Home Buying in 75070>Question Details

Katrina, Other/Just Looking in 75070

Can a foreign national buy a foreclosed home in Dallas area & what's the average cost to redo them? Any areas to recommend for?

Asked by Katrina, 75070 Thu Nov 3, 2011

investment(lease/sell)? My query about the average cost is due to concerns about many foreclosed homes being ripped and plundered before they are auctioned by the bank.
Basically, who do I talk to regarding investment in houses? Realtors? Or invest companies?
I'm interested in areas within a 1 hour radius of McKinney.

Help the community by answering this question:


Hi Katrina,
I have a house in frisco for investment.
4300 sq. ft,5 beds,built 2007, just for $215000.
That is mean $49.00 per sq.ft .
Great investment to lease or sell.
If you don't have a buyer agent,please contact me.
Luba Grassi
0 votes Thank Flag Link Sat Nov 19, 2011
Bruce gave a pretty good answer. The question is not about if you can buy, it is a question of HOW you buy. If you need financing, then you may have to look for hard money lenders as a standard bank generally won't lend to a foreign national without extensive paperwork and a lot of red tape -- if it can even be done.

I have a couple of great lenders that I have used in the past, as well as hard money lenders that I have worked with for investors. If you need financing, then I'm sure I can find you something. I typically work the North Dallas, Richardson, Plano, Frisco area. If I can assist you with anything in these areas, please don't hesitate to ask.

Brian Rayl
Keller Williams Elite
0 votes Thank Flag Link Mon Nov 14, 2011

I'll help you if I can. There are no restrictions on buying for non-citizens, but if you need to get a loan, that might be more difficult. So that's really the first step....in that if you need financing....we get that in place first.

If they just need paint and carpet we normally allow 6-7000. If they need bathrooms and kitchens as well then we plan on $15000-$16000.

Wow...if they are plundered then the sky is the limit.... Some foreclosures now are ready to move in.

Give me a call sometime. I'd like to hear your strategy and what your plans are.
0 votes Thank Flag Link Fri Nov 4, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
It can be difficult to obtain financing to buy property as a Foreign national in the USA in the current climate, My service includes referring my clients to lenders that offer mortgage programs to Foreign nationals buyers. The strength of foreign currencies against the U.S. dollar has been the "icing on the cake" that it makes worth the time and effort. I would need to know a little more about your situation to be more specific with you. As long as you follow all the income tax rules involved. It's not the properties, but legal and tax differences between two countries, and variations between states, that add complexity.

I do know from experioence that that after-the-fact approach removes the opportunity for overall estate planning and tax minimization. So I suggest you search out a income tax advisor in your Country, experienced in dealing with US taxes, before you locate the US property of your dreams. US tax advisors know their own federal and state tax issues, but they are rarely familiar with the complexities of foriegn income tax law.

I have helped several Foriegn Nationals with their real estate purchases here in the US. I don't know whether you are considering a snowbird vacation condo or accepting a job transfer to the States, but most cross-border buyers typically seek out professional advice for the actual purchase and move, but ignore tax and estate planning until tax time or a crisis.

I would like to talk more in detail with you, please contact me at 214-234-6901.
Web Reference: http://myvalueagent.com
0 votes Thank Flag Link Thu Nov 3, 2011
Not all foreclosures are in distress condition

I am a real estate consultant happy to assist you work as consultant for many searching purchase here in DFW area

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Thu Nov 3, 2011
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