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httDetroit Bungalow for $750

The details are scarce but at $750, this 1925 three-bedroom Craftsman with garage may deserve a closer look. The property, located in an inner Detroit neighborhood, needs some unspecified work. According to real estate website, Neighborhood Scout, the median home price in the vicinity is about $45,000, but this house is not likely to be the only one around offered at greatly reduced prices due to foreclosure.
Email the agent
Find foreclosures in Detroitp://img2-2.timeinc.net/toh/i/g/houses/0209-radical-cheap/01-Detroit-bungalow.jpg |
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Can Foreigners Buy Real Estate in the United States?
Provided by HG.org
As the real estate market in the U.S. has made a strong indication of recovery, some outside of the United States have begun to look again at American real estate investments as a possibility. This leads some to wonder, though, whether it is even possible for a foreigner to buy real estate in the U.S.? If so, are there any special laws to be aware of or taxes that must be paid?
Unlike many countries that only allow land sales to those with citizenship in the country, the United States treats sales of real estate to foreigners almost the same as sales to citizens. The only limitations are usually imposed by homeowners associations, condominium associations, cooperatives, or other forms of community associations. A community association is an organization, often incorporated as a legal entity, that is charged with managing real property situated in a particular building or neighborhood. Most associations are mandatory, meaning that simply by purchasing a lot or unit within one of these communities, one is agreeing to be a member of the association and to obey all of its rules. Some states allow associations to control who sales of property can be made to in order to prevent the association from having absentee owners against whom it is impossible to enforce the association's rules. This is more of an exception than a rule, however, but it is still important to discuss this possibility with an attorney and your real estate professional prior to making a sale or purchase.
Financing
It is possible to obtain financing for a purchase by a foreign buyer. However, foreigners are more likely to pay higher interest rates and be required to make larger down payments (often 40% or more of the purchase price). Again, this is because of the relative risk of a foreign buyer, who may be impossible to serve with legal process and whose assets may be untouchable, versus a domestic buyer who will be easier to track down and who is subject to the state and national laws should a default occur.
Closing
Another area of concern is the travel that would be required to negotiate and close a land transaction. It could become quite costly if a foreign citizen must travel back and forth to the U.S. to handle each step of the real estate buying experience. Fortunately,it is possible to provide what is known as a “Power of Attorney” to an agent in the U.S. to make all of the appropriate arrangements and sign the appropriate documents.
Taxes
One thing that is a certainty in any real estate transaction is taxes. Unfortunately, these can be more complicated in land transactions involving foreign nationals, given that the tax laws of more than one country may apply. Different nations have different tax treaties with the U.S., so before finalizing any deals it is important to consult with a local tax expert in your country and possibly in the U.S., as well. Sometimes these laws may require a certain tax payment in the U.S. and a separate payment in the home nation, and some may only require taxes to be paid in the U.S. Also, the rate of taxation may vary by country.
On a related note, foreign buyers who finance their purchases with a 40% to 50% down payment are usually able to avoid paying income taxes on any rental income derived from the property for the first 10 to 15 years. This results from the types of expenses the U.S. government allows taxpayers to deduct from their income when filing income taxes. Things like mortgage interest, common charges, property taxes, and depreciation are included in these calculations, often leading to “negative income” calculations, meaning no taxes will need to be paid. This will eventually change the longer the property is owned, as some of these deductions eventually begin to run out, but this can be a great means of avoiding taxes on investment properties for a number of years.
When selling the property, the foreigner will always be subject to U.S. capital gains taxes. As a result, the foreign seller will automatically have 10% of the gross purchase price of the property withheld by the U.S. Internal Revenue Service (IRS). In some instances, this flat withholding may be too little or too much, given other items on the foreign national's tax return, and a refund or further payment may be due when one files their U.S. tax returns for that year.
There are numerous other considerations one should investigate as a foreign investor in U.S. real estate, but it is entirely possible and relatively easy to purchase land in America. For more information about the process and for further tips about taxes, legal protections, and other considerations when buying American real estate, please visit the Law Firms page of our website at HG.org and search for an attorney in the area where you wish to make your real estate purchase that specializes in real estate law.
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& ANSWERS
Do I need to become a citizen to buy a home in the U.S.?
No, you won't need your citizenship or a green card, but you will need an Individual Taxpayer Identification Number (ITIN). That's a tax-processing number assigned to foreign nationals who are required to have a U.S. taxpayer identification number, but do not have one and are ineligible for Social Security numbers.
An ITIN can be issued by the Internal Revenue Service or by a Certified Professional Accountant approved by the IRS. You will have to fill out a Form W-7 (in English language) or a Form W-7(SP) (in Spanish language) in order to request your ITIN. On the W-7 form you will be required to give a valid reason for your application.
Depending on your nationality, you may also need a valid foreign passport, visa and two or more current photo identifications, such as a driver's license.
What should I expect from my first meeting with my real estate agent?
This is the perfect time for you to tell your agent exactly what you're looking for in a property and your budget. It might also be a good idea to take the time to tell your agent how the home-buying process works in your native country and ask about any differences in the U.S. market.
