Dan, Home Buyer in South Berkeley, Berk...

Foreign ownership - resale or auction sale. Who can assists me?

Asked by Dan, South Berkeley, Berkeley, CA Wed Apr 28, 2010

Hi, i plan to buy a 1 or 2 bedroom apartment for my child use while he is at Berkeley starting this fall 2010.

Help the community by answering this question:


Hello, Dan. Find an agent you really want to work with and let them educate you on this process. I do not recommend that you buy an auction property...because you have to buy them AS IS without inspection in many cases, and there are just too many possible problems that you might be assuming without prior knowledge. If you do go that route, assume you will need a budget for significant repairs. Most auction property here is being sold to professional flippers, for very good reason. They know what to look for and how to do back door research that you don't have access to.
Another reason for avoiding auction properties is that there is no title insurance, so you could end up with something with a cloudy title that can take a lot of money and years to clear...It's not a good risk for the average buyer. If you get lucky and buy something below market, you'll feel like a brainiac. But if you get it below market, there is also a good chance the pros are all passing on it, and that means they know something you don't, because they have teams who can do the research.

The benefits of the resale market are that you know what you are getting, because you get the benefit of an inspection period and seller disclosures, and title insurance. Good luck to you!
0 votes Thank Flag Link Mon May 20, 2013
As an agent in Berkeley I could assist you - my contact info are :
cell : 510-575-8794

Looking forward to hearing from you!
0 votes Thank Flag Link Wed Jun 23, 2010
You could purchase either at an auction or "on the market", but if you are planning to purchase this apartment for your son using financing plan to have at least 40-50% to put down as the down payment. If you are going to obtain a mortgage as a non-resident alien there are certain lenders that will grant such a loan.

If I can be of any further assistance I am a member of FIABCI/International Real Estate Federation so please feel free to contact me at elizabeth@elizabethherbert.com.
0 votes Thank Flag Link Thu Jun 10, 2010
Two things that my foreign national (British) client found out when she bought property in Alameda, just a few minutes outside of Berkeley,

1. Cash offer talks!
2. If you need to get a loan, you must have a tax ID (SSN) to qualify for a loan


She put her significant other on the loan, came up with the downpayment, they took out the loan, and her name is on title. She is continuing to look for other properties, in her own name, and plans to buy, all cash.
0 votes Thank Flag Link Fri Apr 30, 2010
Awesome, your kid's going to berkeley.

I was a berkeley grad, 2002 :)

Anyway, I cater to foreign nationals and I can easily assist you on this situation. Please give me a call at 949-870-2882.


0 votes Thank Flag Link Thu Apr 29, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer