Who's on First, What's on Second … in the PDC Mortgage and Real Estate Scene

by Enrique (Henry) Saldana (Feb. 2012)

Back in 2006 I wrote an article with reference to the Who's on First, What's on Second, I Don't Know is on Third—Abbot and Costello's famous routine—as it applied to the commercial lending business in Mexico. I believe this famous joke analogy can also apply to the practice of real estate and mortgage business in our area.

The lack of government regulation on mortgage and real estate brokers and practitioners allows a lot of misinformation and a number of malpractices in and around these industries. This makes it very important for the investor and/or Mexico property purchaser to know, who's on first and what's on second in the mortgage and real estate industry in general. That is unless you want to become part of a statistic of clients being confronted with the recourse of lawsuits, or faced with fraudulent deals in the Cancún and the Mayan Riviera area of which I have a long list of record. Therefore, you must make sure you know who is sitting where, and on which side of the plate they are on.

Here is an excerpt of the joke:
Abbott: …Well, let's see, we have on the bags …Who's on first, What's on second, I Don't Know is on third...
Costello: That's what I want to find out.
Abbott: I say, Who's on first, What's on second, I Don't Know is on third.
Costello: Are you the manager?
Abbott: Yes.
Costello: You gonna be the coach too?
Abbott: Yes.
Costello: And you don't know the fellows' names?
Abbott: Well, I should.
Costello: Well then, who's on first?
Abbott: Yes.
Costello: I mean the fellow's name.
Abbott: Who.
Costello: The guy on first.
Abbott: Who.
Costello: The first baseman.
Abbott: Who.
Costello: The guy playing,...
Abbott: Who is on first!
Costello: I'm asking YOU who's on first.
Abbott: That's the man's name.
Costello: That's who's name?
Abbott: Yes.
Costello: Well, go ahead and tell me.
Abbott: That's it.
Costello: That's who?
Abbott: Yes.
(For a copy of the full joke, send us an e-mail).

So, who's on first, or who should be on first in your team.
On first there should be a reputable company that can provide you with all the information required for the acquisition of the real estate property and, if so required, the funding acquisition costs.  

This company must have the expertise and know what is required to run you a smooth ride from the signing of the initial purchase contract, to the actual closing of the same. 

The man on first is your LEAD OFF man. He works for you. He must do everything possible and within his or her reach to get you your home or mortgage loan.

What’s on second, or what should be on second.
On second there should be an attorney, a notary, and/or a mortgage broker with a proven track record of successfully closing and/or funding projects in the business.  This should be someone who can promise a successful closing, and who will do whatever it takes to make the deal happen. You must remember that the person on second is nothing more than a middle man.

Who's on first has an important role in your Mexico home purchase, because he and/or she will be your eyes and ears and can refer you to your men on second, based on his/her experience in the business.

Buying property in Mexico is not an easy task. You, first and foremost, need to do some research and find out who the right players for yourself are. Do this, with a level head, and then go on and look for your man on first. And remember who's on first may also be a good point of reference to get to your man on second.  And, just like in baseball, you must first reach first base, and then move on to second, to set yourself in a position to score. If your man on first, as well as your man on second, are capable, experienced and, most importantly, honest, you can count on reaching home with a good "ground ball," without the need to hit a "home run." Scoring the initial run in your Mexico home purchasing process will make it easier for anything that follows in the property real estate investment game of life.

This report courtesy of Enrique (Henry) Saldana
Mexico Realty Solutions  www.mexicorealtysolutions.com
moneylendingbus@hotmail.com
Tel: (984) 147-2388; Cel: (984) 111-8743


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