Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have a client who is looking to buy a condo/townhome in the Los Angeles area and they are from the United Kingdom. The property is actually going to be for their son who goes to school in Los Angeles and is here with an F1 visa. They are going to make an all cash offer, but will be getting the funds whenever they go to the UK and take a loan on their property. That would still qualify as an all cash offer correct?
My questions are:
Do the parents of the student need to be here in order to have this transaction go through? Can everything be done electronically? Or with the help of their son who is 19 years old and resides in Los Angeles at the moment?
Is there anything else I should consider? This will be my first deal as an agent when all works out so I have some butterflies. Overall, we have seen 12 homes so far...
If no mortgage is involved, it's a cash transaction, and yes they do not have to be on location to purchase. They can either give their son power of attorney to sign the closing docs on their behalf (check with the title company for the exact language required on the POA), or they can sign in the UK, but will likely need to get their signatures notarized at a US embassy.
Are you saying they are going to get the loan first and then make the offer? I'm not sure how it would be viewed if you say you are making a cash offer and then have to turn around and get a loan.
1) No. That is not a cash offer. That offer is contingent upon a home equity loan which is NOT a cash offer. Cash means the money is sitting in the bank.
2) I have a client in the Netherlands and he signed over there. Just call your local title company and ask that they want to see and set that up in advance with your client. At least for my client it was a one week "recognition" time for the wire of the funds to go through. Make sure you leave ample time for the international wire to go through.
3) Why in the world aren't you talking to your broker or an attorney to assist you? You clearly need some guidance, which is fine, we all do...but you need to talk directly with someone who is familiar with the intricacies of your clients needs...which is not us.
Any money that comes in from out of the country will need to be verified. If the buyers are paying cash, that cash that goes to the attorney's office will need to be traced. At least this is what my closing attorney in NC told me.
I have had clients from out of the country, pay $200K plus get a $200K loan. Lender verified all funds.
Vicki
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