The more you know, the less stressed you’ll be when you enter into the negotiation process.
FIND AN AGENT Connect with an Expert Now
Will I need to hire a real estate lawyer?
Although not mandated, you may want to seek the services of a real estate attorney to help with any legal issues or questions you may encounter along the way. A real estate lawyer can review the sales contract for you, check the title and other documents relating to your purchase, and advise on legal and tax issues concerning your property.
Is there a type of property I can't purchase in the United States?
Foreign buyers are eligible to buy single-family homes, condominiums, duplexes, triplexes, quadraplexes and townhomes.
Housing cooperatives or co-ops often have rules prohibiting foreign ownership. That's because co-ops generally require that a buyer's source of income be from the United States and that most of the majority of the buyer's assets be kept in the U.S.
Should I purchase U.S. property in my name?
Foreign investors can purchase property directly - in their own names - or through some sort of business entity, such as a domestic corporation, foreign corporation, limited partnership, joint venture, real estate investment trust or limited liability company.
How the property will be used should play into your decision. Additionally, the structure through which you purchase your property can have dramatic tax consequences. Your real estate attorney and accountant should be able to provide counsel concerning your options.
Can I pay for my property in cash?
Yes, all-cash purchases are permitted, but U.S. law mandates that cash transactions over $10,000 be reported to the federal government. The requirement for reporting involves everyone connected to the transaction (purchaser, real estate agents, attorneys and title companies). The government wants to know how you earned the money and that it was legally obtained.
Cash buyers can potentially save money on mortgage application fees, loan origination fees, appraisals and title insurance.
Are there specific states in which foreign buyers should look for properties?
International buyers are attracted to different parts of the United States for different reasons. Some want to be close to business interests or family, while many others are drawn to warmth.
In 2012, Florida had the largest number of international buyers at 23 percent, followed by California at 17 percent, Arizona and Texas both at 9 percent and New York at 3 percent. According to the National Association of Realtors, about half of 2012's foreign buyers purchased homes in suburban areas and 25 percent opted for homes in more urban areas.
Do I have to travel to the U.S. for the closing?
While you may very well want to attend your real estate closing, it is not necessary. In the event that you cannot or choose not to attend your closing, you must execute a "Power of Attorney." This is a written document authorizing another person to represent you and sign on your behalf.
Are there additional fees I will need to pay at closing?
Yes, the buyer typically is responsible for paying for the title search and insurance, legal fees and recording fees, amounting to an additional 1 percent to 2.25 percent of the total cost of the transaction. On a $300,000 home, that amounts to another $3,000 to $6,750.
How will a U.S. real estate purchase affect my taxes?
A foreign property owners' tax liability in his home country will vary depending upon where the purchaser is from and whether that country has a tax treaty with the United States. Consult a tax attorney familiar with your home country's treaty to get answers to tax-related questions.
The United States government requires that foreign nationals pay U.S. income taxes (state and federal) on any net income (rental revenues less expenses) received from rental property. If tax returns are not filed in a timely fashion, a tax of 30 percent of the gross rental income may be assessed. Even if you're incurring losses in the early years of your investment and you don't owe any taxes to the government, you still must file your tax returns in a timely manner or be subject to financial penalty.
What is FIRPTA?
FIRPTA refers to the Foreign Investment in Real Property Tax Act of 1980. This ruling authorizes the United States to withhold income tax when property is sold, exchanged, gifted, transferred or liquidated by a foreigner. The Internal Revenue Service takes 10 percent of the proceeds and the state government will also take a percentage. |
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Will I need to hire a real estate lawyer?
Although not mandated, you may want to seek the services of a real estate attorney to help with any legal issues or questions you may encounter along the way. A real estate lawyer can review the sales contract for you, check the title and other documents relating to your purchase, and advise on legal and tax issues concerning your property.
Is there a type of property I can't purchase in the United States?
Foreign buyers are eligible to buy single-family homes, condominiums, duplexes, triplexes, quadraplexes and townhomes.
Housing cooperatives or co-ops often have rules prohibiting foreign ownership. That's because co-ops generally require that a buyer's source of income be from the United States and that most of the majority of the buyer's assets be kept in the U.S.
Should I purchase U.S. property in my name?
Foreign investors can purchase property directly - in their own names - or through some sort of business entity, such as a domestic corporation, foreign corporation, limited partnership, joint venture, real estate investment trust or limited liability company.
How the property will be used should play into your decision. Additionally, the structure through which you purchase your property can have dramatic tax consequences. Your real estate attorney and accountant should be able to provide counsel concerning your options.
Can I pay for my property in cash?
Yes, all-cash purchases are permitted, but U.S. law mandates that cash transactions over $10,000 be reported to the federal government. The requirement for reporting involves everyone connected to the transaction (purchaser, real estate agents, attorneys and title companies). The government wants to know how you earned the money and that it was legally obtained.
Cash buyers can potentially save money on mortgage application fees, loan origination fees, appraisals and title insurance.
Are there specific states in which foreign buyers should look for properties?
International buyers are attracted to different parts of the United States for different reasons. Some want to be close to business interests or family, while many others are drawn to warmth.
