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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27567
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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What happens when you want to buy a house with someone who

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What happens when you want to buy a house with someone who is out of the country (Europe). whats different from if I was buy with someone who is here with me?
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good afternoon. Who is the person you want to buy the home with? are they going to be on the loan as well as title with you?
Customer: replied 3 years ago.

Yes, they are going to be on the loan and title. its my sister and Im looking into Iowa or Illinois

The only difference is that the application process may be easier and quicker with someone living in the United States rather then out of the country. However, it should not be a problem since there often international buyers from all over the world, who buy property within the United States. You should speak with the lender who you will be using and ask them about their underwriting process. They may need additional information and time to verify things if she resides out of State. If you know about this ahead of time, she can start to gather what they may need to underwrite the loan and clear and stipulations, so there is no delay in verifying her incomes, assets, debt, etc.

Please let me know if you have any follow up questions or need any clarification on something which I stated above, prior to rating me. Also, please remember to rate my service with 3, 4, or 5 faces/stars, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two faces/stars on the left, please STOP and reply to me via the "REPLY TO EXPERT or CONTINUE CONVERSATION "button. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.
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Customer: replied 3 years ago.

I had to leave in a hurry so I didnt have the time to go back and forth with you. You did not mention how this would affect the foreigner in terms taxes, loans if any,

I am not sure I completely understand. Can you please clarify this and I would be happy to respond.
Customer: replied 3 years ago.

Following our earlier discussion on buying a house with someone who does not live in the us, I am asking; what should we expect in terms of taxes i.e. is it different from the usual rates we pay as locals?


Are you charging again today?

There is no extra charge. Just make sure you do not rate my answer again. Taxes on the property do need to be paid and they would be obligated to pay them just as someone who lived in the home or owned it and resided in the US. As far as how this will effect their own income taxes, they would need to speak with their accountant and see how it will be considered.
Customer: replied 3 years ago.

Thanks you

You are welcome.

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