2 questions: 1. Any restriction for foreigners to purchase a single or multi family homes? 2. Whats the status on the foreclosure issues?

Asked by David Poh, Newport Beach, CA Sun Oct 24, 2010

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Felix Hung’s answer
Felix Hung, Agent, Huntington Beach, CA
Fri Aug 10, 2012
David - I saw your question pop up and noticed this is from almost 2 years ago; only to notice it was because a non-agent added a comment. Have you purchased yet?

No restrictions on foreigners buying single family or multi-family - but if you're in China there could be unforeseen complications with getting your money out. I am working with buyers from China and there are limitations on what amounts can be wired out of the country...

Foreclosures and distressed properties are still a good portion of the market - last statistic I saw was 22% of homes on the market (statewide in California) was a distressed property of some kind. It's getting better...why do you ask? These properties can be good deals.

How much are you looking to spend? When do you plan on buying? Let me know when you're in town - we can grab a cup of coffee.

Felix
0 votes
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0 votes
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Sat Jun 10, 2017
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Wed Apr 8, 2015
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Sat Mar 28, 2015
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0 votes
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Sat Mar 28, 2015
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0 votes
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Tue Feb 10, 2015
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0 votes
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Tue Feb 10, 2015
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0 votes
Ali Qureshi, Agent, Pleasanton, CA
Tue Jan 27, 2015
No restrictions for frighteners to invest in the U.S. Foreclosures are very limited in California but still wide open in other market.
0 votes
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Tue Jan 20, 2015
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0 votes
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Tue Jan 20, 2015
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Sun Nov 30, 2014
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Tue Mar 25, 2014
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Mr John Hawk…, Home Owner, Edon, OH
Wed Jul 18, 2012
I NEVER THINK I WILL SUCCEED IN GETTING A LOAN FROM THE INTERNET

Good day,
My Friends be very carefull, I am Laura Smith an American who base in the
United Kingdom, i am so confidence to say that one's in my life time i can
experience legitimacy in loan company on the Internet world, if i was
directed by somebody else to this company, i wouldn't have written them
because i have been fooled several times by online loan firm on the
Internet and i decided stay off applying for loan online until a time came
when i was having financial problem due to the predicament i had in my
place of work that leads to my sack off in my place of work and i have
nobody to run to, my credit was very low, my rent was approaching it
expiring dates and my kids have to been in school but due to my ex-sense
spending before i got sack off from place of work i have nothing solve all
this problem. I have no other option than to come online looking for online
loan firm that will help me out of my financial problem and i came across a
loan firm and i was scammed of 8,500 dollars in my attempt of obtaining a loan
from them and i almost committed suicide and i ask my self is the end of my
life because i am a dieing mother of 3 kids to take care of, where will i
get money to finance their education and pay my bills? all this are the
questions that kept running inside my mind and became frustrated in the
process of doing that and a words of encouragement came into me instantly
saying it is not over yet, keep trying and you will definitely got in touch
with your helper very soon and i stood up and said i will give this a last
try and if nothing happens that means their is know hope for me any longer.
And i went online that very moment and i came across a post by one
(Mr Larry Williams) saying that he has never seen a real loan firm like the
JOHN HAWKINS LOAN COMPANY and instantly i consulted the loan firm by the
email which he place on the post and in that same day i got response from
the manager ( Mr. JOHN HAWKINS ) and he forward to me all the Rules and
Regulations that is guiding the company which will enable me to obtain the
loan from them and i ask him how long will it take me to finish the process
of my loan because i am planning of getting into business after i lost my
job and he said it will take us four banking hours if i am fast in replying
their message. I as him, hope i am not going send any money to them because
i was told here in my country that i shouldn't send any money in *CENSORED*
to get a loan and he replied by saying that it surprise him when i said
that because their is no loan firm online who will render service to a loan
seeker without him/her paying anything upfront. It sound very hurt to his
hearing and he took it as a pain and explained everything to me and when i
have a rethink about it i discovered it was true and that was were those
false loan firm took advantage in defrauding people of their had earn money
and he gave me is words that i should go on with them and he will took me
by surprise that they are truly for real and i went on and apply for a
business loan of $150,000 for the duration of 10 years and i paid all the
charges that are needed to be paid and like he said he is going to surprise
me, that was what he did, it was then i knew that there are still real loan
company on the internet otherwise i wouldn't have known. here is the
consultation address: johnhawkinsloanfirm@yahoo.com if you want to
consult them for more information

Thanks.

