Foreign Nationals are allowed
to own real estate in the US. In fact, there are very few differences between a
foreign and US buyer when purchasing real estate. It is important that the Foreign Buyer understands the buying process and
understands basic information about US real estate practices that may vary
greatly from a buyer’s home country.
Below please find a brief overview on buying in the US as a Foreign National.
US REAL ESTATE PRACTICES
Transparency – In the US, real estate is very transparent. A new listing for sale is required to be posted to the listing service within 24 hours so that active listings are available to all agents. This is unlike in many other countries, where buyers have to go from agent to agent to find a property. East Egg Realty is a member of all recognized real estate boards throughout Manhattan, Long Island and the Hamptons, including REBNY, Manhattan MLS, LIBOR, and NAR. We have access to all the listings in New York and can assist you in the sale of any one of them.
Commissions – The sales commission is usually paid by the seller (and then divided between both the buyer’s and seller’s brokers), so buyers normally do not need to pay anything to have a buyer’s agent working on their behalf. It is always advisable for a buyer to work with an Exclusive Buyer’s Agent who will protect the buyer’s interests in the transaction.
FINANCING IS READILY AVAILABLE FOR FOREIGN BUYERS
Most qualified Foreign Buyers can obtain financing for properties. Below, please find an example of terms that may be available. We recommend that you speak with a mortgage specialist to learn about the latest programs, rates and terms:
401 Park Avenue South 10th Floor New York, NY 10016 212.355.0419
261 Madison Avenue 9th Floor New York, NY 10016 212.661.5932
85 Forest Avenue Locust Valley New York, NY 11560 516.299.9240
1225 Franklin Avenue Suite 325 Garden City, NY 11530 631.887.3558
2016 East Egg Realty. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. East Egg Realty is a licensed real estate broker. Owned and operated by East Egg Realty, LLC. The source of the displayed data is either the property owner or public record provided by non-governmental third parties. It is believed to be reliable but not guaranteed. Equal Housing Opportunity.