Get Started With Greg!
Let’s connect! I promise I won’t bombard you with emails, you’ll only receive one with my Q&A Info Booklet. After that, you won’t hear from me unless you ask me to!
Main Content
Buyers FAQ
Buyers’ Frequently Asked
Questions
For
Buying a Home in San Miguel de Allende
Buying a Home in San Miguel de Allende
Lifestyle in San Miguel de Allende
Moving to San Miguel de Allende
Healthcare in San Miguel de Allende
We arrive in San Miguel in a month to look at homes—what’s our next step with you?
I will watch for your reply to my initial outreach—that included this Q&A Booklet— telling me you’re ready to talk with me. I’ll then schedule a...
Can you update us with a “State of the Current Market” for San Miguel de Allende?
Sure, it has changed rapidly since the 2024 election! Post-2024-election, our market sold double the 2024 volume of homes until the tariff turmo...
Can I work with you to see any Realtor’s listing, or can you only show your own listings?
Realtors here in San Miguel work just like in the U.S.—any Realtor can show any other Realtor’s listing, and the commission is split between the...
I’ve been told by my friends that I should work with more than one Realtor—is that true?
Only if you’re not getting the service your expect! See, unlike in some U.S. markets, we do not yet regularly use Buyers Representation contract...
There are a lot of Realtors in San Miguel—what makes you best qualified to represent me?
Yes, there are roughly 275 licensed Realtors here but only about 8% of which dominate the market among Americans and Canadians. I alone generall...
I heard there is not even a licensing requirement for Realtors in Mexico! Is that true?
It was true through the end of 2019. And even though 2020 initiated the licensing requirement for a Realtor to remain a member of the AMPI real ...
Isn’t there one database, like an MLS, where I can search for all homes in San Miguel?
Our local real estate association (called AMPI) created a rudimentary and non-public MLS, unfortunately it’s nothing like the comprehensive MLS ...
I always heard that Americans cannot actually own a property in Mexico—is that true?
No, that is not true, Buyers buying homes anywhere in Mexico that is not within 32 miles of the coast or 64 miles from the border—in other words...
I need my home in San Miguel to pay for itself with a decent ROI—is that possible?
Many of my clients say they could afford a home here if it would just pay for its operating expenses, but with our lucrative short-term rental m...
What’s a good rule of thumb about values and prices in San Miguel de Allende?
In a nutshell, homes prices here are based upon a home’s sightline and walking distance to the Parroquia church, our tall iconic “Eiffel Tower” ...
I don’t have much time—can I see showings the same day I call you?
The process of showing homes in Mexico is very different than in the U.S. where Realtors use a cell phone app to digitally access a vacant home ...
I’m not really ready to purchase a home on this visit—should we still meet?
San Miguel is primarily a 2nd or 3rd home market, so many of my clients are not sure when they will be ready to purchase a home. However, if you...
It’s my last day in town and I just saw a home I want to negotiate! Must I change my airfare to stay longer to complete the offer and all the paperwork?
Not at all, we can do everything long distance with DocuSign or scanned documents sent by email. The only act for which you are physically requi...
You mention a Power of Attorney, but I don’t have anyone who can be my POA.
Not to worry, the best and most efficient way to name a Power of Attorney (POA) is to name the real estate attorney that works with the Notario ...
Is there an advantage to creating a Power of Attorney?
In fact, there is. Although the POA can cost about $400 USD if done in person here, it is like an insurance policy that will allow you to meet y...
Can I create a Mexican Power of Attorney once I’ve flown back home to the U.S.?
Yes you can, although the process is lengthier, more expensive, and considerably more trouble than creating one while you are in San Miguel. I e...
I am told in Mexico we should offer maybe 20% below asking price—is that accurate?
Obviously, post-pandemic, this whole issue has changed: let me give you some history. In 2018 when our market proved as hot as pre-Recession 200...
Yeah, but I just like to ALWAYS negotiate for a hearty discount—it can’t hurt, right?
