Home Buying in Newport Beach>Question Details

David Poh, Home Buyer in Newport Beach, CA

2 questions: 1. Any restriction for foreigners to purchase a single or multi family homes? 2. Whats the status on the foreclosure issues?

Asked by David Poh, Newport Beach, CA Sun Oct 24, 2010

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Felix Hung’s answer
David - I saw your question pop up and noticed this is from almost 2 years ago; only to notice it was because a non-agent added a comment. Have you purchased yet?

No restrictions on foreigners buying single family or multi-family - but if you're in China there could be unforeseen complications with getting your money out. I am working with buyers from China and there are limitations on what amounts can be wired out of the country...

Foreclosures and distressed properties are still a good portion of the market - last statistic I saw was 22% of homes on the market (statewide in California) was a distressed property of some kind. It's getting better...why do you ask? These properties can be good deals.

How much are you looking to spend? When do you plan on buying? Let me know when you're in town - we can grab a cup of coffee.

0 votes Thank Flag Link Fri Aug 10, 2012
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0 votes Thank Flag Link Tue Oct 29, 2013

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0 votes Thank Flag Link Wed Jul 18, 2012
Hi, no restrictions on the property, however you will need to put down 25% if you need a foreign nationals program. Only a few lenders do these. Let me know if you would like help with one as I have a few lenders who do them.
0 votes Thank Flag Link Tue Jul 10, 2012
Hi David,

No there are no restrictions for foreigners to buy properties (whether single family or multi family) in the US. You can buy foreclosures, short sales, or regular sales.
Obtaining financing is still possible, although there are only a few banks that offer financing.
Typically the down payment is 50% for a low documentation loan. There is one global bank that offers a great rate for a second home (not investment property), but you have to deposit $100k in a checking account to qualify.
There are tax issues to consider, estate tax, income tax, and capital gains tax, refer to http://www.BuyHomeInUS.com for more info for foreigners wanting to buy a house in USA.
Web Reference: http://www.BuyHomeInUS.com
0 votes Thank Flag Link Sat Apr 7, 2012
Hi David,

1. No restrictions, in addition if you buy anything 500K or above you get a Visa (not a work visa and forfeited once you sale your property) The only glitch you will find is financing. If you have a social security number that is registered with the USA for business and tax purposes you can get a loan. If you do not have a registered social security number with the USA then your best option would be to buy cash.

2. The foreclosure issue is only an issue if you are going throughout it. If you are interested in a cheap foreclosure sale and are willing to wait for bank approvals (6-9 months) then a short sale is your best option. However, if you are ready to buy now an REO or bank owned is best. An REO means the property foreclosed and is now owned by the bank. Generally REO properties are priced cheap and sale quickly. I specialize in REO and Short Sale properties and have closed REO sales in as little as 10 days.

Call me, so we can talk about your options.

Vidi Barker
0 votes Thank Flag Link Wed Mar 21, 2012
Hi David
There are no restrictions on a person residing in or a citizen of another country owning property in Newport Beach. There is a form to be filled out when purchasing to identify an owner from another country for tax purposes when selling the property.
I would be happy to dicuss this with you further
Chuck Iverson iversonc@aol.com 949-422-6657
Broker Associate
Coldwell Banker Previews
Corona Del Mar, Ca 92625
0 votes Thank Flag Link Sun Oct 24, 2010
A you have seen, there is no problem on the purchase side. There are tax issues that they should be fully apprised of as it definitely affects the bottom line if they are flipping.

The foreclosure situation is not good for the people going through it. Not all are bad people or people who got bad loans. However, as in any situation, there is opportunity for those who are sharp enough to look for it.

The foreclosure market is not going to get any better through 2011 as there are still millions of loans that will reset and the homeowners will not be able to pay the new amount. Plus, add in unemployment, current and anticipated, and the problem keeps compounding.

I would to talk to you personally about these things.
0 votes Thank Flag Link Sun Oct 24, 2010
We can help with financing.
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Sun Oct 24, 2010
Hi David,

There are no restrictions on foreigners owning property in Newport Beach or anywhere in CA. There is a form that is part of the purchase/sale process where you identify yourself as a non-US citizen for tax purposes.

This year there have been more high value foreclosures in Newport neighborhoods than last year. Foreclosures comprise around 25% of all transactions in our office this year.

Please let me know how I can help you with Newport Beach real estate.
0 votes Thank Flag Link Sun Oct 24, 2010
I have not run into any restrictions so far and I've worked with many foreigners lately. My question is, will this be a primary residence or a second home? I do know of a large international bank that lends to foreigners as well - if you need to look into financing.

I don't understand what your second question is? Can you clarify? My interpretation is, that you are asking what's happening with foreclosures. We are still seeing some foreclosures on the market, however, several of the banks are holding back on foreclosures and as a result, we are seeing more short sales. People are attempting to sell their homes as short sales which helps to avoid the legal fees involved in the foreclosure process. These sales can be lengthy and risky. However, if you have the time and patience, you can get a good deal on property. Have I answered your questions? Feel free to contact me at: cfleming@coldwellbanker.com.
0 votes Thank Flag Link Sun Oct 24, 2010

1) no restrictions. Just may have trouble with financing if your looking for it.
2) They can throw you out as easily.
0 votes Thank Flag Link Sun Oct 24, 2010
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