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Free Report #2

Naples Real Estate Information for International Buyers

 

Naples, Florida is the place where discerning foreign buyers are choosing to visit and also invest in.  The unique lifestyle of Naples has attracted sophisticated international buyers for many years, and has become even more enticing and affordable at this time.    

 

Advantages of being an International Buyer:

• The Strong buying power of the Euro in relation to the U.S. dollar.
• Choose from the large inventory and get exactly what you want.
• Prices are now VERY reasonable and there are lots of  great values.

 

Multiple Listing Service (MLS):

• Real estate brokers list all of their properties in the MLS database.
• The MLS system can be accessed by all real estate brokers and agents.
• Sellers get maximum exposure on their properties.
• Buyers benefit because I can show you any property in the Naples area. 
• On my Web site, you can search for properties on your own, in your native language.

 

Free Services for Buyers:

As your buyer’s agent, you do not pay for my services. In the US, it is customary  for the realtor to be  compensated by the seller, not the buyer.   

• I show buyers properties.
• I negotiate price and terms.
• I execute offers, contracts, and coordinate all closing procedures.

 

The Basic Steps to Buying Real Estate in Florida:

• Buyers must be pre-approved for mortgage by a lending institution, or cash must be readily available.
• I will speak with you and identify buyer needs and locate property.
• When property has been selected for purchase, the buyer gives a deposit with an offer to purchase.  This deposit is held in escrow until the offer is accepted.  If the offer is declined, funds are immediately returned to the buyer.  International buyers should have access to at least $3,000 U.S. through cash,checks or traveler’s checks.
• Accepted offers usually close in 30 to 60 days.
• An additional deposit is required (usually 10% of purchase price) and held in escrow until closing.
• The buyer will need to open a local bank account.  Prior to closing, the buyer who will be getting a mortgage, will need to deposit cash:
  • an amount equal to the down payment
  • approximately six months of mortgage payments

• Transfer of the property deed and all legal documents will be executed by a closing company or attorney.
• Buyers do not need to be present at closing. Fax/ Mail/ Signatures

 

 

Financing and Mortgage:

• Mortgage programs are available for those who qualify and do not choose to pay with cash.
• Programs are offered through licensed mortgage brokers and banks (local or national).
• The rates in Naples are very competitive and depend on each individual’s credit rating.
• For the serious buyer, being pre-approved for a mortgage is the first step in the home buying process. 
• The buyer will need a letter from his/her banker stating that he has sufficient capital recourses or sufficient income to purchase a home at a certain price point.
• The typical deposit needed would be 20% to30% of the purchase price in cash.

 

 

Tax Implications:

• International buyers will be subject to state and county taxes at the time of purchase, annual taxes based on the value of the property, and on gains when the property is sold.
• International buyers are eligible to defer taxes on gains by completing a 1031 exchange.  For further information, contact a 1031 exchange specialist.
• Foreign sellers must comply with the IRS reporting requirements. 
  • Foreign Investment in Real Property Tax Act of 1980 (FIRPTA)