As a foreigner buy a property in the U.S. (Florida)
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Questions and answers about real estate
I have a few questions (and answers) together, which are frequently asked about my “foreign” clients regarding real estate in the United States. If you still think of questions, please send me an email ( monika.wilson @ century21.com ). I answer you. In the notes on the contracts and costs, the information policies that are usually handled in Sun Of course everything is negotiable, even the cost
- if buyer and seller are in agreement about these changes.
What is the cost of buying a property in the U.S. for the buyer?
When buying a property in the U.S. for dropping the big buyers at no cost. Most of the Abschlussgebuehren will also be accepted generally by the seller. The seller pays the Eintragungsgebuehren example, the
Title Company (similar to a notary in Germany) and the title insurance. The buyer usually pays only a small Abschlussgebuehr to the Title Company, are generally less than $ 500.00. The property tax is up to the final day bezaht by the seller and after the final day this will be taken over by the buyer. The buyer should have a
mortgage take to complete, the buyer pays for the Abschlussgebuehren his mortgage (which of the buyer), because it has the seller to do anything.
What about old debts with or contaminated?
The Title Search will find all the old debts and legacy, they must then be paid by the traders usually sell before completion / to be adjusted. The Title Company will complete any property with debts or legacies.
In addition, the type will be made to the purchaser a title insurance (insurance), then the case should have something about the Title Search to see pay for this debt is.
What are the costs when selling a property in the U.S.?
In principle, the sale of the property falling to the above costs. The seller pays title insurance, title search, Doc Stamp and the commission for both agents (the sellers broker and the broker of the buyer) also subject
a 10% levy on to My eBay, but paid back usually after a few months at the foreign seller is.
How can I find a suitable property?
The more information the buyer gives the broker, the easier it is to find a suitable property. Ie you were asking in advance what would be a property for your dream home. For example. House or apartment, with pool
or without, water location, or any position in the water, at or in a golf course in a gated community, or rather not, newer property or older, which claims to the situation in general – and of course your asking price. And like everywhere in the world, the main rule is to find a good property: location, location, location. The broker will be your criteria,
take and seek out real estate that best match your “ideal”. The worst thing for us is let, if a customer comes and tells us: I want to buy a property, but does not know exactly whether house or
apartment, asking price, I’m not smart, just too something. We have in our area (SW Florida) about 5.000 homes on the market – here we can not really have no idea what you imagine, just send time offers.
Which is better? House, apartment, Gated community?
It is difficult to answer and is also due to your liking. Housing and gated communities have the advantage that you have to address there as well as to all and when you leave, you shut the door and the
issue is settled. But in closed condominiums and apartments have to pay a monthly housing allowance, if at this resort are many Bankforeclosures or short sales, these owners of this housing allowance pay of course not.
Therefore, the burden for higher, the remaining owners, and hence the housing allowance for those remaining owners. The community facilities have to yes warden still kept and maintained. Also have
gated communities or homes, certain rules, for example, some allow no short-term rentals, no BBQ, no pets and so on.
In a normal house (not a closed residential complex) one usually needs a garden service and / or pool service in the rent and also a manager who takes care of during your absence to real estate.
Which search engines are the best?
There are some good search engines that read directly from our MLS (central database of brokers) its information – make some of them several times daily with a comparison to the MLS and are therefore always up to date. A search engine
(one of the best for me) is called Listing Book. Listing Book is a free no obligation search engine for SW Florida. http://monikawilson.listingbook.com/ where you can enter criteria, save favorites and Listingbook send an email to you every morning with new listings that match your criteria, as well as changes in the pricing and sales . Unfortunately, there is still no book listing anywhere. Realtor.com is also quite good, but make their balance is not very often and some real estate there are already outdated (sold or no longer current.). And, most recently, there are “Smarter Agent,” an app for your mobile / cell phone: http://mobile.smarteragent.com/c21/monikawilson/
How do I find a good broker?
