If you are planning on purchasing and renting the premises, depending on the location you will be subject to a sales tax which can be passed to the renter. Also your property taxes will be higher due to the non-owner occupancy factor. This is the same whether you are an American or foreign investor.
I work with various foreign clients and would appreciate the opportunity to assist you in finding the properties of your liking in Arizona. I have listed my contact information below.
Milly Sells AZ
I would be happy to help you answer these questions. Give me a call and we can get started on your AZ investments!
Due to the financial crisis here in the USA, there are different procedures depending on the type of property you are purchasing. Your options are: short sales, bank owned properties (REO), HUD homes, trustee sales and traditional sales. A traditional sale is where the banks are not involved in the transaction and this might be an investor reselling a property or a homeowner that is not upside down or in foreclosure.
Please click on the following link to learn more about these types of transactions:
Also, if you would like to search the Arizona Multiple Listing Service for "DIRECT" access to all the updated homes for sale on the market, then please click on the following link:
I hope this helps and please let me know if you have any additional questions about the home buying process or anything else.
Sean Heideman, Designated Broker
4114 East Union Hills Drive #1212
Phoenix, AZ 85050
Office: (480) 213-5251
Fax: (866) 232-2256
Web Site: http://www.positionrealty.com
Once your offer to purchase is accepted, a title company will handle the escrow and search for title issues. As mentioned in another answer -you will be required to present at time of closing a passport from your native country or a copy of your entry visa. Foreign nationals purchasing properties in the US are required to pay a % of the sale when the property is sold. You should talk to a Real Estate Attorney to see if it is in your best interest to have a LLC and get a tax ID number... this process can take some time so you will want to discuss this at the start.
If you are wanting to have an investment that you personally can also use when visiting, you can post a calendar where you have a vacation home that people will book for period of times and you will have the times you want to be in the property blocked out.
We would need to go over your specific needs to really help you further.
Ron & Brenda Cunningham
*** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ***
Before you make an offer, you'll want to know what comparable properties are renting for, whether or not there are any rental restrictions (as can be the case in condo and townhome listings) and of course, whether or not the asking price is realistic.
Cash is an advantage, obviously, but if the listed property is a short sale, it will still mean a lengthy approval process from the seller's lender(s) so if you are in a hurry, I'd focus on bank-owned, HUD homes, and conventional resales. Auctions are also a possibility but it depends how high a level of risk you are willing to take.
As an investor myself, I'm familiar with the issues of property management and so on that need to be addressed so you can take care of them after purchasing. Obviously there is more information you need than can be written in this forum, and I can address all your questions.
Good luck and feel free to contact me,
Prudential Arizona Properties
As an advisor, I would like to know if this property will be for personal use (2nd home) or for investment (rental for example). The reason for wanting to know is your level of risk from lawsuits and the tax implications.
If a 2nd home, owning the property in your own name is typically preferable, whereas an entity may be preferrable for and investment property. The type of entity will vary depending on your home country.
There are also tax issues. If a 2nd home, there will be no income tax reporting until you sell the property. If it is an investment, there will be annual income tax reporting and withholding issues to address. You will need tax identification numbers for yourself and the entity, if any.
You will also need to complete a government survey form BE-15.
Check out my book at the link below.
I have access to daily inventory purchased at the Trustee Sale on a daily basis, that would meet your investment goals. Please contact me for a free consultation.
MoreChoices Real Estate LLC
I work with many foreign investors and the process to buy here in AZ is very simple. Please contact me and I can go over the process in more detail and answer any questions you may have. I can also send you a copy of the Arizona purchase contract and other helpful information. I have a great listing in the 85032 zip code that you may like. My website is http://www.hotscottsdalehomes.com where you can search the MLS as well as find market statistics and helpful information.