Overseas money buying up California

Living abroad, this is what you need to look for if you are trying to purchase a property in California?

• Look for a local agent that is familiar with the area;
• Find the home through the use of the internet;

• Find an escrow company that is familiar with international wires;

• Write the offer, get into contract;

• Develop a communication plan with your agent and escrow company;

• Schedule the wires, inspections, and walk-throughs;

• Market time or dollar cost average the money into the escrow company;

• Expect delays;

• If you are using a lender, find out their underwriting requirements for a foreign owner;

• If you have to sign any deeds, find the US Embassy in your respective country;

• Take advantage of the depressed dollar and low interest rates;

• Close the transaction.

Differences from a normal transaction:

1. Change in time zones;

2. The buyer must be cognizant of the fluctuating currency exchange between the countries;

3. Be aware of mortgage requirements; and

4. Time: Duration of contract.