Question Details

Schicker, Home Buyer in switzerlnad

Can we buy a house as citizen and resident of switzerland?

Asked by Schicker, switzerlnad Fri Dec 28, 2007

We stay every year, once or twice times in Florida.
We are from Switzerland and have some questions if we will buy a house.
It would be very nice, to get an answer at the following questions.
Detail questions:
1. Yes / No (Can we buy a house as citizen and resident of switzerland?)
2. It's possible to receive a mortgage?
3. What about the gov., state, etc. taxes a year for the house
4. What are closing costs?
5. Can we insure the house (hurrican, flood, etc.)? What are the costs?
6. Are their other costs? (not electric, water roof, etc.)
7. Other important things....

Thank you very much for the answer.

Rolf, Switzerland

Help the community by answering this question:

Answers

1
Schicker
1) Yes, you can definitely purchase property in the USA
2)Yes, it is possible and easy to obtain a mortgage
3)In Florida property owners have an annual real estate tax. Tax is paid in arrears. Tax bill comes out on November1
4) closing costs for a buyer are mainly the cost of borrowing money. (documentary stamps and intangible tax are taxs on the new money created and are a percentage of the borrowed amount, appraisal, survey if required, establish of escrow account if taxes and insurance is escrowed, recording of the mortgage, etc.) Buyer closing costs can be estimated between 2 1/2 % of the loan amount to about 4% of the loan amount depending on whether tax and insurance are escrowed in the mortgage. You will probably be required to open a US bank account with enough reserves to cover several months payment, and you may be required to set direct payment to the lender from that account.
5. Yes you can insure the house. The costs will vary with location, size, and amenities of the house. No one can give you a good guestimate on that without knowing the specific property to be insured. Insurance has become easier to obtain and less expensive this last year.
6) Up front costs in buying a property would be the earnest money to be held in escrow when you make your offer and until the contract closes. That earnest money escrowed are applied to your closing costs and should be tied to a financing contingency (i.e. if you dont get your financing, to have return of those funds). In making loan application, the lender will require up front money for the appraisal and for your credit report. The appraisal cost should run approx. $350, the credit report fee is nominal
7) If you select a good experienced knowledeable agent, your agent will help you every step of the way.

Best of luck in your new Florida home.
0 votes Thank Flag Link Fri Dec 28, 2007
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