I believe Rosie Glover at http://www.proalliance.com.mx/ owns property in Rosas, you could always contact her and see what she has to say.
More questions? Feel free to shoot me a message. Hope this helps!
Wonderful, another Penasco Fiasco. Going through similar bank and property trust issues in Cholla, this really doesn't surprise me. Roberto and ADR thank you for your honest feedback, I'll pass it along to my friends so they'll at least be aware.
Also, just thinking about it and taking a little bit from both of your post, suppose my friends do decide to proceed with the purchase, how and who do they confirm with that this transaction has been satisfied with all parties?
Roberto: "Believe it is not possible to get clear ownership, irrespective of what they tell you." "had no clear ownership although he was assured of a Bank Trust at time of his purchase."
ADR: "seems like the locals that bought all received titles, but Americans did not, even though we paid in full." "so the bank is not happy with him and holding titles hostage. Some of us in Margaritas have an attorney working on title for our group."
Also, just thinking about it and taking a little bit from both of your post, suppose my friends do decide to proceed with the purchase, how and who do they confirm with that this transaction has been satisfied with all parties?
Roberto: "Believe it is not possible to get clear ownership, irrespective of what they tell you." "had no clear ownership although he was assured of a Bank Trust at time of his purchase."
ADR: "seems like the locals that bought all received titles, but Americans did not, even though we paid in full." "so the bank is not happy with him and holding titles hostage. Some of us in Margaritas have an attorney working on title for our group."
Roberto
Guest
I cannot give you a complete answer to your question. There are several issues that will prevent a trust being issued. Money owed to someone resulting in a lien filed, seller does not have title or trust or legal title in their name on the property, deed restrictions. The property might be in a master trust. The cardinal rule is to work with a Notario and believe no one else. Don't pass any money until the Notory clears it and issues a letter of instructions to the bank for a trust. Buyer should pay any fee's etc, due directly and not to a third party other than to the Notario at their request.
ADR's example sounds like there is a lien on the property from the financing bank. In that case a Notario will not close the sale so you cannot get a Trust till the lein is removed. That example sounds like a soup sandwich with the builder gone.
The real estate landscape is littered with problems like this here. People will offer property for sale that they cannot sell. I looked at a lot in Kino, everyone in town knew the guy offering it was the 'owner' but he had inherited it from someone in the family who had inherited it from someone and no one botherer to get a title in their name. costs $100 or so and no one has the money. Results a $2000 sale would have cost $6000 to clear the title.
I talked to a guy who 'bought' a beachfront lot in Desemboque, knew he had no legal title but paid so little he did not care. If someone contested the sale it would take 10 or 15 years to get him off and he would use it during that time. Poured a slab for his RV, no house, so little to lose.
ADR's example sounds like there is a lien on the property from the financing bank. In that case a Notario will not close the sale so you cannot get a Trust till the lein is removed. That example sounds like a soup sandwich with the builder gone.
The real estate landscape is littered with problems like this here. People will offer property for sale that they cannot sell. I looked at a lot in Kino, everyone in town knew the guy offering it was the 'owner' but he had inherited it from someone in the family who had inherited it from someone and no one botherer to get a title in their name. costs $100 or so and no one has the money. Results a $2000 sale would have cost $6000 to clear the title.
I talked to a guy who 'bought' a beachfront lot in Desemboque, knew he had no legal title but paid so little he did not care. If someone contested the sale it would take 10 or 15 years to get him off and he would use it during that time. Poured a slab for his RV, no house, so little to lose.
jerry
Guest
rent!!!!!
ADR
Guest
The bank is owed money on the land, which was never paid off by the builder.
The locals got title because they had/have bank loans, and title was necessary in that transaction. Those of us that paid cash to the builder got nothing but promises.
I (and others) went to the builders offices weekly, called/emailed daily, begging for titles. They were always "Just a few days away" Or "They just came in but had to be redone". I had hired Security title to do the paperwork, and they also made lots of promises. I went as far as reaching out to Security title headquarters in the USA, who also tried to look into it but got nowhere.
