Foreclosure in Miami Beach>Question Details

Attila Flamm, Home Buyer in Hungary

I am from Hungary. Is it possible to buy distressed property in Miami not only for cash for a foreigner?

Asked by Attila Flamm, Hungary Wed Jul 9, 2008

If yes, what % can be financed (average)?

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BEST ANSWER
Dear Attila,
My name is Terry Molnar and I work for Marian Schaffer at Schaffer Realty. Buying in Miami at this time requires great knowledge. There is so much on the market and it is predicted that prices may continue to drop. You can purchase condo's in Miami for 30-50% their original prices (in some cases even more). But you need to know where are the best buildings, which buildings allow rental, lowest possible management fees, etc. Because of the market conditions, there are so many condo's available for rent that rental rates have stay relatively flat. Don't get me wrong, we feel for a true investment play, Miami could be a home run if you can sit on your property for 5-6 years. Let me know how we can help. This is all we do and we have helped quite a few overseas buyers purchase property in the US and specifically in FL.
Contact Marian Schaffer at marian@marianschaffer.com
http://www.marianschaffer.com
1 vote Thank Flag Link Wed Jul 9, 2008
Hello Attila,
Yes you can purchase property as a foreigner but need 30% downpayment. Our Mortgage Broker can get you all the information you need.There is a good amount of distressed properties out there.
Good Luck
1 vote Thank Flag Link Wed Jul 9, 2008
Yes! It is very possible to by properties at great values! As a foreigner you can expect to fiance between 60-70% of the prchase price as long as yo can also demonstrate to the lender the items that Bill mentions below.
1 vote Thank Flag Link Wed Jul 9, 2008
Attila,
I recently wrote an article to help our foreign national customers with financing questions. The average down payment is between 25-30% and like Terry said, there are plenty of distressed properties in Miami right now. We have a couple of them listed ourselves.
http://www.miamism.com/miami-real-estate-for-foreign-nationals
Make sure you work with someone that will represent your best interest and know the market well.
Good Luck,
Ines Hegedus-Garcia
Web Reference: http://www.miamism.com
1 vote Thank Flag Link Wed Jul 9, 2008
Attila,

Bill and Stelios gave you good advice. One thing I'd like to add: see if you can get pre-approved (not: pre-qualified); that will strengthen your offers considerably. I don't know any mortgage brokers in Hungary, but I do know of a very good German mortgage broker in München who is licensed in Florida, with an office in München and one in Fort Myers.
Let me know if you need her contact info or if I can assist you in any other way,

Tobias

Tobias Kaiser, MS, CIPS
Greater Fort Lauderdale Real Estate Broker + Consultant
Certified International Property Specialist
http://www.modernsouthflorida.com/
http://www.investmentflorida.net/
1 vote Thank Flag Link Wed Jul 9, 2008
Attila,

Yes, as a foreign national, you can certainly purchase property in Miami or any other US city. As previously noted, the standard deposit, at this time is 30% of the sale price.

Also, to qualify for a loan you will need to provide information that will demonstrate that you are a good financial risk. Savings, employment, annual salary, etc.

Good luck,

The "Eckler Team"
1 vote Thank Flag Link Wed Jul 9, 2008
Hello Attila,

If you don't have U.S. residency or visa, most lenders will require you to deposit a minimum of 30% downpayment. What specifically are you looking for and what is the best way to reach you (telephone or e-mail) so we can talk further about helping you MOVE FORWARD to Florida in 2008.

stelios@stelsells.com
561.542.4131
Web Reference: http://www.stelsells.com
1 vote Thank Flag Link Wed Jul 9, 2008
Yes Attila:

It is very, very possible to buy property in Miami, Florida. You mention "distressed" property and that is something that I don't understand. Short-Sales and Foreclosures are getting harder to find and most are sold to highest and best 'cash" offers. Other types of "distressed" property are those in need of major renovation - reconstruction - or are so poorly situated that few able buyers have interest.

As a foreigner- lenders will look for better than 30% or a L/T/V of 70% ♦ Yes- it can is is being done and the process is very simple- as long as you are working within the lenders requirements.


≈ WATERWAY REALTY,REALTORS® ☎ Mott Marvin Kornicki ~ FLORIDA ~ REALTORS® http://t.co/C8vvX4uf via @SoBeLive | @WaterWayRealty ≈ @EmceeSLIM ≈ Media Relations ≈
0 votes Thank Flag Link Tue Aug 20, 2013
Hi, I am a direct lender with an A+ rating on the Better Business Bureau and come highly recommended. Most likely you will need to put 35% down on a purchase loan. If I can be of any assistance just let me know.


All the best,

Fritz Walter
VP of Retail Sales
Toll free: 800-359-1996 x551
Direct: 203-783-4551
Email: fwalter@totalmortgage.com
Alt email: fritz@post.Harvard.edu
NMLS ID: 387922
Visit my webpage: http://www.totalmortgage.com/bankers/fritz-walter/
Company Website: http://www.totalmortgage.com
Total Mortgage Services, LLC - NMLS #2764
Licensed in: CT, FL, MD, NJ, NC, SC, TX, VA
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0 votes Thank Flag Link Fri Aug 16, 2013
if you need a responsible and trustworthy agent back by a international real estate brokerage like ENGEL & VOLKER contact me for more information at: https://www.facebook.com/Christian.Fortoul.RE
0 votes Thank Flag Link Fri Aug 16, 2013
Yes, as a foreign national, you can certainly purchase property in South Florida “Miami Beach, Fort Lauderdale, Boca Raton” or any other US city. As previously noted, the standard deposit, at this time is 35% of the sale price.

Also, to qualify for a loan you will need to provide information that will demonstrate that you are a good financial risk. Savings, employment, annual salary, etc.

Tha banks in this moment prefer Houses “Single Family Residence” NOT CONDOS “ Apartments, Townhouses, etc”

I can send to you the Guidelines to get a Loan in US in this moment

Jaime Zuluaga
Realtor
786 306 5432 Cell Phone
Direct Realty Solutions
18884007117 Fax
Jaimezuluaga@live.com
0 votes Thank Flag Link Thu Oct 23, 2008
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