So You Want to Buy A Home in the USA!
You have made the step across the pond and love it here but then you soon discover that without a social security number and established US credit, your options are limited. The fact that you have been a model citizen in the UK for all your adult life, seems to make little impact and you now find that none of this fantastic reputation is transferable.
I am a licensed Real Estate Consultant in the state of Georgia and have sold many homes in the Metro Atlanta area. I am also a UK citizen and Green Card holder which means that many of the hoops you are faced with, I have already had to jump through – so, believe me, I will understand your frustrations!
The good news is that there are many ways to buy property in the USA and it is usually not complicated. The even better news is that now is a fantastic time to buy. Here’s why. It is no big secret that the housing market and economy has made a sharp down-turn and has had a huge negative impact on the entire construction and mortgage industry. This has left a record amount of foreclosures in its wake, which are sold for an under-market value by the lender or on the courthouse steps for cash investors. The housing market now has an overflow of inventory which is dragging down the retail value of homes due to the imbalance on the scales of supply and demand.
I have represented several clients from the UK and each has had a different situation and purchased a home using a different method. The best two methods are as follows:
Legally working on an L, H or B visa. There are a select number of lenders who will run international credit checks. Providing you have a good UK credit history and some cash to use as a down-payment, the process is run just like any other US transaction. You will need proof of employment and legal working status in the USA.
Visit the USA often and want to invest. The easiest method is to obtain a loan from the UK and use that money to make a cash transaction in the USA. Who do you know that will turn down cash?! The advantages of this are: the exchange rate – the UK pound is still extremely strong against the dollar; cash transactions have very limited closing costs; being a cash buyer will usually provide you with much more negotiating power. All you will need is a proof-of-funds letter from your bank.
If you are considering buying a home, please feel free to contact me any time. Using me as your agent to represent you will cost you nothing in agent fees as these are picked up by the seller. My duties to you will be: finding you a home that you like and suits your needs and budget; check and compare comparative sales in the area, advise you and make sure the transaction runs smoothly from start to finish – pricing, negotiating, attorneys, offers, counter-offers and contracts, correspondence and timely communication. Need testimonials, please ask!
Dan Ewbank
Real Estate Consultant,
Keller Williams Realty, Signature Partners
Cell: (770) 843-5390
Email: dan_0037@kw.com