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Heather Paul, Realtor, Broker Associate
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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.
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.
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!