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Iren Monus, Other/Just Looking in Toronto, OH

I am planning to buy a condo for 50K with cash. Can I be qualified for short sale, forclosure. ? I am canadian citizen.

Asked by Iren Monus, Toronto, OH Tue Jan 25, 2011

I won`t have residence/ I am canadian citizen / at this future property is my TAX will be 25% more ?

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4
Joshua T. Reich Pa’s answer
Yes, with $50k cash you can buy a short sale, foreclosure or any type of property. Make sure you check out the condo and common areas in person in order to see the quality of the maintenance, if you are paying a high maintenance fee you should be getting a very nicely maintained property.

You do not have to be a resident to own property here, I have several foreign investors, as far as the tax question you will need to report the income so you should speak with your accountant.
0 votes Thank Flag Link Mon Feb 14, 2011
Hi Iren,

You will need to put the cash in a Florida account as proof of funds. Almost all good listing agents require it. RBC in Toronto can open an account in Florida if you take your passport etc... Has to be an account in an actual US bank not just a US dollr account in Canada. Takes about a week to set up but relatively effortless.

Also you will need to be prepared to wait out the approval. Often better deals buying REO's depending on the complex and area concerned. Also get local contractors and fix up destroyed units for Canadaina clients.

If you need a Canadain tax lawyer with an American CPA in the Office (Toronto) let me know.

Also am familiar with particulars of Canadians investting.

Allistair Trent. RE/MAX CONDOS PLUS CORP., BROKERAGE. Toronto
a.trent@rogers.com
0 votes Thank Flag Link Sat Feb 12, 2011
Hi Iren,

Your question is not too clear... Buyer's do not need to qualify for a short sale only the seller and their property.

As for taxes.. What do you mean? If you means taxed paid by non-US residents exceeding 25%. The taxable amount will be determined when you sell the property. If you buy and hold you don't need to worry, you only need to pay the property taxes each year.

I have placed a link to provide you with additional information regarding Foreign Investment in Real Property Tax .

If I can be of assistance feel free to contact me.

Good luck.

Stephanie Leon
Realtor

stephanieleon@avantiway.com
0 votes Thank Flag Link Wed Jan 26, 2011
Iren,
I am a bit confused by your question. If you are the Buyer then it is not you who needs to qualify for a short sale, it is the Seller of the property that needs to be qualified for a short sale with their lender. I am assuming that the property in question is located in the U.S.?

Debbie Shelton ABR, SFR
REALTOR
0 votes Thank Flag Link Tue Jan 25, 2011
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