How easy is to buy a property in the US for a foreign?

Asked by Marcoburbi, Mon May 26, 2014

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David Siddons Group’s answer
David Siddons…, Agent, Miami, FL
Fri Jul 4, 2014
It is not hard at all. I helped many foreign buyers with purchasing a property in Miami. Check my website http://www.luxlifemiamiblog.com or give me a call at 305 508 0899

David Siddons
http://www.luxlifemiamiblog.com
0 votes
Roy Benmeir, Agent, Miami Beach, FL
Wed May 28, 2014
Any foreign person can easily purchase property in the U.S. However, there are several things a foreign person should always consider when purchasing a property in the U.S.:

(1) FIRPTA- Stands for the Foreign Investment in Real Property Tax Act- While this act imposes a 10% withholding requirement on foreign sellers of U.S. real property, every buyer eventually becomes a seller. Therefore, a buyer should consult an attorney to find out what the best form of ownership is of a potential property (e.g., personal, llc, corporation, etc.). With a proper form of ownership and understanding of this act you may be able to avoid the withholding requirement of FIRPTA when you go to sell the property.

(2) Tax Considerations- As a potential foreign buyer of property in the US you must consult with a CPA that is versed in international tax consequences. You will want to find out what tax you will be subject to other then real property tax (e.g., rental income tax) and get advice on how to hold the property in order to avoid a hefty tax in the event you were to die while owning the property.

(3) Professional Realtor- If you are looking to purchase property as a second home or investment it is critically important to choose a professional realtor that is experienced in international buyer representation. An experienced realtor like myself can help guide you from the beginning in locating a property all the way to a smooth and successful closing.
1 vote
Irina Karan, Agent, Aventura, FL
Wed May 28, 2014
Each person's situation is different.
One buyer could be a self-employed individual, another working as an employee for Fortune 500 company, one would not have a website for his business, another would not be able to provide a Certified Public Accountant letter (or your county's equivalent) prepared in a specific way a particular lender wants - and these requirements banks often ask for. As you may guess Fortune 500 company employee is the favorite of the banks. Large banks are tougher to deal with when it comes to foreign national loans because they are not flexible.

However, self-employed people can buy successfully too, if they prepare ahead of time.
You are doing the right thing by starting asking questions re. this process.

I usually recommend to get your specific scenario assessment by two-three different lenders/mortgage brokers. The loan programs these brokers/lenders have constantly change.
I can suggest good mortgage pros for you.

Some banks require to open an account with them to give you a mortgage.
You really should open an account in the US - it is required for the closing and it has to be "seasoned" meaning your funds should be here in the US for 2-3 months.
I also have an international service that helps open an account without your presence here -
which is very convenient, and their exchange rate is very very good.

It is important to be specific when talking to your loan officer. Tell as much as possible about your specific situation - the country you are from, the way you transfer funds from there, if you have a license for the work you do, a website, can document your income etc.

Some mortgage pros joke that a foreign national loan is much easier than that of an American citizen...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
1 vote
Richard Guti…, , Miami, FL
Sun Aug 17, 2014
It depends on your down payment, if you are bringing 40% to 50% down and buying under an entity, we can help you finance the purchase without much verification with our investor's hard money loan.

Please contact me to chat over the program guidelines.

Thank you

Richard Gutierrez
Tel: 305-200-8861
http://www.USCommercialFunding.com
US Commercial Funding Corp
1395 Brickell Ave, suite 800
Miami, FL 33131
0 votes
David Siddons…, Agent, Miami, FL
Tue Jun 24, 2014
Dear Marco,

Its not difficult. I have dealt with lots of foreign investors here from all corners of the world. I deal with specialized attorneys that can also give you tax advise. If you give me a call i can tell you personally

Kind Regards

David Siddons - 305 508 0899 or siddons.d@ewm.com

Have your Read the 2014 Investors Guide to Miami Real Estate?
http://luxlifemiamiblog.com/invest-in-miami/
0 votes
Randy and Vi…, Agent, Punta Gorda, FL
Thu May 29, 2014
It's not difficult at all. Just make sure you're prepared with your down payment and ready with either cash or the proper approval from a lender. Contact a realtor in the area you plan on buying and they can help you get everything together.
0 votes
Yanoska Diaz, Agent, Miami, FL
Mon May 26, 2014
It is a simple process if you have the proper guidance. Please feel free to visit my profile and review my recommendations from other foreign investors, then choose to contact me.
0 votes
Lisa Foster, Agent, Orlando, FL
Mon May 26, 2014
Its not difficult at all as long as you have your financing in place or if you are purchasing with cash, your proof of funds will be requested.

Best of luck to you!!
0 votes
Alexandria M…, Agent, miami, FL
Mon May 26, 2014
It is easy as long as you fulfill all lending guidelines. There are several programs depending the country the foreigner is from. For example if I'm not wrong...according to some information the lender I work with...buyers from Venezuela must come up with a 30%, others only a 20%. There is a minimum loan amount required and so on.

Regardless, if you are interested you an email me at alexandriamonge@gmail.com and I will forward your contact to my lender so he can forward you the different programs available right now.
0 votes
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