Is your heart pumping, are you feeling that you just have to have that property, no matter what? Are you experiencing an emotional roller-coaster. Are you convinced that you need to move quickly, very quickly or you may loose the deal? These are all symptoms of 'land fever' a mental state that investors of overseas property in emerging markets tend to be most susceptible to.

We’ve certainly seen examples of land fever in the markets we cover in Central America. Beautiful ocean views and low prices seem to make matters worse. The cure is to slow down and think with your head (not just with your heart). Get logical and get answers to the kind of issues we've outlined below.

It may be true that a title check can get in the way of a quick closing. But it may be the best decision you ever take. Land title in Central America is not always straightforward and land can be 'owned' or 'possessed' under different legal forms. The only way you will uncover the kind of legal ownership you are purchasing is to hire an independent attorney (i.e not your sellers attorney) to conduct a legal due diligence check on the property.

We'd even take the legal aspects one step further and apply for a title insurance policy prior to closing. US companies such as First American and Stuart Title have operated for years in the region. If you’re purchasing in a master planned real estate development such as Rancho Santana in Nicaragua or Playa Blanca Panama (there are many more examples of course), ask the developer if they have a master title insurance policy. It’s a good sign if they have one without any exceptions.

People with land fever don't really want to get stuck into nitty-gritty (boring?) questions about infrastructure. They prefer to enjoy the sunset view from the property rather than wondering about wastewater hookups. Discussing the perfect orientation for their future home is more fun that finding out whose responsibility it is to maintain the roads. But answering questions about water supply, road access, electricity provision and other infrastructure points is vital to a successful purchase.

The problem with purchasing in Central America is that it's hard to get hold of reliable market data on sales and price trends. These kind of statistics are not published. And as there is no MLS (Multiple Listing Service) in countries like Nicaragua, Panama, Costa Rica or Belize (the markets we cover), there’s no single source you can access to determine all the properties for sale in a given market. There’s no alternative but to put the legwork yourself, go on property viewings with every agent active in your market and build a spreadsheet of asking prices to try and get a handle on value. But that doesn't normally sit very well with anyone infected with a case of land fever.

Most condo buyers interested in purchasing in Belize head for Ambergris Caye or Placencia. Not surprising really because if you take the time to add up the number of developments in Belize offering condos and pluck out those located in Ambergris and Placencia, you'll be looking at 70% of the market. Put it another way, of all the condo projects in the country, 70% are located in Placencia and Ambergris Caye.

Condos make up the core of the Belize international real estate offering. Land is relatively expensive compared to construction, particularly if the land is beachfront; so it’s logical for developers to design master plans with condos in multi-storey buildings.

As the most established second home, retiree and tourism location in the country, the Ambergris Caye real estate market is the most expensive for condos. Prices in Placencia, also a popular vacation spot, follow close behind. In both locations you're looking at a median price per sq foot well over US$200. To bring this number down, buyers head to more emerging areas that are less developed and less popular with tourists.

Most condo projects in Belize are small in size. The most common layout is a three to four floor condo building overlooking a pool and restaurant with a pier or dock stretching into the sea. Large-scale destination resorts covering hundreds of acres of land are much less common than in Costa Rica, Nicaragua or Panama. You can probably count them on one hand.

If you’re in the market for a condos in Belize, remember that asking prices are very negotiable, particularly in this post-crisis era. Unless you’ve got a speculators stomach steer clear of pre-construction offerings in the less developed areas. The inherent risk will be lower if you focus on quality property that has been completed. Finally, don’t forget to investigate the re-sale market as motivated sellers may be pricing their property below developer-direct levels.

For those of you who are thinking about buying a home, you will find that it can be a very daunting task.  There are so many different things you will want to take into account including the local schools, shops and employment.  The problem is finding a home that you can afford.  This can be particularly more difficult these days because mortgage lenders just aren’t lending as readily as they used to.

Knowing where to start can be confusing.  Should you start looking for a home and then look at mortgages or is it the other way around.  Well, to begin with it would be a good idea if you had some details about the price of properties in the area you want to live.  Also, be aware of all the different types of property you can buy.  For instance you could look at HUD properties in revitalization areas.

Another thing you need to realize is that lenders are looking for you to have a sizeable down payment these days.  125% mortgages are a thing of the past so you need to get as much money together as you can.  Talk with a mortgage advisor about the different mortgage options available and what percentage of a down payment you should make.  You will find that getting inexpensive poor credit rating mortgages isn‘t all that easy.

Also, a lot of people don’t fully understand the impact that their credit rating has on the mortgage quote.  Although credit rating is not the only thing they will take into account, it’s still very significant.  If you have a less than good credit score you will probably end up paying more for your mortgage.

You can obtain your credit reports and credit score from a number of different places.  Some of them advertise this service for free but often it’s just a free introductory trial.  After the trial has ended your credit card will be charged a monthly fee.  It’s up to you to cancel this charge if you don’t want to pay.

If in the event your credit score isn’t very good, you will find that there are many tips on the internet advising you on how to improve your credit score.  This takes time and you might not be able to wait for your score to improve.  However it’s something that you should be mindful of.

A big mistake that often happens is that those waiting to be approved for their mortgage go out and apply for credit cards or car loans.  This is not a wise thing to do at all because it will show up in your credit reports.  Instead you should wait until your mortgage has been approved.

If you’ve been thinking about applying for a cheap Naperville mortgage or even refinancing, you will want to check out your credit history and credit score.  A lot of people simply go ahead with applying for mortgages only to find that they aren’t getting the deals they hoped for.

Why is this the case?  Well, the banks were pretty stupid in the past.  They were competing against each other for the sub-prime market and as a result they were lending out money hand over fist.  The “shit hit the fan” when people weren’t able to pay back the loans for one reason or another.  This is one of the big reasons for the current economic crisis that we are in today.

Due to the past mistakes, banks are now a lot more cautious about lending to people with bad credit.  They also aren’t lending people are much as they used to.  So if you’ve had problems in the past with not paying loans in time and such like, you will probably have impaired credit.

People can even have impaired credit without even knowing about it.  This is because admin errors occur such as spelling your name wrong or entering the wrong address.  Basically you’re details can be mixed up with someone who has bad credit.  Also, fraud can happen and if you aren’t checking your credit reports you might not even know about it.

So what you need to do is go to http://www.annualcreditreport.com/ to request copies of your reports.  This will allow you to see what’s listed and if there are mistakes you can have them remedied.  Doing this won’t cost you anything, however if you want to know your score you will have to pay for it.

By correcting any errors that appear on your credit report, you might be able to increase your credit score.  This isn’t always possible but it’s very much worth having a go to see what can be done.  If you have a low credit score you might want to hold off on applying for a mortgage, instead you could see about looking at the legit ways of increasing your credit score.

It’s actually amazing to think about how your score has an effect on what mortgage interest rate you are able to attain.  It really does make a big difference so it’s advised to start this process well before you need to apply for a mortgage.  Also do your best to avoid getting into bad credit and to do this you need to pay all of your bills in a timely manner.