A good broker is best about their recommendations from people who have already worked with this agent. Another way is to look at the Web site of the broker – how much information is given -. The more the better
, and of course the agent will respond promptly to your questions and he answered your questions in weeks. Does he / she sends to your questions, and you offers that meet your wishes, or he will try for a property
to sell, that pleases him / her or where the commission is higher, or where an extra bonus is promised for sale to the broker. If the broker is time for you, or he looks / she is constantly on the clock, “you made with the
bare necessities from ”
As the real estate system works in the U.S. – What’s different?
Here, each broker has access to all objects that reside on the market. Each broker throws its offerings in a big pot from the pot then any broker who works in the respective area, take out and sell real estate to his / her clients. This gives us the opportunity to serve our customers’ needs and the buyer
the opportunity to work with only one broker – because as I said, all brokers to access the same database (big pot) to. The Maklerprovison for both agents (buyer and seller broker agents) paid by the seller.
What is the process – steps when buying property?
After one has selected the property, you make a written offer that the buyer broker then presents the seller broker. Attention! This offer is for a legally binding sales contract if the seller akzpetiert this offer without changes. If, however, the seller shall submit a counter offer – it’s still only a counter offer and no contract. By submitting it offer a deposit is payable, at the
height will be determined by contract. This deposit goes into an escrow account and remains there until either the purchase or up to a possible but Vertragskuendigung.
In general, the buyer agent will always make an offer depends on a home inspection. When this is the house of “studies”, in relation to the roof structure, air conditioning, electrical, installations, Chinese / Defective drywall, construction, termites, mold, … and to most functional of all devices. Normally, the buyer has 10 days after
the two-sided acceptance of the offer period to be carried out such an inspection. If the home inspector to determine anything, no matter how big or how small, can the buyer without problems and without costs (except costs for the home inspection) to withdraw from the contract. The deposit is in this case all the way back to the buyer. However, the home inspection is paid by the buyer.
Also, the contract (if any) made by the funding dependent and if the buyer does not receive the funding is terminated in this case the contract without any problems and also in this case, the deposit goes into full
height back to the buyer.
When the home inspection is down to the satisfaction of the buyer, the contract goes to the Title Company, much like a notary in Germany leads to the final purchase treuhaendersich. The Title Company then executed one
by Title Search to determine and to ensure that no contaminated sites are on the property and then issues the title insurance. The Title Company then prepares the final documents on the final day of the then
be signed by buyer and seller. The Title Company then makes the required entries in the Land Registry.
What about others with property taxes and taxes?
Property tax is paid retroactively here, that the moment is the reason for tax due in 2010. The tax base for property tax, the sales of similar properties in the same area taken. Unless the property has Homestead Exemption (here in Florida Homestead Exemption if, when the first residence, this property) is similar to the property tax on these Vorjahresverkaeufen. If the property rises or falls, the property tax goes up or down. With Homestead Exemption and Save our homes – here in Florida – the land tax (or the value of the house) is frozen and the tax can only increase 3% – regardless of whether the value of the building height
increases.
Can I buy a property in the U.S. without a visa?
Yes, there is no difference with or without a visa – a foreigner can buy a house in the U.S. without a visa or green card and is also registered in all official land register as the owner. The purchase of a house but has
no influence on the possible immigration or visa. There are still considered ‘normal’ entry requirements for the United States.
Can I finance in the U.S. as a foreigner (without visa) for a property?
Yes, but the conditions are somewhat bracing. Minimum equity financing for foreigners is 25 – 35% Can I rent the property?
Short-and long-term rental is possible – but in apartments or houses in a gated community, you should check with the Association that under these rentals. In real estate, not in a closed
residential complex or apartment is a short – and / or long-term lease possible without further ado.
How do I find a good manager?
There are good and bad managers, and here’s my best tip that keeps you with other clients of the manager and also with real estate brokers. In general, we know (as agents) who managed his manager
keeps good houses in good shape and what not.
How do I know is a good investment if the property?