Again, that’s where my property-specific guidance is helpful. If I know that a listing has already reduced their price by, say, 10% from the mar...
What will I pay in Closing Costs to buy a home here?
Closing costs include a one-time Acquisition Tax fee of 4% of the purchase price, paid directly to the Mexican governmental tax authority, and r...
Are there any additional costs to buying a home here above that 5.1%?
The only other costs outside of the above-noted closing costs are:
The SRE permit (a property-specific permit to purchase property as a non...
Wow, closing costs of 5.1% seem expensive—is there a way to reduce that?
The 4% acquisition tax might be reduced if you purchase a home that has been re-sold within the last three years, my staff and I will ensure you...
Who pays the real estate commission and how much is it, usually?
As has been the case in the U.S. prior to the recent 2024 NAR court ruling, the Seller has always paid all sales commissions here. Because San M...
What is this “Notario” person that I keep reading about?
You can think of a Notario as a combination of the title company and the closing company, all rolled into one entity. A Notario is a real estate...
You mentioned a will—tell me how that works for a home I might purchase in Mexico.
Here in Mexico, the Notario can build in a simple “Right of Survivorship” clause directly into the deed that allows the surviving spouse to auto...
Can I still get Title Insurance for my home if I want extra protection?
I have never had a client invest the additional money to purchase title insurance, but yes, title insurance can still be purchased as an option,...
I hear that all purchases in Mexico are all-cash. Is financing ever available?
Yes, starting in 2021, we now have new financing options that are far superior to the old Mexican-bank financing options, which were astoundingl...
Do I need a residency visa to purchase a home in Mexico?
No, almost all my clients buy their home with the 180-day “tourist visa” that is granted upon arrival into the country (it’s now just a stamp in...
Since I’m buying all cash, my budget is limited—what can I roughly expect for pricing and home values in the various neighborhoods of San Miguel de Allende?
Values and pricing in San Miguel vary greatly, depending on location and a Buyer’s comfort level with factors like living in an area with primar...
What kind of Earnest Money Deposit is the expected norm in San Miguel?
The normal Earnest Money Deposit is ten percent (10%) of the total purchase price but on occasion it can be somewhat negotiable. A Seller granti...
Where do I send that Earnest Money Deposit? Who holds the funds?
Mexican law dictates that a Mexican banking entity must control the transfer of funds so that the Mexican banking entity can be held accountable...
Does my Earnest Money and purchase-price funds get transferred from my U.S. bank to a bank in Mexico?
No, although the escrow company entity is headquartered in Mexico, when U.S. dollars are requested by the Seller—as is almost always the case wi...
Are there any legal problems with transferring money out of the states and into Mexico?
You don’t transfer money out of the U.S. unless the Seller was Mexican and wanted payment in Mexican pesos in a Mexican bank, but even then, the...
We found a home we love and want to submit an offer, but we’re in San Miguel another month before we return to our bank in the U.S. to be able to send the 10% down payment money. Will that pose a problem?
Potentially. Most banking institutions in the U.S. will not allow a long-distance request for a wire transfer unless you have set up paperwork i...
I don’t have enough cash in my personal account for the Earnest Money Deposit but I do have that kind of cash in my business—can I just wire money from my business account?
It is always better to use only personal funds because the escrow company’s paperwork requirement for personal funds is infinitely simpler than ...
How long is the closing period, usually?
From time of a dual-signed Promise to Purchase contract to the date of closing is typically 30 days. Extended closing times can be negotiated, a...
I don’t speak or read Spanish—do I need to hire a Mexican attorney to explain the purchase contract and/or the deed?
First of all, please know that my personal Closing Transaction Coordinator, who will manage all your paperwork and closing details when you purc...
What is the timing on my need to send cash for the initial 10% Earnest Money Deposit and the balance of the purchase price?
Promise to Purchase contracts can vary slightly from agency to agency, but the standard contract my agency uses allows for up to 10 business day...
