March 2009
By Michael Coskey
Can you believe that March is already here? This has been a trying winter season for us, as these negotiations with our construction lender wind down to being finalized, we are about to breathe a sigh of relief. As I have been intimating in the previous newsletters, a solution seems to have been found for the slow progress with the Residences and One Eleven, for that matter. Given the set of circumstances all of us are aware of with the state of the economy in the U.S. and even in Mexico, this has not been an easy task. Nevertheless, there is truly light at the end of the tunnel and completion is right around the corner which brings us to the next phase of this long process, delivery.
As was mentioned in February’s newsletter, we have formed an “in-house” closing team to work in conjunction with First Title Services to tackle this laborious assignment of real estate financing and closings in Mexico. There is much to be done and this work must be started now, this will be a learning process for all of us. Magaly Franco, Nadia Hernandez and Pricilla Miller will be the points of contact for this project; they will be contacting you as a group and individually to collect information and to answer the many questions that everyone will have. And this brings us to the biggest question of all, what about financing? The good news is, there are still three companies offering U.S. style, long term mortgages at competitive rates still doing business here in Mexico. In fact, it seems easier to set up a loan in Mexico right now than in the U.S. So, let Magaly and her team assist you with all of your questions.
This brings me to the first step for us in this many faceted process, all of the owners have received a package from First Title Service with a trust document included in it. We need to begin the push on collecting all of these documents from every owner at the Residences. Unless one is taking ownership of their condominium as a Mexican citizen, this document must be signed and returned to us as quickly as possible, regardless of intention to close quickly. Magaly and First Title Services will begin contacting each owner (once again) to help those with questions on this document. Please understand the importance of this request, we let this somewhat “slide” at one time, but it is now needed.
There are two main goals that need to be addressed quickly. The first being the collection of the information sheet that was sent out a number of months ago by First Title Services; this is a very important step in this process. This information sheet will provide the correct personal information needed for every document that will follow in this process, correct spellings of names, addresses, phone numbers, email addresses, immigration status, and somewhat of a checklist of what is expected next. Following this will be a “pre-qualification” application required for more detailed information on available financing. This “pre-approval” process will be helpful for all concerned on how to move forward with the actual closings, without the correct information, all anyone can do is guess. Please cooperate and be helpful to Magaly, Nadia and Priscilla, they will help find solutions to most any issue that you may be dealing right now. Taking ownership and delivery of your Residences condo is much closer than it has ever been.
This has been an arduous journey for all of us, the “rules” have changed in the world and it seems nobody knows what the new ones really are. We as a company and on a personal basis have struggled, worried, and fought for a solution to this common situation we find ourselves in and for us. Much has been sacrificed to protect you, our owners and finally we find ourselves in a place where all of this difficulty and sacrifice can come to a positive conclusion, delivery and completion of the individual condominiums. We are excited and proud to bring this much anticipated time to you; this is what all of the hard work was all about. We look forward to talking and seeing each one of you.
Nadia Hernandez: Customer Service
619-564-4098 office
nadia@cddgbaja.com
Magaly Franco: Closing Coordinator
619-564-4098 office
magaly@cddgbaja.com
Priscilla Miller: Closing & Sales Team Member
619-564-4098 office
pmiller@cddgbaja.com