Home Buying in Pearland>Question Details

Kevin Prince, Home Buyer in England, AR

I would like to buy in Texas but live in the UK how can I do this?

Asked by Kevin Prince, England, AR Sun Sep 23, 2007

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We can do tranactions via web search, email contracts, etc and ultimately, we can close the transaction at a US consulate, if you are not able to attend the closing. As far as home search goes, we email pictures if you are unable to visit the property. Property taxes can be higher than other areas, but almost all of Texas is above sea level and our taxes go to fund the maintenance of our levee systems and flood control.
Web Reference: http://www.ERAHouston.com
1 vote Thank Flag Link Mon Sep 24, 2007
Kevin are you a British citizen? I've been working with a British citizen who lives & works here and has a social but no credit on file in the US. It has been very complicated. Yes, he had to obtain letters of credit. He insisted on using his bank that he keeps his checking account with for the mortgage, he might have had a easier time with a bank that specializes in NYC mortgages ..The process has stalled due to there being some hold up with his downpayment funds that were to come from a property transfer in Britain.
I would say that if you could establish credit with a company in the US (which I'm not sure is possible without a social) that would help you immensely when you are ready to buy...
PS Real Estate taxes in Arizona might be lower than Texas
0 votes Thank Flag Link Thu Oct 4, 2007
The hard part is not in the buying, it's in the loan. The US is pretty open about foreign nationals buying property here, and with our proximity to Mexico, Texas Realtors do this regularly. Foreign national loans typically require a 30% down payment. If you will be employed here, then the high property taxes won't be an issue - there's no state income tax, so it evens out. If you will not be earning any income in the US, then pick a state that does have an income tax, and lower property taxes.
0 votes Thank Flag Link Fri Sep 28, 2007
Contact me...I'll refer you to a Prudential professional...where abouts in the UK are u from? My mum is from Cheltham
0 votes Thank Flag Link Tue Sep 25, 2007
Hello Kevin. I checked with an escrow officer from First American Title Company once about how to do this because I had an investor from Germany. I was told that receiving funds from European countries was not a problem, while some other off shore funding was more difficult. It is possible that the escrow companies have reporting requirements when they receive funds. You should check with a tax professional who is familiar with foreign taxation issues.
If I were you, I would get in contact with an agent who is certified in international real estate transactions. I would also caution you not to buy any properties site unseen. You know what they say about the ocean front property in Arizona. Good luck.
Web Reference: http://www.go2kw.com
0 votes Thank Flag Link Tue Sep 25, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
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Most escrow companies insist on using a letter of credit and wiring of funds to complete the transaction for foreign owners. The IRS also tracks all transactions above $5000 so you may have to provide extra sources of verification.
0 votes Thank Flag Link Tue Sep 25, 2007
We can send you listings via email. We do the work for you on this end. Closing paperwork can likely be FedEx or even faxed to you to sign and FedEx back to us. That is if you will never come here or be here at any point in time. It's really not difficult as long as you are willing to buy sight unseen. It is possible to enhance any of the steps with a visit, but not needed if you are comfortable with what you want to purchase. Let me know if I can assist you in any way.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Sun Sep 23, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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I'd like to answer that question with a question. Are you relocating to Texas? Is your company sending you to Texas?
0 votes Thank Flag Link Sun Sep 23, 2007
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