International Home Buyers in Lakewood Ranch
It's easy for international clients to buy Lakewood Ranch homes, especially if you are prepared.
The Lakewood Ranch Real Estate Market
You may have read that we have a nationwide shortage of resale housing (homes that have been lived in) and that is driving up prices.
While that may be true for the Sarasota area, it doesn't exactly apply to Lakewood Ranch. One of the biggest factors affecting Lakewood Ranch real estate is a good inventory of new construction homes on the market, with much more coming.
Resale home owners in many cases are struggling to price their homes to compete with this new construction, which is creating a more abundant supply of homes for you to choose from.
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Tips for International Home Buyers in Lakewood Ranch
International home buyers can pay cash for a Lakewood Ranch home or condo just like US citizens. There are no additional surcharges or state taxes as a result of your non-citizen status.
If you are getting a mortgage, some lenders may require a higher down payment, which is always the case if you are purchasing a seasonal or vacation home. You may also be asked to retain an account with the bank.
You do not have to be present in the United States to close on your property. Electronic signatures for cash purchases are now legal. We do require "wet" signatures for mortage purchases. In this case, you will have to go to a US Embassy to have your documents and signatures notarized, with enough time to have the documents returned to the US.
As with US citizens, you should be prepared to present a mortgage qualification letter from your lender, or provide a proof of funds from one or more accounts if you are paying cash, with your purchase offer.
International Buyer Representation
Buyer representation for international home buyers is the same as when I am working with a buyer that is a US citizen.
In the state of Florida, Realtors designated as "Transaction Brokers" by default. This can be confusing to US citizens from other states as well as international buyers. As your Transaction Broker, I provide representation of and for you that includes the following duties:
Dealing honestly and fairly;
Accounting for all funds;
Using skill, care, and diligence in the transaction;
Disclosing all known facts that materially affect the value of the residential real property and are not readily observable to the BUYER;
Presenting all offers and counteroffers in a timely manner, unless a party has previously directed otherwise in writing;
Limited confidentialily, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the SELLER will accept a price less than the asking or listed price, that the BUYER will pay a price greater than the price submitted in a written offer, or the motivation of any party for selling or buying property, that a SELLER or BUYER will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
Any additional duties that are entered into by this or by separate written agreement.
Limited representation means that a BUYER or SELLER is not responsible for the acts of the real estate agent. Additionally, parties are giving up their rights to the undivided loyalty of the real estate agent. This aspect of limited representation allows a real estate agent to facilitate a real estate transaction by assisting both the BUYER and the SELLER, but a real estate agent will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.