Vlog

Process of Buying a home in Orlando Florida -Specifically for Foreign Nationals

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Today I would like to talk a little bit more in detail about the process of buying, especially the process of buying for Foreign Nationals.
I so often get asked, ‘What if I, as an international person, would like to purchase a house in Orlando or Central Florida? Can I obtain a mortgage?’. The answer is ‘yes’, you can obtain a mortgage when you are a foreign national. However, you need to meet the specific requirements. You have to know that the process will take 25-45 days – approximately. A mortgage will be around 30 years with the option of a 3 to 10 year fixed interest. The rates adjust every year. The down payment will be 30%, for a regular house, 35% for a condo or condo hotel. It all depends on the type of mortgage, sometimes the requirements may go up to 40%.
The property can be purchased under an individual or under a company name. That is up to you. The borrower must have a US bank account. So if you are looking at properties in the area, be sure you have a US bank account. $50 or $100 is enough, but make sure you open up an account because these things can be challenging from a distance.
The following documents will be required when you apply for a mortgage: You will have to have proof of address. You can give proof of address by supplying a utility bill with your name on it – any bills that come to the address with your name on it will be sufficient. You will need bank letters that will show that the account was opened for at least 2 years or more. The borrower must also show that they have proof of funds to cover the monthly payments of the mortgage. The borrower will have to ask their employer for a letter to prove employment and how long you have been with the company and what your salary is. If you are self-employed, they will require more details about your business – how long you’ve been in business, what your revenue is. It doesn’t go too much in detail, but they would like to know some of the details about your business when you are a business owner.
These are the majority of the items that will be required as a Foreign national to obtain a mortgage. Not too complex and not too complicated to obtain. You will need your down payment in cash, you need to make sure you have that. The other items are documentation that they would like to see for the application.
If you are interested in buying in Orlando Florida or Central Florida, give me a call (407) 800-0888 or email me An@OrlandoVacationRealty.com.

Can Foreigners defer capital gains taxes by buying another investment property?

Hi my name is An Flamand, I’m the Broker with Orlando Vacation Realty and today’s question is ‘can foreigners defer capital gains taxes when buying another investment property?’.
Yes, foreigners can actually defer capital gains taxes when buying another property. It’s called the 1031 Exchange. However, it can be kind of tricky and there are some rules and regulations that you need to be aware of. For sure, your Realtor or your Broker should be able to explain to you in detail what the requirements are to a 1031 Exchange. So, it is definitely possible to defer capital gains taxes when buying another investment property. Just know the rules and regulations and make sure you meet the requirements.
If you have any other questions, email me at An@OrlandoVacationRealty.com . And, I look forward to hearing from you! Have a great day.

Process of Buying a home in Orlando Florida (specifically for Foreign Nationals)

Watch full video here.

Hi my name is An Flamand, I’m the Broker at Orlando Vacation Realty. Today I would like to talk a little bit more in detail about the process of buying, especially to process of buying for Foreign Nationals.

I so often get asked, ‘What if I, as an international person, would like to purchase a house in Orlando or Central Florida? Can I obtain a mortgage?’. The answer is ‘yes’, you can obtain a mortgage when you are a foreign national. However, you need to meet the specific requirements. You have to know that the process will take 25-45 days – approximately. A mortgage will be around 30 years with the option of a 3 to 10 year fixed interest. The rates adjust every year. The down payment will be 30%, for a regular house, 35% for a condo or condo hotel. It all depends on the type of mortgage

Are there any additional fees I will need to pay at closing?

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Hi, I’m An Flamand, Broker at Orlando Vacation Realty. One of the questions I got today was – Are there any additional fees I will need to pay at closing?

Yes, the buyer is typically responsible for paying the title search, insurance, legal fees and recording fees. This amounts to an additional 1% to 2.25% of the total cost of the transaction. On a $300,000 house, that amounts to $3,000 to $6,000. That should cover your actual closing fees.

I hope this helped. If you have any other questions, email me at [mail_to email=”An@OrlandoVacationRealty.com”]An@OrlandoVacationRealty.com[/mail_to].

Do I have to travel to the US for the actual closing?

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Hi my name is An Flamand, I’m the Broker with Orlando Vacation Realty and the question I received today was, ‘Do I have to be in the US for the actual closing of my house?’.

You actually do not need to be in the US for the actual closing of your house. It may be fun to come over and to be here at time of closing.  However, it will not be necessary. A Title company will do what we call a “mail away closing”. They will ask you for a Power of Attorney, it’s a limited Power of Attorney which will give them the authority to close your property while you are not there.

So, you do not have to be here, even though it may be fun to come over and be here at the time of closing. I hope that answered your question. If you have any other questions, you know where to email me – [mail_to email=”An@OrlandoVacationRealty.com”]An@OrlandoVacationRealty.com[/mail_to]. Thank you!

Three tips for Buying Real Estate in the Orlando area

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Hi my name is An Flamand, I am the Broker of Orlando Vacation Realty and I want to give you three tips for buying real estate.

Number One.  Make sure to visit the house at least two times before purchasing. A lot of clients buy a house after seeing it once. It is always very smart to go a second time because you will see different things that you did not notice the first time.

Number Two. Make sure to visit the house or drive to the house from work or the areas that you’ll be coming from at different times. You’ll know if there is going to be a lot of traffic or how long it will take you to get to the house.

Number Three. Be sure to visit the schools. If you are planning to have children, or if you have children, it is important to know the schools that they will be going to.

I hope this was helpful. Email me [mail_to email=”An@OrlandoVacationRealty.com”]An@OrlandoVacationRealty.com[/mail_to]. Thank you.

Foreign Investment in Real Property Tax Act

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Hi My name is An Flamand, I’m the Broker of Orlando Vacation Realty and I am speaking to you today out of sunny Florida. I’m in Central Florida, Disney vacation home area.

Today were going to talk about FIRPTA. FIRPTA is especially important for foreign nationals that own a property in central Florida and are thinking about selling their property. It is very important to know that when you are in the process, or you’re actually going to be selling your property, that 10% will be withheld as a foreign national for your taxes. You can actually do an ‘application for withholding certificate’ prior to the closing. This will actually shorten the time frame that they could withhold your 10%, or you could do an application for early refund – which is similar but is actually done after the closing. The importance of this is that, they are withholding 15% of the total purchase price for the simple reason to review if you owe any other taxes – or property taxes – or if there is anything outstanding on the property. As soon as they actually can clear that, you should normally get your monies paid back, your 10% should be paid back to you. However, it is important to know in advance that this will be withheld and there is a chance for you to shorten that time frame that the tax office is able to hold your 10%.

That’s today on FIRPTA. If you any other questions, please me at [mail_to email=”An@OrlandoVacationRealty.com”]An@OrlandoVacationRealty.com[/mail_to]. Thank you! Have a great day!