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6 Things Foreign Buyers of U.S. Real Estate Need to Know
1. No Fannie and Freddie
2. Higher-priced mortgages
3. A bigger down payment
4. A tougher approval process
5. It takes longer
6. Cheaper All-Cash Alternatives
Overseas investors spent $102.6B in 2016 and that was a 1% drop from the previous years but there was a 3% increase in transactions. This shows that the investors are getting smarter and buying in less traditional areas, such as New York, California and Chicago. So places like Florida, Texas and Arizona have seen substantial growth!
In short, due to complications that would arise from a defaulting buyer, these buyers have traditionally paid all cash for their properties. This means mortgage companies are at high risk and need to apply more resources in order to get this type of buyer qualified. This warrants bigger down payments and a longer process which just down right cost more.
Author:Rogers Healy Phone: 214-676-4270 Dated: January 11th 2017 Views: 151 About Rogers: Rogers Healy, a native Texan, has lived in Dallas for the majority of his life. Before moving to Dal...
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Rogers Healy and Associates Real Estate is a DFW based residential and commercial real estate company that was founded in 2007 by Rogers Healy. RHAdfw is passionate about developing long lasting relationships with clients while representing them to buy, sell or lease any home in DFW.