My friend in Italy would like to buy a residence here in the US while the Euro is strong, and sell when the Dollar gets stronger. Can he legally do so? If so, can a regular Realtor help him, or does he need a specialist of some kind?
2007-03-21 07:05:14 · 2 answers · asked by Erika B 2 in Business & Finance ➔ Renting & Real Estate
Oh, and I should add that he will be buying in cash...no mortgage.
2007-03-21 07:18:54 · update #1
If he is paying cash for the home there are almost no issues at all other than the Patriot Act- just proving he is not a terrorist.
He can even finance the home easily enough as many banks offer foreign national loans at reduced LTV's- usually 80% or less.
A regular realtor is not the issue- having a title company willing to put in a little extra effort will be. But still not really an issue when paying cash.
2007-03-21 08:16:13 · answer #1 · answered by flamingojohn 4 · 0⤊ 0⤋
Yes.
Foreigner (resident or otherwise) can generally buy property in the US.
Their ability to get a loan is pretty limited as they need a US credit history.
They also have some specific things to deal with when they sell as the IRS wants to make sure they pay the taxes due.
Otherwise the process is no different for US citizens and the rest of the world when buying in the US.
Some other countries restrict who can by there so the reverse is not as simple.
2007-03-21 14:12:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