Home Buying in Boston>Question Details

Vien Nguyen, Home Buyer in Boston, MA

F1 Visa student looking to buy a house.

Asked by Vien Nguyen, Boston, MA Mon Jun 24, 2013

Hi,
I'm currently on the F1 Student Visa and seeking to buy a house in the Boston Area. What is the buying process if I wish to do it with cash. I'm looking for a house preferably under $ 100,000, does it even exist? Also, because of my status, how would I pay the annual property tax? Am I subject to other types of taxes as well, and what are they?

Best,
Vien

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10
Vien, I would be very surprise if you could find something in Boston at that price (even a foreclosure) - that is the cost of most parking spots! However, you never know! You will likely be looking at foreclosure properties (in need of considerable work) or short sales (which can be very difficult to purchase however having cash might make it a little easier). I did a quick search and it looks like there are only 3 properties in that range. You will be limited on location and size.

This one looks interesting however you would need to act fast. It is a short sale:
http://territory.com/mlspin/71551189/1409-river-st-boston-ma-02136

Here is another one:
http://territory.com/mlspin/71549357/25-alpine-st-boston-ma-02126

This one is a studio so it will be a lot smaller in size:
http://territory.com/mlspin/71547833/46-adams-boston-ma-02122

Territory Real Estate
Boston's Destination for Home Buyer's
617 848 5407 ext 704
Web Reference: http://territory.com
1 vote Thank Flag Link Thu Jul 11, 2013
Thank you for the information. I will check them out!
Flag Thu Jul 11, 2013
Vien

Almost an impossible quest in the Boston area but the market can always be surprising. I would recommend that you find a good local agent to help you with your search.
1 vote Thank Flag Link Mon Jun 24, 2013
Parents paying cash is great. Now you just have to find a property.

Based on the suggestions of the Realtors, you may want to see if they are willing to go higher. Perhaps tell us which school you are at so if the property is located further away, it can be located in a easy commute.
1 vote Thank Flag Link Mon Jun 24, 2013
I'm going to Wentworth Institute of Technology, right next to Northeastern University.
Flag Mon Jun 24, 2013
Anyone can buy in the us. Residential taxes will be issued to you or the name wunde which the property is held and will be mailed to you quarterly.
The big issue here is whether or not you will be able to find a house under $100.000. The market is tight and there is no inventory.
Kind regards,
1 vote Thank Flag Link Mon Jun 24, 2013
I haven't seen any houses for $100K and I would contact a lender for a loan

Best Of Luck
1 vote Thank Flag Link Mon Jun 24, 2013
I would contact small community banks I think larger banks usually do not lend to foreign investors but I maybe wrong.
1 vote Thank Flag Link Mon Jun 24, 2013
The general qualifications to get the mortgage include being here legally, and having a two year history of residence employment income and savings for a down payment.

Could your parents purchase the property for you?

We do have programs for foreign investors to purchase US property.
1 vote Thank Flag Link Mon Jun 24, 2013
I would contact a local lending professional to help with this answer.
There is not enough detail in your question.

I know this guy can be helpful: rtranchell@totalmortgage.com
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell


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1 vote Thank Flag Link Mon Jun 24, 2013
Do you have an income source In the US?
1 vote Thank Flag Link Mon Jun 24, 2013
Thank you for all of your responses. I forgot to mention, that it would be my parents (in my home country) who pay for the house. They would like to pay as one time payment in cash and avoid mortgage if possible. If there is no houses in the Boston area in my price range, should i look in the nearby area? Any other suggestions?
0 votes Thank Flag Link Mon Jun 24, 2013
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