Yucatan Real Estate has recently taken another step forward in the area of mortgages for foreigners. This year, 2010, BBVA Bancomer will become the first bank in Mexico to offer mortgages in Euros. While this move is part of a specific promotion for a real estate development in Campeche, on the Gulf shore of the Yucatan Peninsula, it is an indication of the progress that Mexico Real Estate on the whole has seen recently in the area of mortgages for foreigners through Mexican banking institutions.

Offering mortgages in Euros is a part of Bancomer’s sales strategy for the a golf and marina resort in Campeche, being developed by a Spanish group. The President of the developer explained that BBVA Bancomer will provide the financing option to buyers in Europe who are interested in any of the condos or homes that will be part of the eco-tourism mega project that is being built on the Yucatan Peninsula, and will be the largest on the Gulf of Mexico.

This is the first time that mortgages in Euros are being granted in Mexico and BBVA Bancomer is the first Mexican bank to make this offer. The plan was finalized on January 21, 2010.

While the current offer is exclusively for customers of the specific development on the Yucatan, this project holds its key importance as another possibility for foreign real estate buyers who wish to obtain a mortgage through a banking institution in Mexico.

During the past decade, international buyers have seen their options for financing Mexico real estate purchases grow tremendously. Until recently, buyers either had to pay in cash, or seek financing options in their home country. Although regulations are stricter, and the process is longer than in other countries, the fact that Mexico now offers mortgages opens many options for foreigner buyers who wish to keep their funds or properties in their home country free for other investments.

During 2009, more non-Mexican real estate buyers have taken advantage of these options, taking a mortgage from a bank in Mexico itself. As more buyers use this financing tool, and further possibilities are opened, such as the mortgage in Euros that is currently being introduced in Yucatan, even more buyers will begin to see this a viable financing option.

In a recent interview with TOPMexicoRealEstate NETWORK, “Your Expert Property-Finders“, Mitch Keenen, Merida Real Estate expert, shares some important tips for buying real estate in the Yucatan, or Mexico in general.  Keenan pointed to several specific areas of risk, but pointed out that the most important step to avoid risks is to work with knowledgeable, experienced professionals in the field.  In Merida Real Estate, and in the state of Yucatan, Keenan is one of the foremost experts in the field, offering information and advice in addition to experience and knowledge which he uses to ensure safe, purchases with which his clients will be satisfied.

In the interview, Keenan first discussed some of the specific processes which can be problematic if buyers do not follow the right steps.  “Raw” land or beach – i.e. in an underdeveloped area – presents greater risks to the buyer than a home already built that has other homes on all sides of it.  Keenan pointed out that the risk can be avoided using the services of a title company, which will guarantee that the property size and location is properly defined and titled.  A fideicomiso – bank trust for foreign of Mexico Real Estate – provides “another layer of protection.”

However, Keenan points out that the biggest possible risk is getting involved with the wrong agent – someone who does not live up to the necessary level of professionalism.

“The largest risk is to NOT use reputable professionals,” observed Keenan. “Interview several real estate agents and notary publics. Ask for references and check them.”

This observation leads to the point that the best way to avoid the risks involved in buying real estate in Mexico is to find the right agent.  Keenan advises not only to get references, but to get “lots of them.”  And, of course, it is necessary actually to check them.  This step will help the buyer to see how many return clients the agent has; this kind of satisfaction and community reputation is a important indicator of other indispensable characteristics, such as professionalism, experience, certification, and education, and they show that the agent uses these elements to benefit his clients.

Beside checking satisfaction, it is likewise important to investigate the official level of professionalism the agent has.  A license or career in real estate in the USA, Canada, Mexico or Europe can be used as indicators.  These documents show that the agent has the knowledge to carry out transactions properly and safely, and a dedication to improving their service.

“Choose an agent who has made a career out of marketing real estate,” said Keenan.  “An agent who has taken the classes, received the certifications and has worked to stay on top of their field.”

Keenan likewise advises to trust your instincts.  “If your gut is saying, ‘careful something stinks here!’” advises Keenan, “Listen to your gut! Do your due diligence. Check references.”

Several other professional services are necessary to guarantee that the transaction is carried out smoothly and safely.  Among these, Keenan mentioned a notary public, a title company, a and bank, for the fideicomiso.  The top key player, again, is the broker or agent.  The right broker or agent will likewise help you find the other professionals you need.

Mitch Keenan, founder of Mexico International, which has served as the Yucatan Real Estate area’s top real estate agency for 10 years, is knowledgeable of and committed to U.S. standard professional business practices.  He is trained in the U.S. and is both certified and licensed as a Real Estate Broker.  Through his company, he strives to provide the safe, efficient and professional services for purchasing for purchasing property in Merida and Yucatan.

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