In 2012, Florida had the largest number of international buyers at 23 percent, followed by California at 17 percent, Arizona and Texas both at 9 percent and New York at 3 percent. According to the National Association of Realtors, about half of 2012's foreign buyers purchased homes in suburban areas and 25 percent opted for homes in more urban areas. |
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Do I need to become a citizen to buy a home in the U.S.?
No, you won't need your citizenship or a green card, but you will need an Individual Taxpayer Identification Number (ITIN). That's a tax-processing number assigned to foreign nationals who are required to have a U.S. taxpayer identification number, but do not have one and are ineligible for Social Security numbers.
An ITIN can be issued by the Internal Revenue Service or by a Certified Professional Accountant approved by the IRS. You will have to fill out a Form W-7 (in English language) or a Form W-7(SP) (in Spanish language) in order to request your ITIN. On the W-7 form you will be required to give a valid reason for your application.
Depending on your nationality, you may also need a valid foreign passport, visa and two or more current photo identifications, such as a driver's license.
What should I expect from my first meeting with my real estate agent?
This is the perfect time for you to tell your agent exactly what you're looking for in a property and your budget. It might also be a good idea to take the time to tell your agent how the home-buying process works in your native country and ask about any differences in the U.S. market.
The more you know, the less stressed you’ll be when you enter into the negotiation process.
FIND AN AGENT Connect with an Expert Now
Will I need to hire a real estate lawyer?
Although not mandated, you may want to seek the services of a real estate attorney to help with any legal issues or questions you may encounter along the way. A real estate lawyer can review the sales contract for you, check the title and other documents relating to your purchase, and advise on legal and tax issues concerning your property. |
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How to
PURCHASE A HOME IN THE U.S.
The term "global marketplace" has never been more descriptive - particularly when it comes to real estate.
According to the National Association of Realtors, international buyers purchased more than $68.2 billion in U.S. residential real estate from March 2012 to March 2013, across all 50 states. Property sales in the United States to foreign buyers amount to more than 6 percent of total U.S. home sales in value.
Whether you're an international investor, a Canadian snowbird or a first-generation immigrant living in the United States, purchasing in an unfamiliar market can be daunting. While this guide will help you get started, it is no substitute for the expertise of experienced real estate agents, attorneys, mortgage brokers and accountants you will want to consult along the way.
1
Determine
HOW THE PROPERTY WILL BE USED
1
2
3
4
?s
Before you start your property search, it's important to think ahead to how you'll use the home once the deal is done.
Will this be a vacation home?
A home to stay in while doing business in the United States?
A home for your children while they attend college in the States?
An investment?
An eventual long-term residence?
SIMPLY BUYING REAL ESTATE in the United States does not give foreign owners any rights or privileges regarding legal stay or status. If you're interested in staying in the states longer than allowed by a standard visa, contact an immigration lawyer.
By determining the primary use for your property and how long you plan to own it, you'll be able to provide information to your real estate agent that will help guide the search and sale.
GET STARTED by Searching
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i baru je view last week...
memang banyak rumah kosong dear...
ada owner yang let go cmtu je..sebab dah xbalik modal..byk yang beli rumah situ nak jadikan rumah as a second income..
i nak beli situ p i ngeri nak lalu hi way dia if anythng terjadi cmne....
rumah yang i view ni rm105000.00
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kat puchong second hand apt 5 tgkat rm160k nknk jual |
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insulin posted on 14-9-2015 09:19 AM 
Saya pon ada apply juga. Namun isi separuh jalan. Sebab nk mohon surat pengakuan bujang dari KJ.
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oo bujang ke..ala tu pakai yg dr com of oat pun bleh kan???...ni ade buka kat kepong baru 189k stat price..sila apply di rumawip...
semoga uols dpt beli umah idaman...allahuma aamiin... |
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Ada bahalol mengatakan harga rumah kat Malaysia TAK MUNGKIN turun. Dia cuma bolih NAIK je.
Dengan ekonomi tak memberangsangkan, dengan politik tak semenggah, consumer consumption menurun, syarikat buang pekerja dan macam2 lg.........yet rumah TAK MUNGKIN TURUN katanya.
Kita tunggu je lah....
P/S Dok tanya real estate, property investor, REHDA........buat apa? Dah memangnya diaorang lintah......harga rumah cuma menaik je kata diaorang. |
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o, dia bini botak ko ke  |
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maksud batu kikir, suatu hari nanti, harga rumah akan turun ke kat malaysia ni, kalau tak betul kata si bahlol tu?
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i think i saw the ad on mudah. pastu cari balik, dah takde. ni boleh percaya ke? projek dh jalan?
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kasijelaya replied at 14-9-2015 12:59 PM
o, dia bini botak ko ke
Haah, dia dah segan nak guna nama lama dah.  |
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murah pun tapi hidup tak selamat, tak guna juga...
jenayah bagai.... itu sebab dijual murah...
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rumah murah....... kenapa tak ucap terima kasih pd kerajaan?
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Kak @amansihat tetiba i jadi ambitious plak nk retired kat amerika tu
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Post time 14-9-2015 09:28 AM
