Home Buying in Miami>Question Details

Seth Rufus, Home Buyer in

Can I buy a multimillion dollar home with cash in Florida even though my bank is in California?

Asked by Seth Rufus, Wed Feb 5, 2014

I am receiving a very large inheritance from rich family members.

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Answers

30
Absolutely....it's a simple process and done as a normal procedure in today's real estate transactions. Your bank will be able to provide you with the details on how to accomplish this. No worry!

Bill
1 vote Thank Flag Link Thu Feb 6, 2014
That should not be a problem as long as you can get the money there for closing. Before your offer is accepted you will be required to present a proof of fund which will be verified.
1 vote Thank Flag Link Thu Feb 6, 2014
Even foreigners buy multimillion dollar homes in U.S. Wire can be done virtually from anywhere in the world and takes couple hours. Name of banks and location doesn't matter.
1 vote Thank Flag Link Wed Feb 5, 2014
Money can always be wired...
1 vote Thank Flag Link Wed Feb 5, 2014
Yes. This is commonplace and international investments are made frequently.
0 votes Thank Flag Link Fri Feb 28, 2014
Absolutely! It's all about presenting the correct financial documentation to the property's sellers. It may be wise to keep your cash in your bank account and obtain a home loan for the purchase though. You can usually generate 10% or more with low-risk financial investments, while Jumbo home loans tend to have interest rates of around 5%. You would be well advised to obtain a loan, invest your cash and pocket the 5%.
0 votes Thank Flag Link Fri Feb 28, 2014
As long as you have proof of funds or a pre approval letter from your bank for that amount of money you are in the clear!
0 votes Thank Flag Link Tue Feb 18, 2014
As long as you have green American dollars, it does not matter where your bank is:)

I wish you the very best!

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Feb 15, 2014
on a 2.5m purchase, I'd look to obtain an 80% LTV loan with rates in the 3% range and invest the 2 mil elsewhere...vs... sinking so much into DEAD EQUITY!...I can assist with the Mortgage Loan, and even a marginal Financial Adviser could help you obtain a much better return on 2 mil than above an after write off E.P.R.(Effective Pymt. Rate) in the 1% range!....Want a quote without a credit inquiry? ..........http://WWW.PRO-OPTION.COM Steve McRory Pro Option Mortgage/ Florida steve@pro-option.com Ph: 888 662 4404 NMLS 204296 Prior Service: U.S. MARINE CORPS
0 votes Thank Flag Link Sat Feb 15, 2014
Yes you can . As long as you provide proof of Funds . As long as the funds are in the US . There is no problem . If you have any questions . Feel free to reach out to me .

Regards,
Samantha Tenzer Friedman
Tenzer Realty
Cell 786 314 6100
Email: SamanthaTenzer@yahoo.com
Website : http://www.tenzersellshomes.com
0 votes Thank Flag Link Sat Feb 15, 2014
Dear Mr Sethrufus,of course you can, provide your proof of funds in any bank of US,If you need any further help please feel free to contact me my cell 305-283-4870 Elina Lopez or my email at elimarth@msn.com Thank you and I await your response.
Best Regards
0 votes Thank Flag Link Sat Feb 15, 2014
Of course, if you can offer proof of funds in any bank of US , you can buy the property
what you choose. Regards Maria D Diaz
3056390445
0 votes Thank Flag Link Sat Feb 15, 2014
Sethrufus

I work for a national bank of a global presence. You can become a Premier client with us, and we can offer a Jumbo financing, offering 80% LTV, up to 5milliion dollars, acquisition.

Let me know, if you would want me to help you.

Marco
0 votes Thank Flag Link Thu Feb 6, 2014
Yes you can...The monies were received by an inheritance which is traceable and once in a US bank you just need to pick your home, I would suggest travel down here and stay for about a month so you can look around the areas , place your offer and once you do inspecitons and such you can close even do a mail away closing...If I can be of further assistance feel free to call me at 305-903-7434.

Nancy J Perfumo
Century 21 Continental
Serving Pinecrest, Kendall, South Miami and Coral Gables..(Miami Area)
nancyperfumo@bellsouth.net
0 votes Thank Flag Link Thu Feb 6, 2014
Hi Seth,

You can buy property anywhere in the U.S. All you need to do is find the property, write an offer, make sure you have the home inspected, wire the money to the title company or attorney doing the closing.

You don't even have to be present for the closing. You can ask to have the closing documents wired to you, or you can appoint somebody to be your "Power of Attorney" for that one single transaction.

