Home Buying in Miami>Question Details

Marcoburbi, Home Buyer in

How easy is to buy a property in the US for a foreign?

Asked by Marcoburbi, Mon May 26, 2014

Help the community by answering this question:


David Siddons’ answer
It is not hard at all. I helped many foreign buyers with purchasing a property in Miami. Check my website http://www.luxlifemiamiblog.com or give me a call at 305 508 0899

David Siddons
0 votes Thank Flag Link Fri Jul 4, 2014
Any foreign person can easily purchase property in the U.S. However, there are several things a foreign person should always consider when purchasing a property in the U.S.:

(1) FIRPTA- Stands for the Foreign Investment in Real Property Tax Act- While this act imposes a 10% withholding requirement on foreign sellers of U.S. real property, every buyer eventually becomes a seller. Therefore, a buyer should consult an attorney to find out what the best form of ownership is of a potential property (e.g., personal, llc, corporation, etc.). With a proper form of ownership and understanding of this act you may be able to avoid the withholding requirement of FIRPTA when you go to sell the property.

(2) Tax Considerations- As a potential foreign buyer of property in the US you must consult with a CPA that is versed in international tax consequences. You will want to find out what tax you will be subject to other then real property tax (e.g., rental income tax) and get advice on how to hold the property in order to avoid a hefty tax in the event you were to die while owning the property.

(3) Professional Realtor- If you are looking to purchase property as a second home or investment it is critically important to choose a professional realtor that is experienced in international buyer representation. An experienced realtor like myself can help guide you from the beginning in locating a property all the way to a smooth and successful closing.
1 vote Thank Flag Link Wed May 28, 2014
Each person's situation is different.
One buyer could be a self-employed individual, another working as an employee for Fortune 500 company, one would not have a website for his business, another would not be able to provide a Certified Public Accountant letter (or your county's equivalent) prepared in a specific way a particular lender wants - and these requirements banks often ask for. As you may guess Fortune 500 company employee is the favorite of the banks. Large banks are tougher to deal with when it comes to foreign national loans because they are not flexible.

However, self-employed people can buy successfully too, if they prepare ahead of time.
You are doing the right thing by starting asking questions re. this process.

I usually recommend to get your specific scenario assessment by two-three different lenders/mortgage brokers. The loan programs these brokers/lenders have constantly change.
I can suggest good mortgage pros for you.

Some banks require to open an account with them to give you a mortgage.
You really should open an account in the US - it is required for the closing and it has to be "seasoned" meaning your funds should be here in the US for 2-3 months.
I also have an international service that helps open an account without your presence here -
which is very convenient, and their exchange rate is very very good.

It is important to be specific when talking to your loan officer. Tell as much as possible about your specific situation - the country you are from, the way you transfer funds from there, if you have a license for the work you do, a website, can document your income etc.

Some mortgage pros joke that a foreign national loan is much easier than that of an American citizen...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
1 vote Thank Flag Link Wed May 28, 2014
It depends on your down payment, if you are bringing 40% to 50% down and buying under an entity, we can help you finance the purchase without much verification with our investor's hard money loan.

Please contact me to chat over the program guidelines.

Thank you

Richard Gutierrez
Tel: 305-200-8861
US Commercial Funding Corp
1395 Brickell Ave, suite 800
Miami, FL 33131
0 votes Thank Flag Link Sun Aug 17, 2014
I am a Premier Mortgage Consultant with HSBC Bank USA. We offer a unqiue Mortgage Solution for our Premier Banking clients that makes the dream of financing your home realistic and streamlined. The product is a Portfolio program and one of the best solutions for our International Clients.

There is a Banking Relationship Requirement - Call or email me for details

Top 10 Highlights of our Premier Deluxe Mortgage:

1. No US Credit is required - We can leverage your International Credit and Payment history
2. No US Social Security Number is required
3. Lend to borrowers with various US Work Visa's - Lend to Foreign Nationals - Borrowers with a B1 Visa or part of US's Visa Waiver Program Call or Email me for details
4. No Prepayment or Early Termination Fees on our Mortgages
5. Verification of your overseas employment, residence, and assets are simplified
6. Portfolio Mortgage with competitive programs, guidelines, and rates. Fixed, Adjustable Rate Mortgages and Interest Only options are available- Call or Email me for details
7. Down payment options as low as 25% for a Primary Residence, 30% for a Second Home, and 40% for Investment Property.
8. Finance up to $3,000,000
9. $1,500 Closing Cost Credit
10. Underwritten Pre-Approval available for To Be Determined properties

Please feel free to call or email me with any questions. I am here to help.

Best Wishes,

Asad Taheri
Premier Mortgage Consultant
0 votes Thank Flag Link Tue Jun 24, 2014
Dear Marco,

Its not difficult. I have dealt with lots of foreign investors here from all corners of the world. I deal with specialized attorneys that can also give you tax advise. If you give me a call i can tell you personally

Kind Regards

David Siddons - 305 508 0899 or siddons.d@ewm.com

Have your Read the 2014 Investors Guide to Miami Real Estate?
0 votes Thank Flag Link Tue Jun 24, 2014
It's not difficult at all. Just make sure you're prepared with your down payment and ready with either cash or the proper approval from a lender. Contact a realtor in the area you plan on buying and they can help you get everything together.
0 votes Thank Flag Link Thu May 29, 2014
It is a simple process if you have the proper guidance. Please feel free to visit my profile and review my recommendations from other foreign investors, then choose to contact me.
0 votes Thank Flag Link Mon May 26, 2014
Its not difficult at all as long as you have your financing in place or if you are purchasing with cash, your proof of funds will be requested.

Best of luck to you!!
0 votes Thank Flag Link Mon May 26, 2014
It is easy as long as you fulfill all lending guidelines. There are several programs depending the country the foreigner is from. For example if I'm not wrong...according to some information the lender I work with...buyers from Venezuela must come up with a 30%, others only a 20%. There is a minimum loan amount required and so on.

Regardless, if you are interested you an email me at alexandriamonge@gmail.com and I will forward your contact to my lender so he can forward you the different programs available right now.
0 votes Thank Flag Link Mon May 26, 2014
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