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Mliu16, Home Buyer in San Jose, CA

Dear Sir, Is it possible for a foreign buyer from China to purchase this property, and What is the monthly rental? Thanks

Asked by Mliu16, San Jose, CA Thu Jul 19, 2012

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I personally am not aware of any restrictions to foreign buyers. I would believe that if you are paying cash any money transfer laws would need to be in compliance and probably reviewed with the title company. If you are planning on getting a loan that is a difference situation.

As Charles, stated, the amount listed on the Foreclosure is not the market value. It is important to work with a local agent who will advise you of such situations so that you are not buying someone else's loans.
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1 vote Thank Flag Link Thu Jul 19, 2012
Hi M Liu and thanks for your post.

This particular home will unlikely go to foreclosure. In all of my more than 25 years managing homeowners associations, I have only ONCE (1 time) had a home be sold in foreclosure due to oustanding payments of HOA fees. In most cases, the first or senior lien holder will either pay off the dues or foreclose on the home with the owner and wipe out the lien and foreclosure of the HOA.

The one time that a home sold in foreclosure due to an assessment lien, the property sold for pretty much its fair market value and NOT for the $40,000 that was actually owed to the homeowners association, so there was no cost benefit to the homeowner at all.

As to your second question about a non-US citizen purchasing property, you can certainly purchase any properties in the United States, however, you will be required to buy the property in the trustee's sale or foreclosure auction with all cash. So provided you have the cash available at the time of sale--and, by "available", I mean with cashier's checks ready to pay--you can own any home in the United States purchased through an auction.

Good luck!!
Grace Morioka
Area Pro Realty-People's Choice
0 votes Thank Flag Link Thu Jul 19, 2012
Hi Mliu,

You have received some very sound advice so far. Charles is spot on with his advise and I would advise of the same. You really need to pick a good Realtor to work with and become very informed about the home buying process for distressed properties. You really can get your self into a bad situation without competent advice.

Good Luck,

Jim Guido,

Realty World/Blue Property Group
Cell: 408-472-2074
DRE# 00700635
0 votes Thank Flag Link Thu Jul 19, 2012
This appears to be a trustee sale sale for unpaid Homeowner's Association fees.

These trustee sales are not for the inexperienced. These sales are subject to senior liens, which can be substantial, and in many cases are more than the fair market value of the property. To own the property you must also pay off the senior liens, which in many cases will cost you more than the fair market value of the property itself. .

Many people do not understand that at this type of trustee sale, you are only purchasing the interest of the lienholder that has foreclosed, you are not purchasing the property itself.

For more information you may call me at my cell phone: (408)509-6218

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address:
0 votes Thank Flag Link Thu Jul 19, 2012
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