Foreign home buyer

[BWhitehead]

Person in UK wants to buy home in FL. He does not have a SSN. Can he still buy the home?

 

[dee_dub]

Yes.

(Edit: Apparently that message is too short for the filters.)

 

[BWhitehead]

How does he do that? I advised him to contact my bank and also my real estate person and he is doing that but I need to be smarter re this. Thx.

 

[dee_dub]

He buys it just like a US citizen: he pays you the purchase price and you transfer title.

That said, there is the potential for more glitches in the sale process. The bank might want a minimum downpayment, e.g. 20%, because the purchaser is not a resident. He also might have problems getting a mortgage. There may be some tax withholdings. You should consult with a real estate lawyer.

 

[BWhitehead]

He doesn't want a loan, he wants to set up a deposit account in order to pay for the house. Would a passport number work? Or British ID number? Thx

 

[dee_dub]

Depends on the bank. He should talk to them.

You shouldn't do this for him. My spidey-sense is tingling - this smells like it's ripe for fraud. If he wants to buy, he needs to step up himself and organize the finances.

 

[BWhitehead]

Thanks so much. You are very helpful. Bev

 

[BWhitehead]

Another question please. What type of payment device from a foreign bank is safe to use in paying down payment or full payment for my home? Bank check, bank draft, certified check, etc. Thx again. Sorry to be such a novice. Bev

 

[dee_dub]

As a matter of fact, many foreign sales are 100% cash transactions. Foreign cheques can be cancelled, foreign bank drafts can be fraudulent.

Allow sufficient time for the deposit - whether cheque, draft, or whatever - to be confirmed before closing. It could take weeks for your bank to find out that a foreign cheque is a fake.

You should use a lawyer to handle the transaction, you should discuss this with your bank, and you should consider using an escrow service.