How do I find out exactly how much to wire transfer for my closing costs?
During the roughly 30-day process of purchasing a home, my Closing Transaction team works with the Notario to request a line-item breakdown of a...
Can’t I just send a cashier’s check?
No, per Mexican law all fund transfers must be accounted for electronically via a wire transfer....
What about house inspections—do you have them in Mexico and how thorough are they?
Yes, we have professional home inspectors here, although homes in Mexico are typically sold on an as-is basis—the inspection is meant to primari...
Wow, this whole process seems a little daunting! How do you help walk me through this whole process of buying in a foreign country with all these different procedures?
Immediately after getting dual signatures of acceptance on your offer, you will receive an equally extensive document from me called our Buyer’s...
Is there anyone that would help with getting the house set up, electricity, gas, home insurance, housekeeping, etc… since I speak no Spanish?
Yes, typically Buyers engage a property manager before closing so the Property Manager can attend the closing and receive old utility bills, key...
I hear that a lot of homes have staff—a maid & gardener—that might be available to work with the new owner…I like that! How does that work?
Yes, many homes here have staff who have been working in the same house for years, sometimes decades—they know all the many details and idiosync...
Is there anything important I need to do after the closing, once I own my new home?
You will want to transfer the existing utilities (they are not shut off when the home transfers from one owner to the next) to your own name wit...
I think we’d like to rent our home when we’re not living in it. How easy is that?
The short-term rental market here is extremely lucrative! A qualified and expert property manager—like the ones I refer my clients to—have softw...
We won’t live in San Miguel full time—do we still need a local bank account here?
While it’s possible to not have a Mexican bank account, it is highly recommended to have, at the least, a small “petty cash” account that you ca...
Do I have to pay taxes on the rental income in Mexico and in the U.S.?
Yes, as of 2020 there are 3 requirements in Mexico: 1) You must register your home as a rental property for an annual fee of 45,000 pesos. 2) Yo...
What about property taxes—do they change when I buy the home?
Yes, when a listing Realtor quotes you the current taxes on a home, be aware that tax amount due annually will increase when you buy the home an...
Is it difficult to move my furniture and belongings from the U.S. to Mexico?
Not if you work with a reputable licensed & bonded moving company, who I will recommend to you. Once you have received your residency visa, you ...
What happens when I eventually sell the house and make a profit? How do I minimize my taxes?
The algorithm for calculating Capital Gains Tax in Mexico is far too complex to provide a straight “percentage” figure. The current Capital Gain...
What are the costs of selling a house, when I finally do decide to sell?
When you eventually prepare to sell a home, the only costs are the Realtor’s commission, the IVA charged against that commission amount, and any...
We’re not ready to buy in San Miguel yet but we have friends back home who ARE ready to buy this year—can we send them to you?
Absolutely, and here’s the best part: in Mexico, I am legally able to pay you a referral fee! I pay a ten percent referral fee (i.e., 10% of the...
I’m a little overwhelmed by the entire process of moving to Mexico—can anybody help us with all the logistics of moving us, our furniture, getting a driver’s license here, etc..?
Of course! We now have about 25,000 foreigners who have bought homes in San Miguel and the process is so daunting that a few businesses have spr...
We’ve got some existing health conditions—how can we learn about the medical system in San Miguel and the surrounding areas?
We have four local hospitals and the 2.5MM-resident city of Queretaro is only 45 minutes away, hosting a wide variety of medical specialists—you...
We’re excited about living here! How do we find out about the local activities?
In this digital age, there are numerous online resources for learning about weekly events, with many individual pages on Facebook dedicated to l...
Wait, I have a whole host of lifestyle questions about San Miguel…tell me more!
I’d love to! That’s where a personal phone call works best, I can tailor our conversation to your interests. I’ve lived full-time in San Miguel ...
Greg’s Sphere of Global Influence
Greg’s Sphere of Global Influence
