Market Conditions in Memphis>Question Details

Hau Duong, Home Buyer in Toronto Canada

I'm living in Toronto Canada. Can I buy a house in Memphis TN ?

Asked by Hau Duong, Toronto Canada Mon Jan 5, 2009

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6
Good Morning Hau Duong,

I am originally from England and have just found out recently about tax implications for "Foreign Buyers" the tax is called FIRPTA, Foreign Investment in Real Property Tax Act, you will need to ask your Mortgage Adviser or Real Estate Lawyer about this tax law, they can be significant depending on the price of the home.

Good Luck buying your home!
0 votes Thank Flag Link Tue Sep 29, 2009
Hi Hau,

You sure can and depending on if this will be an investment property or one that you will be occupying yourself will depend on the downpayment situation. Last month I had a doctor from Africa purchase a home in the area (he was not a citizen) and had absolutely no problems.

It would be best to have a local lender that is astute with our local laws and practices regarding your transaction. Lenders from other parts may not be aware of certain things and it will only create stress into something that can be so seamless.

Let me know if I can be of any service to you and best wishes,

Jo Shaner
0 votes Thank Flag Link Thu Jan 8, 2009
Hau,

Definitely. The US government is very welcoming to foreign buyers. Normally, to finance you will be required to provide between a 30 & 40 percent of the selling price deposit.

Our recommendation is to begin by making financial arrangements. Some of our Canadian buyers have made financial arrangements through their Canadian banks prior to shopping for their home in the US. We have even found Canadian bank branches that worked out nicely by not requiring the higher percentage of deposit money.

This is a great time to be considering buying in the US and taking advantage of the savings that exist in today's real estate market.

Begin with clarifying your financial piece and then identify an agent that will work with you keeping your specific criteria in mind.

Good luck
The Eckler team
0 votes Thank Flag Link Mon Jan 5, 2009
Absolutely, This is a great time to buy a home in the Memphis area. You need to contact a Mortgage Company and get qualified for a loan, and work with a Real Estate Agent. As a Real Estate Agent in the Memphis area, I can represent you and also recommend people to contact concerning a Mortgage. Call or e-mail me for assistance.

Joan Williams
The Pfund Group
Keller Williams Realty
office 901-221-5100
direct 901-210-6150
Joanwilliams @kw.com
0 votes Thank Flag Link Mon Jan 5, 2009
You certainly can. Please contact me for details. I am a buyer broker with experience working with international clients.
0 votes Thank Flag Link Mon Jan 5, 2009
As long as you qualify for a loan, then there is no reason why you can not. Hau the two steps you need to take is to first meet with a local and trusted mortgage company, you can get prequalified at no cost to you. If you do get preapproved then your nest step is to find a buyer borker in the Memphis area that can assist you with finding a property. . You can usually hire a buyer broker at no cost to you, they get paid the amount listed in MLS by the listing agent at closing. They can also provide you with assistance through each step of the buying process. Good luck with your search.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jan 5, 2009
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