The United States is, for many, the land of opportunity for citizens and non-citizens. Ultimately, the American Dream lives at home, and purchasing a property in the United States is the best way to experience it. Still, this process is complicated, which is why partnering with mbanc Worldwide is an excellent option for foreign buyers.
Can foreigners buy property in the USA? Explore our blog to find out.
Can Foreigners Buy Property in the USA?
In short, yes – foreigners can buy property in the USA. Moreover, foreign buyers can purchase any real estate, including residential property, commercial property, and land.
For foreign buyers, purchasing property in the USA comes with unique requirements, processes, and tax implications. Financers are often less willing to lend to foreign customers, especially without local credit histories. Paying in cash can circumvent this.
Fortunately, with mbanc Worldwide, our passion is facilitating this process for non-citizens because we believe everyone deserves to live their American Dream.
Documents Foreign Buyers Need to Buy Property in the USA
Preparation is essential, which includes gathering your documents. When purchasing property in the USA, foreign buyers have to provide:
- A valid foreign passport
- Proof of address
- A U.S. visa or driver’s license
- Social security number or ITIN
- Bank statements
- Evidence of reserves
- Pay stubs
- Tax returns
- Credit score (if applicable)
How to Buy Property in the USA as a Foreign Buyer
1. Choose a Location
First, choose a location. The United States is massive. With no laws prohibiting foreign buyers from purchasing anywhere in the country, the USA is your oyster.
Choose the city you want to purchase in and whether you want a primary, holiday, or investment property. Fortunately, we offer an innovative tool, mbanc Invest, to make this easier than ever, and we can help you find the prime location for your needs.
2. Research Tax Laws and Fees
Taxes only get more complicated in these situations. Thoroughly research tax codes, so you understand what you will owe. As a foreign buyer, the kind of property you are purchasing and the state you are purchasing it in impact this heavily.
Luckily, when you partner with mbanc Worldwide, our expert guidance turns taxes from a nagging source of anxiety into an afterthought.
3. Hire a Real Estate Agent
Next, hire a real estate agent in the USA with experience working with foreign buyers. Ideally, they will have the CIPS (Certified International Property Specialist) designation.
This process is more complex than it is with US citizens, so a specialty agent will have the knowledge you need to navigate this process and realize the best results.
4. Search Properties
After, search for properties with your agent. We advise visiting to view them in person for foreign buyers.
However, if that is not feasible, conducting tours via video call is an excellent alternative. Once you find a property, work with your agent to determine a fair price to submit an offer. Their local market knowledge is invaluable at this stage.
Finding the right property and understanding the ideal price is complicated, and these markets are in constant flux. Fortunately, this is also where mbanc Invest can help.
5. Do Your Due Diligence
Afterward, verify the condition and value of the property you are considering purchasing. Conduct a home inspection to uncover structural issues.
Conduct an appraisal to ensure that your offer is commensurate with the property’s worth. If the appraisal or inspection unearths any issues, reopen negotiations.
6. Gather Funds and Close
Lastly, after signing the agreement, gather your funds. Many non-citizens pay cash when they buy property in the USA.
Permanent or long-term residents and refugees with asylum status can qualify for a loan through the Federal Housing Administration (FHA), often with better terms and rates.
Additionally, some lenders specialize in foreign buyer mortgages for non-immigrant visa holders. Lastly, with your financing in order, you are ready to close.
Learn How mbanc Worldwide Can Help You Buy Property in the USA as a Foreign Buyer
If you are a foreign buyer who wants to buy property in the USA, it can be a daunting endeavor, and it can be exceedingly complicated to undergo alone. Still, that doesn’t mean it’s impossible. There are no laws prohibiting foreigners from purchasing US property; there are only obstacles. When you partner with mbanc Worldwide, hurdling these obstacles becomes easier than ever before.
To learn more about how we can help you live out your American Dream, talk with our team today, and we will make that dream a reality together.