Does anyone know how foreclosure works in Mexico, or where I can get leads? Specifically in Monterrey Mexico.
Forclusures in Mexico is a very closed market. Be very careful as most "Remate" companies (which are numerous) offer amazing deals but do not actually sell you the propert. I explain, they sell a "contrato de intermediacion bancaria", it looks like you are buying a house, it sounds like you are buying the house but all you are buying is a contract which 9 out of 10 times will not get you the home. It basically is for most a huge scam as the contract for the same house is legally sold many times leaving most without anything for their money.
The market to buy homes that have passed "las demandas litigiosas" so can legally and directly be sold to you is a very closed market for the select few. You can go to las subastas which is a mafia or buy directly from the bank but need to buy millions of USD at a time, pretty tough as you can see.
I hope this info helps, I work for an Investment company that specializes in this and from January onwards i will be selling the rights to properties around mexico for a fraction of their worth, I mostly sell in the US with contracts that start around a million USD (wholeselling) but if I can help you out with afew properties around monterrey we can talk. Message me if interested if I can help you with some information.
I'm from Monterrey but living in NJ. I'm looking to start investing in my hometown and taking advantage of Pesos' devaluation.
I did a bank foreclosure last year in Monterrey, It was long and tedious but it worth every effort. I am working on the next one. I know some things about bank foreclosures and court foreclosures, would be happy to share by this way or in person, feel free to ask.
I know a couple of “foreclosure dealers” but I do not dare to recommend openly.
I would love to buy a court foreclosure and take the house right away as it seems to be in the US. Maybe some day I will try there.
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