Home Buying in Bethel Island>Question Details

Heitor, Home Buyer in Bethel Island, CA

Are there restrictions for foreigners (Brazilians) to buy properties in US? If not, how´s the whole proccess? Apart from having the funds, what else?

Asked by Heitor, Bethel Island, CA Sat Feb 26, 2011

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Recent law changes grant nonpermanent resident aliens most of the same purchase and home-financing opportunities that American citizens have. Many major U.S. lenders now use credit-reporting agencies that have reciprocal agreements with European countries and can use a simple currency conversion table to track your current income and assets.

However, you will likely need to come up with a down payment of 20 percent to 25 percent of the purchase price. You will need to find quality representation. As a foreigner, it is very important that you find a U.S. real estate agent who is experienced in such sales and can thoroughly brief you on the buying process and best coordinate your property visits with the rest of the prepurchase and purchase details.

I would also recommend the services of a U.S. real estate attorney to guide you past the pitfalls, tax nuances and other legalities. For example, even as a nonresident, you will still have to pay U.S. real estate taxes. And if you do not have an individual taxpayer identification number or U.S. Social Security number when you sell the place, you may be subject to 10 percent withholding tax.

Please feel free to contact me via phone or email if I can be of further assistance. Good luck :)
2 votes Thank Flag Link Sat Feb 26, 2011
The question is are do you need a loan or not. If so, send me an e-mail regarding what kind of visa you currently have and I can give you the specific steps.
0 votes Thank Flag Link Sun Feb 27, 2011
Hello Heiter:

Yes there are some restrictions. The most important thing, in my view, is to work with an agent who specializes in this. I am a committee member of the California Association of Realtors International Real Estate Forum and I can refer you to such an agent if you would like me to. Please send me an email with your contact details and I will follow up.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - bernard@bernardgibbons.com

http://www.BernardGibbons.com
0 votes Thank Flag Link Sun Feb 27, 2011
You need to start by talking with a knowledgeable lender who can tell you if you qualify for a loan if you are borrowing to buy. Speaking to a tax expert would probably make sense too.

The link below is all the homes on the market in East Contra Costa County. You can also do your own custom search; it is a direct feed from the local real estate data base (The MLS).
0 votes Thank Flag Link Sun Feb 27, 2011
If you are financing the property it depends on your visa type and expiration date. If you are paying cash I am not sure. I will check Monday and update the thread.
0 votes Thank Flag Link Sat Feb 26, 2011
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