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  • Buying property in America

    I have a couple of questions for the American members here.
    What are the property prices like in the US right now, after the sub-prime crisis and all ?

    Is it legally possible for a foreigner like me, sitting in a different country to buy property in America right now ? Can i do it all through a lwayer without needing to visit USA or do i HAVE to go there ?

    Thanks

  • #2
    Originally posted by abhishek View Post
    I have a couple of questions for the American members here.
    What are the property prices like in the US right now, after the sub-prime crisis and all ?

    Is it legally possible for a foreigner like me, sitting in a different country to buy property in America right now ? Can i do it all through a lwayer without needing to visit USA or do i HAVE to go there ?

    Thanks
    I don't know about whether there are additional steps for foreigners in buying property, but the sub-prime has had different impacts in different areas. I'm renting my house out currently, but the exact same model across the street just sold for $100K more than it was bought for 18 months prior, all during a time when homes had "stopped" appreciating.

    What has happened is that the pace of transactions has slowed quite a bit, prices have stabilized in some areas and gone down slightly in others, and sellers overall have to be much more flexible to buyer demands, unlike 2-3 years ago.
    "So little pains do the vulgar take in the investigation of truth, accepting readily the first story that comes to hand." Thucydides 1.20.3

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    • #3
      Originally posted by abhishek View Post
      I have a couple of questions for the American members here.
      What are the property prices like in the US right now, after the sub-prime crisis and all ?

      Is it legally possible for a foreigner like me, sitting in a different country to buy property in America right now ? Can i do it all through a lwayer without needing to visit USA or do i HAVE to go there ?

      Thanks
      Hey abhishek,

      I'm currently a real estate appraiser here in Chicago, and have been in the real estate market for about 10 years now. Currently, you can buy a property here in the U.S. pretty cheap, as opposed to a few years ago, and the weak dollar, more affordable. For foreign investors, banks in the U.S. are looking more toward a high down payment, income, and or assets.
      Is it possilbe........Yes, my father owns a mortgage company in Florida, and deals with a lot of people from Europe in purchasing property.

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      • #4
        Shek and Bella,
        Thanks for the tips. I went to college in the US, Purdue to be precise. You might know it. Chicago was always my weekend destination :) currently i live in India. Yeah i was guessing that with the bursting of the real estate bubble and strengthening of the rupee vs US $, it might be a good opportunity to get some land there. Might sell it when prices stabilize and appreciate again, or might use it for myself sometime in the future. Who should i contact regarding this ?
        Last edited by abhishek; 02 Feb 08,, 11:12.

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        • #5
          The property value is crashing down.

          Whatever you invest today would have lost its worth by at least $50,000 in an year as the prices are still expected to go down.

          I would suggest don't go for something big.

          Foreign investors can buy property but the interest rates are always the highest. Try to see if you have any resident family member whose paper works you can utilize.

          But as I said, if you're looking to sell it when the prices appreciate, theres nothing like that happening in the horizon for the US real estate market. This is one bad slump.

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          • #6
            Originally posted by Asim Aquil View Post
            The property value is crashing down.

            Whatever you invest today would have lost its worth by at least $50,000 in an year as the prices are still expected to go down.

            I would suggest don't go for something big.

            Foreign investors can buy property but the interest rates are always the highest. Try to see if you have any resident family member whose paper works you can utilize.

            But as I said, if you're looking to sell it when the prices appreciate, theres nothing like that happening in the horizon for the US real estate market. This is one bad slump.
            :( that bad huh ? I guess its better to wait a year or so untill the prices bottom out eh ?
            Last edited by abhishek; 02 Feb 08,, 13:05.

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            • #7
              Originally posted by Asim Aquil View Post
              The property value is crashing down.

              Whatever you invest today would have lost its worth by at least $50,000 in an year as the prices are still expected to go down.

              I would suggest don't go for something big.

              Foreign investors can buy property but the interest rates are always the highest. Try to see if you have any resident family member whose paper works you can utilize.