A good agent will pick the buyer like the sales of similar houses in the same area – therefore we know then is whether the offer price is justified. Also, it is always better to buy the
ugliest house in a good area, rather than vice versa. Of course you should not buy property in a high-price market, but rather in a low-price market. Also, one should always consider in terms of investment, that a
house that you shop bspw.fuer $ 200,000 to $ 400,000 in value quickly rises, as a house that you buy for $ 400,000 will increase to $ 800,000. The same applies of course also a house for $ 1,000,000 to
buy, it will quickly rise to 2,000,000, as a house will increase from 2,000,000 to 4,000,000. My advice is, however, always pays attention to the situation, the situation and the situation again. You can Change customer a house forever, but the
material entering position is usually not (or not much). Bought in rather a Kaeufermarkt, as in a Verkaeufermarkt and buys more in a “flat” market than in a rising market.
How much can I negotiate the offer price?
This is different. Sometimes you can negotiate quite formidable, sometimes nothing in it. There is unfortunately no rule of thumb. Some sellers have their homes priced well below market-driven or even offered, some
Vendors are totally above the market value. Also, it is because how motivated the seller is. An experienced broker has, however, because experience and can advise here.
How does it work with the Bank Foreclosures?
The acquisition of Bank Foreclosures is much like the purchase of a “nomal” house. Only the owner of the property is not just einPrivatmann, but the bank. One can not say in general that Bank Foreclosures in a
poor condition are (some are there but quite). Many banks have cleaned the houses and renovate and paint if necessary. There are Bank Foreclosures, where you can watch by no means that it Bank
Foreclosures are, however, that there are, where you first must send the Putzkolone Duch and all doors, sinks and so on are missing (such houses are rather rare)
How does it work with Short Sales?
I was supposed to respond here – which are to Maeusemelken. In a short sale is the actual owner nor the owner of the house, but this owner owes more on the house than it’s worth. Now it is
so that the bank is legally possible less money and sold the rest as a loss. Reads well, but in practice it is a very cumbersome and lengthy process. The banks naturally want the message of the
loss herauszoegern as long as possible. Just a few short months, those sales have drawn endless – 6 months were not uncommon. And in all that time the buyer does not know whether the bank of the seller that
accepts offer or not. Ie the buyer misses in this waiting time but one or the other house, which is also legally possible would have met the expectations.
Since a few months, however, these banks was better, they remain in contact with both brokers and they try the process of a short sales to accelerate. Some with more success, some with less.
Once the Bank has agreed to the Quotes of the seller, also runs a Short Sale at just how a “normal” purchase.
What I have for running costs?
Running costs of a house are:
Property tax
(annually, Muelabfuher is included in property tax)
Insurance
(here in Florida and hurricane insurance, which by the way all the prophecies of doom
is getting to the defiance and not over-expensive.)
Power
Water
Phone
Computer
TV / Kable / Satelitt
If necessary, property manager
If necessary, pool service
If necessary Garden Service
If necessary, Pest Control (pest control)
Where appropriate, housing benefit (in flats or gated communities)
Can I open a U.S. bank account (as a foreigner without a visa)?
Yes, however, require the banks are lots of forms that have to be signed, and a copy of your passport, there are banks that do not require Kontofuehrungsgebuehren. Internet banking is used by almost all banks
offer this work and also from abroad.
How do I find out which neighborhood is “good”?
We as brokers give any information about a “good or bad” neighborhood. This applies as Diskreminierung or steering. My recommendation is always to please ride in the area, what your interests you at different
times of day and entertain you with their neighbors. Maintained or unkempt looks like the houses in the neighborhood are about crime and want to know if it goes to the website of the local Sheriff’s Department. Posting a Kriminalitaetsstatistiken that area are related.
All this information is related to Florida. In some other states, the rules are a little different than here – but by and large you should give this information, a guide with which you then your own broker
“holes” koennt.Bitte send me an email if I do one or the other vergesssen have or if I have expressed myself misverstaendlich or have just forgotten one or two questions.
