Foreigners - Investment and Foreclosure
Great Investment/Retirement Opportunities for International Buyers!
In keeping up with real estate investment opportunities in the Naples area, we frequently come upon some wonderful properties that make great sound investments
Are You a International Buyer Interested in Buying a Bank-Owned Property?
Let Independent Brokers Realty Help You Understand The ProcessHow many times have you said to yourself, “I sure wish I bought that house when…” or “Hindsight is 20/20?” Be smart and take advantage of the incredible deals in Naples while the exchange rate to the Dollar is strong and the real estate market has a great selection of foreclosure homes!
The process is relatively simple. You can purchase the property sight unseen! Once the bank has accepted your offer, you have 10 to 14 days to conduct any visual and mechanical inspections on the home. If the home is unacceptable, you can cancel the contract during this “inspection” period with no repercussions.
Here are 5 simple steps to owning the investment/dream home you've always wanted and can now easily afford:
Step One:Identify the property or properties that you would like to buy.
Step Two:Submit a contract on the property. You will need to wire your earnest deposit (generally about 1% of the purchase price) and have a letter from a local lender stating that you are conditionally approved for a loan. If you are paying cash, you’ll need a letter from your financial institution stating that you have the funds necessary to purchase the home.
Step Three:The bank will either accept, reject or counter your offer. If multiple offers are received on the property, then they usually will accept the highest offer. If you get a counter offer, then you can either accept or reject that offer.
Step Four:Once you have an approved and accepted offer from the bank you will have 10 days in which to do your “due diligence”. This means you will need to visually inspect the property. It is also highly recommended that you have a licensed Home Inspection Company do a complete review of the condition of the home. The banks will not do any repairs, but you will at least know what you’re getting into and depending on the cost of any necessary repairs, if it’s still worth your while to go through with the home purchase. From experience, most things that are found are cosmetic. Frequently, new carpet, paint and appliances will need to be put in, but not always.
Step Five:If you decide to continue with the sale of the home after the 10 days is up, you will then have about 2 – 3 weeks to complete the purchase.
Foreign Buyers and Sellers