Need some advice about buying property in the US

Discussion in 'General Discussion' started by doomboy536, Oct 9, 2010.

  1. doomboy536

    doomboy536 Universe Onslaught fanboy

    Joined:
    Sep 17, 2008
    Posts:
    7,370
    News Credits:
    3
    Trophy Points:
    197
    Likes:
    +25
    Ebay:
    Hello all,

    So my in-laws have decided that they would like to buy a holiday home in Miami, as they go there a lot on holiday. The problem(s) are that they're Bolivian and don't speak English and also know very little about the procedure of buying property in the US.

    Now I know almost nothing as well, being British and never having bought a property, with the closest experience being hunting for student accomodation whilst at university, however I've decided to help them out as best I can.

    Can anyone either give me a description or point me to somewhere where I can find out how the buying procedure works? (I'm actually in Bolivia so that limits my access to literature)

    Thanks!
     
  2. Razerwire

    Razerwire 99 Problems... Super Mod

    Joined:
    Jan 23, 2004
    Posts:
    49,745
    News Credits:
    2
    Trophy Points:
    342
    Likes:
    +39
    Are they paying up front in cash? I can see getting a mortgage in the US without being a citizen might be a little more difficult since the loaners will have difficulty judging your parents credit history.

    Aside from that and their ability to pay the proper taxes, there shouldn't be any problems with them buying property in the US.
     
  3. doomboy536

    doomboy536 Universe Onslaught fanboy

    Joined:
    Sep 17, 2008
    Posts:
    7,370
    News Credits:
    3
    Trophy Points:
    197
    Likes:
    +25
    Ebay:
    Yup, it would be up front in cash. What sort of taxes would they be looking to pay?
     
  4. Razerwire

    Razerwire 99 Problems... Super Mod

    Joined:
    Jan 23, 2004
    Posts:
    49,745
    News Credits:
    2
    Trophy Points:
    342
    Likes:
    +39
    Property taxes, title transfer taxes, and various municipal taxes that are included the process.

    If it's up front in cash, then I'd suggest them getting in contact with a real estate agent in the US, preferably one that can speak fluent Spanish which shouldn't be a problem at all in Miami.
     
  5. SCPrime

    SCPrime Well-Known Member

    Joined:
    Oct 1, 2006
    Posts:
    4,134
    News Credits:
    1
    Trophy Points:
    202
    Likes:
    +18
    your best bet is to get a real estate agent. They should know (or have the means) to find out everything about international buying. In the US, the seller pays the agents' commission (for both the seller and buyer's agent) so your in-laws don't have to pay for their agent. Not only will the agent know the buying process but can help find/show your in-laws houses they may want to buy. A good agent will preview houses first and line up a few houses (that match your in-laws criteria) to show your in-laws when they are ready to see. The agent will then make the offers and do all the paperwork necessary.

    If your in-laws are paying cash then they should have an advantage over someone who would have to take out a mortgage loan. Most sellers prefer cash only buyers over ones who need loans.
     
  6. doomboy536

    doomboy536 Universe Onslaught fanboy

    Joined:
    Sep 17, 2008
    Posts:
    7,370
    News Credits:
    3
    Trophy Points:
    197
    Likes:
    +25
    Ebay:
    Thanks both of you. We'll definitely be using an real estate agent (or a realtor, is there a difference between the two?). Luckily I have a month until we're going on the trip so I have plenty of time to look up prospective real estate agents.
     
  7. grimlock1972

    grimlock1972 "No Mas" My Wallet

    Joined:
    Apr 20, 2009
    Posts:
    18,198
    News Credits:
    2
    Trophy Points:
    262
    Likes:
    +58
    Given your in laws most likely speak Spanish they should not have too much trouble finding a Realtor in Miami who is bilingual.

    Said Realtor can tell them all they need to know. good luck to them.
     
  8. Razerwire

    Razerwire 99 Problems... Super Mod

    Joined:
    Jan 23, 2004
    Posts:
    49,745
    News Credits:
    2
    Trophy Points:
    342
    Likes:
    +39
    Realtor and real estate agents are the same thing.
     
  9. doomboy536

    doomboy536 Universe Onslaught fanboy

    Joined:
    Sep 17, 2008
    Posts:
    7,370
    News Credits:
    3
    Trophy Points:
    197
    Likes:
    +25
    Ebay:
    Thanks mate, appreciated!

    Ah rightyo. Yet another example of the fun and subtle differences between British and American English :lol 
     

Share This Page