Home Buying in Los Angeles>Question Details

poria.m, Home Buyer in New York, NY

I need details about buying a condo as a non US resident.

Asked by poria.m, New York, NY Mon Apr 1, 2013

Hi!
I am a non us resident (from Sweden) and I am going to buy a condo in Los Angeles (looking at Woodland Hills, Tarzana, Encino and nearby).
I want to know the details such as the process, fees, taxes, any differences buying as a Swedish resident, etc. I also want to know if you recommend any agents, retailers having experience helping swedish residents?

Thankful for you help.

Regards Poria

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Answers

6
Hello, download the International Buyers Guide that you can assess here for Free, it covers most of the questions and how to buy real estate here in the US.
http://heatherpaulonline.com/international-home-buyers-guide/

Feel free to call me or email me with any questions you may have or hire me to be your exclusive Real Estate Agent.

Have a great day!
Heather Paul, Realtor, Broker Associate
Coldwell Banker
310-923-2334
http://www.HeatherPaulOnline.com
0 votes Thank Flag Link Wed Apr 10, 2013
You will need to qualify for a Stated Income loan, 70% LTV for foreign national with no US fico scores. My office is in Woodland Hills and I have agents to assist you once we have a loan program. It only takes a few dozen questions to qualify you in minutes. I can email you listings too. Here is a link to study and consider that I offer.

http://www.under640ficoscoreloans.com/Pages/StatedIncome.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Wed Apr 3, 2013
Hi Again!

As it seems. The process for buying property is the same for a non-resident. But there is an interesting here regarding selling the property. What are the rules regarding selling a property as a non-resident? Any specialties? Sell taxes? I guess I have to pay taxes in my country as well.
0 votes Thank Flag Link Tue Apr 2, 2013
You can own property as a Non-citizen. Financing it may be a challenge depending on whether or not you have US income. Process is the same. Country of origin or residency does not make a difference.
0 votes Thank Flag Link Mon Apr 1, 2013
Hi Poria,

My experience with overseas buyer's, they usually pay all cash since they're unable to show tax returns to qualify for a loan. I did place a Swedish buyer into a town home in Santa Monica several years ago and he would be an excellent reference if you wanted to speak with him.

I welcome your thoughts and comments.

Bill Hooper
RE/MAX
bhooper@remax.net
0 votes Thank Flag Link Mon Apr 1, 2013
Hi Bill

Thank you for the response. I understand fully that cash is usually used by foreign buyers. I would love to talk to your client and ask him about the rules in Sweden. I guess there are some rules here as well when you are a property owner

Ragards Poria
Flag Mon Apr 1, 2013
Poria,
I work with foreign buyers all the time. The process is pretty much the same as the one for US buyers... except you will need abut 50% down payment.

Transfer taxes are paid by the seller. Property taxes are about 1.25% of sales price yearly.
Transfer fees are about 2.5% to 3% of purchase price.

You will get a lot of responses from your question. Contact all responders and see who responds best via email... in this market you have to be able to move quickly and have knowledge... so try all of us out and go with the one you like most. By the way the commission for the buyer's agent is paid by the seller so we are all free. Pick the best!


Ron Escobar, MBAjavascript:{}
Broker
ron@select-realestate.com
0 votes Thank Flag Link Mon Apr 1, 2013
Hi Ron

Thank you for your answers. That helps alot. I have one question:

What is a transfer fee? I understand the property taxes but I dont have information about the transfer fee.

Regards Poria
Flag Tue Apr 2, 2013
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