If you are receiving such a large inheritance, I would suggest you go and see the properties you plan to buy and make sure they are up to your standards. Just because they are expensive doesn't mean they are a good investment.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
0 votes Thank Flag Link Thu Feb 6, 2014
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If it were me and if I was receiving a very large inheritance from rich family members and was looking to buy a 2.5 mil property in Miami, I would look to obtain an 80% LTV loan with rates in the 3% range and invest the 2 mil...VS. sinking it into DEAD EQUITY!...I'm pretty sure that even a marginally good Financial Adviser could make a much better return on 2 mil than what the after tax /interest write off in the 1.00% range E.P.R.(Effective Pymt. Rate) would be. http://WWW.PRO-OPTION.COM Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
Ph: 888 662 4404
NMLS 204296

Prior Service: U.S. MARINE CORPS
0 votes Thank Flag Link Thu Feb 6, 2014
Your bank can be anywhere and since there will be a VERY LARGE inheritance maybe you can call each one of us and make numerous purchases :)
0 votes Thank Flag Link Thu Feb 6, 2014
Hello Sethrufus: I specialize in luxury properties and would welcome the opportunity of working with you. We can discuss your criteria, location and price point and begin sending you some magnificent properties so that you can become familiar with the South Florida market. The luxury market is hot and there are still some unbelievable homes still under priced that are all along the ocean and intracoastal. Please call me on my direct phone number at 954-415-1155 or my email at FrancescaM@bellsouth.ne t and we can begin our property search. I have some important questions so please contact me so that we can schedule a time to meet when you are in town. Thank you and I await your response.
0 votes Thank Flag Link Thu Feb 6, 2014
Sethrufus,

I strongly advise you get a financial planner, accountant, and attorney if you are getting this large amount of money and are even wondering if you can purchase a home with cash because your bank is in another state. There are sharks out there are happy to take the money of people who do not know how to protect it!

If you would like suggestions to all three, please let me know and I’ll be happy to refer you over to some!

Joshua Lerette - Sales Manager
Carrington Mortgage Services, Inc.
727-488-7355
Joshua.Lerette@Carringtonms.com
NMLS#237468
0 votes Thank Flag Link Thu Feb 6, 2014
Of course you can, provided your funds are "seasoned" there and will not be subject to any investigation(s) of any legal authorities. And don't get me wrong here, just a word of warning to all that may or may not be involved. If you need any further help please feel free to contact me my website link is below. All the best, Steve E
0 votes Thank Flag Link Thu Feb 6, 2014
Of course, no problem Further information please call me ...Welcome to Florida, Sincerely,
0 votes Thank Flag Link Thu Feb 6, 2014
Yes you can. At the time of contract proof of funds will be requested and the funds will have to be wire transferred at closing. If I can assist you further please do not hesitate to reach out to me.

Regards,
Alberto Baca
The Keyes Company
305-218-2504
0 votes Thank Flag Link Thu Feb 6, 2014
Could be great to help you. Call me 305 519-3199. More than glad to help you
0 votes Thank Flag Link Thu Feb 6, 2014
You sure can money there is good here
Also,just call me and let me know what
You're looking for in a home that fits u
And I'll make it happen.check out my
Website miamimilliondollarlistings.com
And see home s and areas that fit your
Style and call me .
Anthony's
305 300 8540
0 votes Thank Flag Link Thu Feb 6, 2014
Dear Mr Sethrufus if you have the money deposited in your bank account, yes you can buy
a property in Florida as long as you make a wire transfer from your bank. to the Title Co.
(Escrow CO.in California) bank account, or your attorney bank account who is representing you
here in Florida in the transaction.
if you want more information just write me to imperialgroup@bellsouth.net
0 votes Thank Flag Link Thu Feb 6, 2014
Just be sure to hire an attorney to review your contract "before" signing and also you can actually require the closing be held by your attorney (in your offer) since you're paying a large sum in cash. Otherwise if you close at a title company be sure your attorney checks out the title company and also reviews your closing documents.

Whenever a buyer is paying Cash you will not have the protection of the lender's underwriter protecting their interests so it's crucial to hire an attorney on a large transaction like this.

All the best,
Alma
0 votes Thank Flag Link Thu Feb 6, 2014
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Do they use different currency in CA now? Maybe you didn't word the question the right way?....If you have the ability to buy a Mufti-million dollar house in FL from inheritance, you may want to contract a financial adviser first to weigh out the PROs and CONs first. YES, BUY A HOME, but with Tax Deductible Interest Rates so low, you may find it makes more financial sense to finance a large portion and invest the money elsewhere VS dumping so much into DEAD EQUITY! EXAMPLE: a tax deductible 3.500% = approx 1.500% Effective Rate after Tax Deduction. Contact me for a quote: http://www.pro-option.com 888-662-4404 to take to your financial adviser.
0 votes Thank Flag Link Thu Feb 6, 2014
Hi, Sure you can... If you need any help finding the property or properties you want to buy call me and I can provide you a large inventory.

Roberto Marquez
Florida Realty of Miami
(786) 256-5213
0 votes Thank Flag Link Wed Feb 5, 2014
If you feel you can wire transfer funds from a established bank to pay for the purchase, just call me or text me at 305-205-8912. I am sure I can find you plenty of Sellers willing to sell you their homes for the proper and legal cash deal.


Leonardo da Motta (Leo),
Realtor,
GRG Realtors
Miami, Florida
Cell: (305) 205- 8912
Fax: (305) 471-0885
Email: LeoMiamiHomes@gmail.com
Skype: nardinho2010
Speak English, Espanol y Portugues
Facebook
0 votes Thank Flag Link Wed Feb 5, 2014
Hello Sethrufus,

Your question has already been answered.

Feel free to contact me if you need assistance.

Kind regards,


Pablo Torres, MBA
AF Realty, LLC
786-205-6988
pabtorres@aol.com
http://www.miamibuyproperties.com
0 votes Thank Flag Link Wed Feb 5, 2014
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