How Can A Foreigner Buy Real Estate In US?
This is a general question that people asked me few times.
I found people here in the forum are pretty resourceful.
Just want to see if there are any legal or tax implication for non-US residents to buy real estate in US.
do they have to pay all cash? how to take title? or they need to partner with US residents? etc.
any information would be appreciated. thanks.
Assuming that $Y is a reasonable number take the money and run.
200K/yr in rent
say 10% margin
20K/yr
at at 15% a 100K NPV
0.15 $100,375.37
I was thinking 50K and walking. Maybe 88,888 is a good starting and negotiate to 66,666.
Thanks..
Outstanding reponse New Kid. Thank you!
The simplest way to put it is that the Bank cannot sell property they do not own.
The foreclosure sale transfers ownership from the previous owner to the Lender, and you have created a Real Estate Owned property. The "sold" price at the foreclosure sale may be a nominal amount or a substantial amount under certain circumstances.
But now that the Bank owns the property as an REO they can sell it.
[addsig]
There are abstractor, so that even have E&O insurance.
Doing it yourself is a trip to the county recorder but then you have the problem is:
cj mazur
c mazur
chet mazur
chester mazur
....
The same person.
In Florida, the local County Clerk of Court website will give you most of the info you need....once you learn how to use the info.
Just Google "Orange County FL Clerk of Court" and you are on your way.
All of your offers on properties, however, need to be contingent on sellers providing a marketible title.
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Abstractor is someone that know all the name permutation games, and may or may not be insure.
There will pull a one one title for 50-75.
I asked for a 2 owner on a commercial property and it was 150-350,
The 150 person did not have insurance, which was important on this property..
By insurance I mean E&O.
Lots are nationwide and advertise on http://www.sourceoftitle.com/[ Edited by cjmazur on Date 01/29/2009 ]
One of the toughest law school courses is Realty Titles as there are so many legal issues that can arise or develop out of realty ownership.
For this reason this is an area where I recommend the buyer get or demand title policy from seller.
Definitely NOT a pro se area as there are too many very complicated issues that can exist and without a good bit of legal knowledge no road for the amateur.