Please feel free to email me: RPERRY@RogerPerry.com Or, Call me (310) 600 1553
Hope to hear from you.
Rodeo Realty, Beverly Hills
(310) 600 1553
I will be happy to help you. Also, I used to live in Earl's Court. LOVE THE UK
It's just a little something which shows his lack of attention to detail. "Double discount" - what the hell does that even mean. Drives me crazy when people will say anything, even when it makes no sense, just to try and clinch a sale.
All paper work was just scanned and emailed or faxed. At the end of the day if you have a good real estate agent and you yourself have done the walk through of the property you are looking to buy then its all good. You do not need to sign all paperwork in person.
1. Your work history in the US must be verifiable and that includes a work permit.
2. Lenders prefer that you are on a salaried job (W-2) status but if you are self-employed then there are certain conditions (see below).
3. 2 years of tax returns but if you have only one year then the job history will assume greater significance (on the same job or changed jobs).
4. Bank statements for previous two months. Be ready to explain any large sums of money that have been deposited in your account. Incidentally, under the Patriot Act escrow would be verifying a paper trail for the previous 6 months for the funds you use in the transaction. If you are self employed have all your bank statements ready for verification of income. If you have incorporated or own a business in a form other than as an individual, you will also need tax returns and bank statements of the corporation (or LLC, etc).
5. Your down payment would vary between 20 to 50% in some cases, 20% if everything checks OK and your debt to income ratio is within specified limits.
6. Some lenders will not do a Condo purchase - only single family homes.
7. Credit history. If you have not built up an adequate credit history then your work and income history becomes really important.
While you are shopping around for a loan, please do not make any expensive purchases on your credit card as it will change your debt to income ratio adversely.
Unlike the UK there are no solicitorâ€™s (we call them Attorneys) fees unless you need to consult one during the purchase process. The transaction itself is handled by a third party entity called an "escrow."
As regards taxes, you will have to pay Property Taxes yearly which, as a rough guide, approximate 1.25% of the purchase price or tax assessor's value. For taxes on your income derived from the property, you will have to consult a tax advisor as double taxation rules may apply.
If you need help with the loan or with the purchase let me know.
United America Realty