Home Buying in Portland>Question Details

Adriana Alex…, Real Estate Pro in Alexandria, VA

Brazillian wants to buy property in Usa ?

Asked by Adriana Alexander, Alexandria, VA Mon Feb 4, 2013

My friend is from Brazil wants to buy a property in Alasca .
She has a son who lives there and has permanent resident.
Would be better on his name but she wants her name she only has tourism visa ?
How can I help her ?

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Bob Hoerner Mlo 978954’s answer
Let me help put some light on this from the mortgage side of the issue, I understand a parent wanting to help a child with a home and in some cases buying a home for a child to leave in while attending school. With your friend not being a US Citizen makes the obtaining a mortgage loan more difficult as large down payment is normally required 40 to 50% is not out of the normal.

Also so is finding a lender to take the mortgage in today’s market as this has normally gone to portfolio lenders like World Savings and others like them that do not need to sell loans. Last is the area as Alaska is limited on lenders who will loan in the state.

If she is a cash buyer then a good Real Estate Attorney in the state will be required if she wants to be on title to the home. Reason for this is state and federal laws that deal with foreign owners as the state has to be able to service any and all legal matters upon owners.
0 votes Thank Flag Link Mon Feb 4, 2013
Talk to tax accountant for the rules but being a joint buyer would not be a problem. If she wanted to use it as rental for him and get some tax advantages again she should talk to an accountant. I can get you a referral in Alaska. Tom Inglesby, Broker RE/MAX Equity Group
0 votes Thank Flag Link Mon Feb 4, 2013
Generally speaking, a foreign person is not restricted from purchasing real estate in the US. They will likely be taxed at a higher rate depending on whether the home is going to be their residence and its dollar value. Tax laws also vary from state to state so the best advice is to talk with a local realtor to begin your search. Then seek the advice of a local CPA or Tax attorney to ascertain what tax consequences there may be.
Good luck to your friend.
0 votes Thank Flag Link Mon Feb 4, 2013
find a Realtor in Alaska, in the area her son lives who is experienced with foreign buyers. She may also want to talk with a tax attorney who is familiar with Alaska's tax laws.
She is welcome to our country!
0 votes Thank Flag Link Mon Feb 4, 2013
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