              But as I said, if you're looking to sell it when the prices appreciate, theres nothing like that happening in the horizon for the US real estate market. This is one bad slump.
              How can you tell or know? I don't mean to offend you, but real estate is what I specialize in, and no one knows when the peak or the bottom is.....!!
              If anybody does know, then they would be the richest person in the world. Currently, some of the richest people in the world have suffered in the current real estate mess in the U.S.! That's the risk you play in real estate.
              It's just like high risk stock! "You can loose a lot of money, or make a lot of money!" It's just getting in at the right time, and getting out at the right time! No one knows!!
              Trust me!! I have dealt with a lot of people who bought homes when the prices were the worst, then sold when the prices were best and made a ton of money!
              I have also met people that bought property at the highest price then only, until recently, sold and lost money! This is because the market was, "Hot", and lured them to buy, but all of a sudden, the market turned cold!!
              Asim Aquil, the only thing I'm saying is that are you basing your prediction off of the news or knowledge?
              If its knowledge, please tell us how you know?!
              The only thing I'm telling abhishek, is that right now, the market is down.......
              How far will the market fall???..........Who knows!!!!!???????
              You make the decision on what you think!!
              Will you make money if you invest now???!!!!!.......Yes!! I know you will be!!!
              How much??????????!!!!!!
              God only knows!!!!!!!!!!

              Asim Aquil, stop watching the media! I have done several appraisals on "News Anchors", and "The Media" then you think!! and thats all they do is ask me questions!
              The media is such a joke!!!

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              • #8
                Originally posted by abhishek View Post
                :( that bad huh ? I guess its better to wait a year or so untill the prices bottom out eh ?
                Maybe for the country as a whole. I think some regional markets have reached their nadir or close to it. I know I'm actively looking to buy.
                Reddite igitur quae sunt Caesaris Caesari et quae sunt Dei Deo
                (Render therefore unto Caesar the things which are Caesar's and unto God the things which are God's)

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                • #9
                  The big cities is where the real estate is in trouble, where I live real estate is selling well.

                  Comment


                  • #10
                    Originally posted by Asim Aquil View Post
                    The property value is crashing down.

                    Whatever you invest today would have lost its worth by at least $50,000 in an year as the prices are still expected to go down.

                    I would suggest don't go for something big.

                    Foreign investors can buy property but the interest rates are always the highest. Try to see if you have any resident family member whose paper works you can utilize.

                    But as I said, if you're looking to sell it when the prices appreciate, theres nothing like that happening in the horizon for the US real estate market. This is one bad slump.
                    It all depends on where you are looking at. Like I said, around the house I own, some neighborhoods are seeing a slight depreciation, some are at a plateau, and others are still appreciating.

                    If you buy, do your homework, as it is not a homogeneous market out there.
                    "So little pains do the vulgar take in the investigation of truth, accepting readily the first story that comes to hand." Thucydides 1.20.3

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                    • #11
                      Originally posted by BudW View Post
                      The big cities is where the real estate is in trouble, where I live real estate is selling well.
                      My big city metro area is not in trouble on average. The condo market took a huge hit, but single family and townhomes are doing just fine. Not the sellers market like two years and back, but it's not in trouble.
                      "So little pains do the vulgar take in the investigation of truth, accepting readily the first story that comes to hand." Thucydides 1.20.3

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                      • #12
                        Originally posted by BudW View Post
                        The big cities is where the real estate is in trouble, where I live real estate is selling well.
                        Arent u living in Chicago and isnt it a big city?
                        God is a cruise missile.

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                        • #13
                          I suppose you would do well to be recommended to The US National Association of Realtors which maintains records ands statistics which may prove useful in your search, as might information aggregated by our Housing & Urban Development Bureaucracy, good luck.

                          NAR: Real Estate Education, Information, Marketing Resources & Much More
                          Homes and Communities - U.S. Department of Housing and Urban Development (HUD)

                          I feel very bullish on all North American Property, to include the outlands of Alaska, Canada, Mexico et al.

                          It goes without saying that the US is the best place on earth to live in regards to quality of life.

                          I would also feel bullish investing in resort properties & times shares the world over & properties (developed & undeveloped) in the emerging elitist retreat sphere of the world to include certain locales in Oceania, Hispaniola, Paraguay, Uganda, Nigeria, Rhodesia, South Africa, Finland, Sweden, Norway, Andorra, Sicily, Spain, Portugal and more.
                          "If we will not be governed by God then we will be ruled by tyrants" -William Penn

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                          • #14
                            [QUOTE=Ryan Bailey;456700]

                            It goes without saying that the US is the best place on earth to live in regards to quality of life.


                            Barman, I'll have what he's drinking!
                            Semper in excretum. Solum profunda variat.

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                            • #15
                              Typically a Kentucky Bourbon, served neat..."quality of life" indeed.
                              "If we will not be governed by God then we will be ruled by tyrants" -William Penn

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