5,363,522
Sure... if they are not cash buyers the real issue is getting financing for them.
-
Debbie Laity
Cedaredge, CO
-
Kathleen Daniels, Prob...
San Jose, CA
-
Michael Jacobs
Pasadena, CA
-
Richard Weeks
Dallas, TX
-
Thomas J. Nelson, REAL...
La Jolla, CA
5,533,886
The only problem is getting money transferred, especially Russia! Get the money transferred before you start making offers!
-
Kathleen Daniels, Prob...
San Jose, CA
-
Lyn Sims
Schaumburg, IL
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Nina Hollander, Broker
Charlotte, NC
1,632,338
Got to, not had to and yes; Mexico, Germany, China, Middle East & Canada. Only real issue was sometimes delays in getting the money out of their Mother Country (China & Germany being the hardest so far) to the USA. But otherwise, mostly all cash and mostly enjoyed the experience each time.
-
Kathleen Daniels, Prob...
San Jose, CA
-
Lyn Sims
Schaumburg, IL
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Nina Hollander, Broker
Charlotte, NC
1,472,185
The majority of my foreign investors are from the US
-
Susan Emo
Kingston, ON
-
Kathleen Daniels, Prob...
San Jose, CA
-
Michael Jacobs
Pasadena, CA
4,774,220
Yes, I have been fortunate to have clients who are from outside our country. As Thomas J. Nelson, Realtor answered most of these transactions are cash. As always, much of our role is education -- explaining local customs while remaining mindful of differences in how real estate is conducted elsewhere.
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Nina Hollander, Broker
Charlotte, NC
1,012,538
824,029
I agree with Nina Hollander and those of us who do work with international clients who need financing have problems finding it.
-
Nina Hollander, Broker
Charlotte, NC
3,441,290
It is an honor to work with foreign investors ... not a "had to deal with" problem. I always make sure the cash is in a US bank account before writing offers ... or recommending a seller accept an offer from a foreign investor.
-
Nina Hollander, Broker
Charlotte, NC
5,192,533
I haven't worked with any foreign investors yet, but curious to hear what others have to say. I would think fnancing would be an issue, and getting money transferred
-
Nina Hollander, Broker
Charlotte, NC
768,323
Good question. Upon a sale by a foreign "person," the FIRPTA tax needs to be paid. When you are representing a buyer in such a transaction, if the tax is not paid, the liability can fall to the buyer. This is why we recently incorporated a FIRPTA addendum in Oregon and upon taking a listing, a line in our contract asks the seller to state whether or not they are a foreign person. We should be seeing more foreign sellers as many purchased during the recession and with the real estate boom we are having now, many are cashing in.
-
Michael Jacobs
Pasadena, CA
1,873,448
We haven't had much of that in my marketplace.
-
Richard Weeks
Dallas, TX
8,208,693
Yes. The title company we use is fully prepared to handle these situations.
-
Thomas J. Nelson, REAL...
La Jolla, CA
864,758
Not easy to say the least. Firstly there is the issue with communication. Meeting of the mind tends to get lost in the translation. Then, comes the expectation and differences in culture.
"Nope, I won't make an offer $50k below asking just because you are a cash buyer."
19,816
>> FLORIDA MORTGAGE BROKER RESPONDING..
It's sad or better yet, it's pathetic as to how much better stewards of their money and debt they are on average they tend to be than Americans
You got Americans, in their 30s to 60s with only 20k in a 401k that's basically a forced savings or they'd have nothing, with $3k in checking hardly a pot to "..." in, strapped with 30k plus in non-tax deductible, high interest rate credit card debt, but out there shopping for a home because they looked on some online credit score site and saw a 712 worthless NON-mortgage, "Consumer FICO" score, out there running some poor realtor ragged looking at 500k homes over 8 weekends.
Then Mr."712 credit score" finds out he has a 673 "Mortgage Score" and hasbetter chance in seeing Elvis in K-mart than actually being able to qualify for a mortgage after another 2 months of sales contract extensions while he desparatly shops lenders, driving his score down along the way !!
So, if I were realtor, I'd be all over FN buyers like a hobo on a jelly sandwich, because on average...THEY CAN BUY!
HOWEVER, if they need a mortgage, you had better urge them to get pre-approved in advance as many are oblivious to how much things have changed over the past 9yrs and/or how much different FN loan terms can be compared to what they can get back in their country.
WHY? When we went thru the housing crisis, FN borrowers said ‘See Ya, sorry about your luck” , boogied back home and let their loans go bad.
This left American Banks in an even worse situation on foreclosures than foreclosing on a U.S. citizen as Due Process could not take place on borrowers in other countries.
Therefore, those properties were even more of a gut punch and banks have not forgotten.
12,938
Done lots of them with no issues. Good thing now is that few lenders can do financing 30% or 40%. Yes, only problem is sending the cash or downpayment. I always prefer sending to attorney escrow account
232,119
Yes, we work with quite a few - no issues just make sure financing is set up ahead of time
3,074,716
6,741,941
4,322,295
3,988,144
I haven't had problems but the money transfers can take a little time and need a paper trail.
2,234,865
4,273,331
2,448,281
3,986,479
2,715,028
Yes.
Get them to a Title Attorney ASAP, to discuss money transfers, how to hold Title, acceptable identification, other legalities.
1,544,354
1,713,581
Work with cash buyers for simplicity and make sure you know who you are dealing with. Financing is out there but at a cost and then you run into translation issues, and dollar conversions. Then they have to use an American notary at the embassy if there is financing and that is very limited and expensive for the buyer.
509,499
Yes. With mine, fortunately, they always have relatives in the US so the relatives assist. The only concern that I've come across is too often they want me to tell them whether to purchase the property or not. Whether it's a good invesment or not etc.
1,157,847
1,756,442
5,158,562
1,618,024
I deal with many foreign investors. You will need to send extra emails and photos when doing real estate so they are fully informed.