In Miami Florida, foreigners are buying real estate. Since the crisis in 2008 the real estate market has made a strong recovery largely due to the purchasing power of international investors. Is well known that in Florida 25% of the buyers are international buyers. Unlike many other countries, the United States allows land sales to foreigners and provides almost equal opportunities as to actual citizens. At Paz Global we have a team trained to assist you in buying real estate in the Miami, Florida.
Who is buying in Miami?
Most of foreign purchases in Miami are by citizens of South America and Canada, which have accounted for 62% of all international transactions. The reason these countries dominate is that they want to invest their money in a stable economy. Whether it is for investment, relocation or a purchase for a second vacation home.
What are international buyers looking for in Miami?
Foreigners in Miami look for: a long term investment, typically pay top dollar and are cash buyers, expect a good return and want detailed research from the best specialists. At Paz Global Real Estate we have a Certified International Property Specialist and a group of immigration lawyers that will provide with the financial and market reassurance you need.
What do I need to consider prior to making a purchase in Miami?
Work with a Real Estate Agency that manages International Sales
This is the most important part of your project. Foreigners need to be in the hands of an agency with expertise that can lead all the negotiation. From finding the right property that fits their specific needs to managing their property so they can obtain the best return in your investment.
Financing
It is possible to obtain financing for a purchase for a foreign buyer. In Miami there are special loan programs available which typically require a larger down payment. This is due to the additional risk taken by the lender when the borrower’s assets are untouchable. We have mortgage bankers that specialize in these types of loan and available to help.
Closing
Often, foreign buyers are concerned about having to travel to negotiate and close real estate transaction. It could become quite costly and inconvenient. Fortunately, it is possible to provide ‘’power of attorney’’ to a trustworthy agent to make all the necessary arrangements and sign documents.
There are numerous other considerations one should consider as a foreign investor in Miami, but it’s entirely possible and relatively easy to purchase real estate in the US. For more information, feel free to visit our website at Paz Global Real Estate or give a call to Rebecca Schmitt our Certified International Property Specialist or Richard Paz the broker and Certified Residential Specialist at +1 305-466-2990.