Security title was responsible, as they were tasked with all the legal paperwork, but in the end, just left town like so many others did. They collected my money and I received nothing in return.
The builder left town and went farther south to start building commercial property when Penasco real estate went the way of USA. Overbuilding, harder lending money, etc.
He has been cooperative so far, and we have proved to the bank that we (the owners) paid our houses in full.
Unfortunately the bank could care less, and has problems of their own. I believe the bank was sold or absorbed, and now a new bank has our paperwork, somewhere in another country. (we think)
They have threatened to sell the homes out from under us several years ago, to recoup their losses on the land, but we haven't heard anything like that lately. They (or someone) hired security guards to watch for the empty units for a year or two, but that also has stopped.
The lawsuit is low moving. Every turn creates another fork in the road. There is only one Judge in Penasco that handles this type of thing, and at last count it more than 2 years behind. We had a death of an owner, and his will wasn't right, so now we have a delay because we can't prove who now owns that unit. If it isn't one thing, it is two others.
However, we still love our little units, and there aren't many empty units anymore. We have a great HOA, that almost meets its cash flow needs, with a little extra being given by those of us that care, to make up the shortfalls that arise.
We have a full time maintenance person now, to keep the pool, common areas, etc. up and running.
Having said that, I would never buy again. I could have rented beachfront for 500 nights and still been ahead of the game, not counting HOA, attorney, power/water fees, etc. That's every single weekend, for almost 5 straight YEARS. Why bother buying?
(Don't quote me on any of this, it is my take on the whole situation, not legal facts)
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jerry
Guest
http://www.sellmytimesharenow.com/timeshare/Puerto+Penasco/city/buy-timeshare/sellPrice+asc%2Cresort+asc%2Cmin_week+asc/
I guy could always buy a time share resale...they are giving them away almost. I did not know the " sucker born every minute" thing was so true
I guy could always buy a time share resale...they are giving them away almost. I did not know the " sucker born every minute" thing was so true
InkaRoads
cronopiador
I have heard of or seen so many great dreams gone down the drain that made us look into renting instead of buying, of course as we are both bilingual wife and I, it makes things a lot easier for us, many if not ALL the americans real estate agents can verify this to you: when american rent their place in RP they will charge american rent rates in Mexico, even if the house is not beach front!!
A little patience and some driving around gets you almost what you want, right now we are renting a house with 3 bedrooms, unfortunately only one bathroom, however it has a store front for my tile work (www.artistictileandmetal.com) fenced yard all the way around and a beautiful shade tree, located in a established neighborhood were most neighbors have been living for at least 15 years, great neighborhood!!! and all that for $1500.00 pesos per month (around $112.00 US dollars).
The way I figure is if you are not beach front you have to load your car with all the beach equipment, so living 2 blocks in or a mile from shore does not make a difference, you still have to load your car!!! so we are a mile and a half from the beach however we do get the full mexican experience, which isn't that what we are in mexico for????? so as Jerry say, YES there is a sucker born every minute but as a sucker you still can pay less for your slice of paradise and like everything you must have due diligence and patience!!! IMHO
A little patience and some driving around gets you almost what you want, right now we are renting a house with 3 bedrooms, unfortunately only one bathroom, however it has a store front for my tile work (www.artistictileandmetal.com) fenced yard all the way around and a beautiful shade tree, located in a established neighborhood were most neighbors have been living for at least 15 years, great neighborhood!!! and all that for $1500.00 pesos per month (around $112.00 US dollars).
The way I figure is if you are not beach front you have to load your car with all the beach equipment, so living 2 blocks in or a mile from shore does not make a difference, you still have to load your car!!! so we are a mile and a half from the beach however we do get the full mexican experience, which isn't that what we are in mexico for????? so as Jerry say, YES there is a sucker born every minute but as a sucker you still can pay less for your slice of paradise and like everything you must have due diligence and patience!!! IMHO