Foreclosure in 94928>Question Details

Val, Other/Just Looking in 94928

Is there a problem for buyers out of the USA to bye real estate?

Asked by Val, 94928 Mon Sep 20, 2010

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CJ Holmes’ answer
My favorite escrow officer has told me that there is no problem with a foreigner purchasing property with cash, but then if they ever wanted to sell, the foreign owner would have to have ID and a social security number. cj

CJ helps buyers lock in profits, maximizes sellers' net proceeds, and works extensively with real estate investors. Her wise guidance literally means more money for her clients, and comes from years of personal investing experience, and hundreds of transactions. This last market collapse has driven her to develop mathematical models designed to predict the future of real estate prices.
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0 votes Thank Flag Link Tue Sep 21, 2010

To buy property you do not have to be a resident. However, to get a loan you do need to have a credit score in the USA and documented income. There are some banks that will make loans to foreign nationals. They will usually require that you maintain an account at that bank (some of my clients have opened the account at the time they applied for the loan) and have documented income in your country of residency. The maximum loan I have seen is 65%, but 50-55% is more common. If you need a referral to a lender to finance your purchase in California, let me know. You can contact me via telephone or via e-mail through my profile. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
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RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Mon Sep 20, 2010
If you are a cash buyer, it's just as Homa and Mike said. If you want to arrange a loan it is much more complicated.
0 votes Thank Flag Link Mon Sep 20, 2010
Hi Val,

There should not be any problem if you have cash in an american bank or a bank that has branches in US. Is the buyer US citizen or resident temporary on the job assignment overseas(with a company in US)?


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0 votes Thank Flag Link Mon Sep 20, 2010
There are no citizenship requirements to purchase property here in California; don't know about the rest of the states though!
0 votes Thank Flag Link Mon Sep 20, 2010
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