Buying A Home In Usa

[nakachalet]

I am curious how the OP did this "Our marriage was registered at the American embassy in Bangkok"

And since "her name is on my tax returns that i file in the usa", I assume she has obtained a TTN which he failed to mention.

Same thread started by "wife" in another forum.

Somehow I think this is a troll trying to start discussion about foreigners being able to own property in the US but not Thailand

TH

Agreed, very trollish - who in their right mind would choose to put their Thai wife's name on an American property.

EXCUSE ME, NEERANAM

r u saying that i am not in my right mind to put my thai wife's name on american property....?

in 1973, i put 33 single home, duplex, fourplex into my thai wife's name, not just one but 33 properties altogether....

just what is wrong with putting something valuable under your life partner's name?

i trusted her before we were married.... why could i not trust her after we were married?

do you, neeranam, see any reason why a husband should not trust and endow his wife, be it chinese or thai, or italian or brit et cetera....?

or do you personally consider and believe that a property value is worth more than your wife's loving care and trust....?

as for myself and other friends, we trust our life partners, but then we are not so blind either to allow others to use our wives to dilute what we have worked so hard and so long to accumulate....

a husband imho can not be happy, if he can not trust his wife.... vice versa....

[TheJoker12]

anyone familiar with the FIRPTA forms?

foreign investment in real property tax act?

if one person in the marriage is an American citizen should they both still sign the form or is only the non America supposed to sign the form or does the form not need to be signed if one of the person's is an American citizen?

Thanks... my RE agent is not too experienced in foreign partners.

[Tinkelbell]

I like to voice from my own experience.

My current home in Tampa, Florida, paid cash for it almost six years ago. It's in a gated community, an up scale area called 'New Tampa'

So we are not dealing with mortgage or the loan company.

But every year around November ( if you pay by November you get few hundreds dollar discount), I have to shell out to pay for property taxes, HOA, home owner insurance:

property taxes = $7000+

CDD (community development district)= $ 3000

HOA = $65

Home owner insurance ( the killer) = $5000+

Many home owners in Florida face lot of hurdles with the insurance companies.

When we first bought the house, it costed us a little over $2000, since then seems the rate keeps rising every year, finally we had to shop around and get the new company. Why it's so expensive ? Think hurricane, sinkhole and flood.

[voracious]

To the OP:

You & your wife should be able to purchase a property together in Florida without problems. You should decide on how you plan to hold title. The information that can help you with that is found here:

http://www.floridarecenter.com/TitleInformation

Once you identify your home, I highly recommend you work with a title company and purchase title insurance. This helps to ensure the title is clear and gives you some additional recourse should a problem arise.

You may also choose to have a real estate attorney work with you.

As was suggested by other posters in this thread, you should have your own agent. You should insist that you work with a title company that you want. Many sellers will try to push you into their title company, which can (in some situations be ok) but Florida has a history of more real estate fraud than some other areas, so you may wish to err on the side of caution here. (just google "florida real estate fraud involving title companies" for more information on that)

FIRPTA is not that big deal.

The information you seek is here: http://www.irs.gov/businesses/small/intern...=105000,00.html

The stories of low priced real estate are more or less true, and you can own even a single family dwelling for cheap. This example is only $22,000, needs a bit of work and lipstick, and is in St. Petersburg FL.

http://www.realtor.com/realestateandhomes-...3712_1105789303

Better locations and conditions naturally cost more. As to the selection of area and property, up to you

I will caution you to investigate VERY carefully any new developments and make sure that ALL utilities are in, both water and sewage and that there are no issues with the development with the city & county. I personally know of one guy who was already upside-down (owed more than market value) on the new homes he was speculating on (not my advice to speculate in the first place, but that's another story), and then he was hit with a potential $17,000 or something like that to run sewer on each of the houses. That was the straw that broke the camel's proverbial back and he let both of them go.

Also, if you are in a community that has too many vacancies, beware. In townhomes and condominiums, as opposed to single family dwellings (where you actually own the land free of associations and such), the cost of any major upkeep is divided among the residents... so if you have a 100 unit condo building and only 25% of them are occupied, guess what happens when you need to replace the roof? That's known locally as an "assessment" and they are levied on top of your annual or monthly maintenance fees. Some people in luxury condos with fancy gyms and swimming pools and security are finding that out now, as their proportion of the maintenance fees go up dramatically as well as their share of unexpected repairs.

Prior to purchase, I would suggest making sure to have a qualified home inspection contractor and termite inspection done. It will cost you a few hundred dollars, but it's a good investment if it saves you from making a huge mistake (I know of a person who bought a home only to discover $45,000 in hidden termite damage. Since no one knew about it - buyer, seller, or agents, there was no recourse).

One final thing, is that you should expect a few months after closing a "supplemental tax bill" that is the difference between property tax paid on the old value and the property tax due on the difference in sales price, should there be any.

As always, seek the advice of a qualified REALTOR in Florida, and do your homework when selecting your attorney and title company.

Best wishes on your purchase & I hope this information serves you well.

[Tinkelbell]

Seems the OP is in good hand. Lot of important imformation and good advice from 'nakachalet' post #16, 'Forethat' #18, 'kf6vci'#31 and the best and practical one is from 'voracious' #35 since it covers every angle from buyer's perspective.

Been there, done that, same way as 'voracious' kindly put it.

The OP would do well (less minimal risk) if he's following all the advice given above.

Good luck on your house hunting.

Welcome to the Sunshine State !

[mogoso]

If you want a ridiculous bargain there are still many foreclosure properties for sale. Just heard of one in an urban suburb, 2 bedroom, 2 bath fee simple townhouse, 30,000 dollars. Cheaper than Thailand. Amazing.

Where in the US was this, and what condition was it in? Sometimes when stories like this get passed on little details like asbestos and termite damage tend to slip the speaker's mind.

I know a guy in Rhode Island got a fixer-upper for app. $15k, said it just needed some sheetrock and a good coat of paint.

My niece in Miami has been buying condos recently in the $30,000 range. Her husband and her know the market well, both native to the Miami area. Nothing they are buying is a fixer upper, but they are available for cheap as its a market that has collapsed