Mrs Laura Smith.
0 votes
Scot King, , Costa Mesa, CA
Tue Jul 10, 2012
Hi, no restrictions on the property, however you will need to put down 25% if you need a foreign nationals program. Only a few lenders do these. Let me know if you would like help with one as I have a few lenders who do them.
Web Reference:  http://www.mortgage-pros.com
0 votes
James Tan, Agent, elk grove, CA
Sat Apr 7, 2012
Hi David,

No there are no restrictions for foreigners to buy properties (whether single family or multi family) in the US. You can buy foreclosures, short sales, or regular sales.
Obtaining financing is still possible, although there are only a few banks that offer financing.
Typically the down payment is 50% for a low documentation loan. There is one global bank that offers a great rate for a second home (not investment property), but you have to deposit $100k in a checking account to qualify.
There are tax issues to consider, estate tax, income tax, and capital gains tax, refer to http://www.BuyHomeInUS.com for more info for foreigners wanting to buy a house in USA.
Web Reference:  http://www.BuyHomeInUS.com
0 votes
Vidi Barker, Agent, Newport Beach, CA
Wed Mar 21, 2012
Hi David,

1. No restrictions, in addition if you buy anything 500K or above you get a Visa (not a work visa and forfeited once you sale your property) The only glitch you will find is financing. If you have a social security number that is registered with the USA for business and tax purposes you can get a loan. If you do not have a registered social security number with the USA then your best option would be to buy cash.

2. The foreclosure issue is only an issue if you are going throughout it. If you are interested in a cheap foreclosure sale and are willing to wait for bank approvals (6-9 months) then a short sale is your best option. However, if you are ready to buy now an REO or bank owned is best. An REO means the property foreclosed and is now owned by the bank. Generally REO properties are priced cheap and sale quickly. I specialize in REO and Short Sale properties and have closed REO sales in as little as 10 days.

Call me, so we can talk about your options.

Vidi Barker
949.945.4857
0 votes
Chuck Iverson, , Newport Beach, CA
Sun Oct 24, 2010
Hi David
There are no restrictions on a person residing in or a citizen of another country owning property in Newport Beach. There is a form to be filled out when purchasing to identify an owner from another country for tax purposes when selling the property.
I would be happy to dicuss this with you further
Chuck Iverson iversonc@aol.com 949-422-6657
Broker Associate
Coldwell Banker Previews
Corona Del Mar, Ca 92625
0 votes
Kevin Perkins, , Orange County, CA
Sun Oct 24, 2010
A you have seen, there is no problem on the purchase side. There are tax issues that they should be fully apprised of as it definitely affects the bottom line if they are flipping.

The foreclosure situation is not good for the people going through it. Not all are bad people or people who got bad loans. However, as in any situation, there is opportunity for those who are sharp enough to look for it.

The foreclosure market is not going to get any better through 2011 as there are still millions of loans that will reset and the homeowners will not be able to pay the new amount. Plus, add in unemployment, current and anticipated, and the problem keeps compounding.

I would to talk to you personally about these things.
0 votes
, ,
Sun Oct 24, 2010
We can help with financing.
Web Reference:  http://www.umboc.com
0 votes
Carol Lee, Agent, Corona del Mar, CA
Sun Oct 24, 2010
Hi David,

There are no restrictions on foreigners owning property in Newport Beach or anywhere in CA. There is a form that is part of the purchase/sale process where you identify yourself as a non-US citizen for tax purposes.

This year there have been more high value foreclosures in Newport neighborhoods than last year. Foreclosures comprise around 25% of all transactions in our office this year.

Please let me know how I can help you with Newport Beach real estate.
0 votes
Cynthia Flem…, Agent, Laguna Niguel, CA
Sun Oct 24, 2010
I have not run into any restrictions so far and I've worked with many foreigners lately. My question is, will this be a primary residence or a second home? I do know of a large international bank that lends to foreigners as well - if you need to look into financing.

I don't understand what your second question is? Can you clarify? My interpretation is, that you are asking what's happening with foreclosures. We are still seeing some foreclosures on the market, however, several of the banks are holding back on foreclosures and as a result, we are seeing more short sales. People are attempting to sell their homes as short sales which helps to avoid the legal fees involved in the foreclosure process. These sales can be lengthy and risky. However, if you have the time and patience, you can get a good deal on property. Have I answered your questions? Feel free to contact me at: cfleming@coldwellbanker.com.
0 votes
Louis Wolfs…, Agent, Needham, MA
Sun Oct 24, 2010
David,

1) no restrictions. Just may have trouble with financing if your looking for it.
2) They can throw you out as easily.
0 votes
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