Tips in buying properties abroad!!!!

[demiGod031]

Check out these tips in buying properties abroad from money.cnn.com.

Count on paying cash

To figure out what you can afford overseas, assume you can pay cash only. Financing mechanisms like mortgages aren't as sophisticated as they are in the U.S., says Michonski.

"You won't find dozens of mortgage lenders offering you a loan," he says. In many countries, such as Mexico, Greece, Spain and Eastern Europe, transferring property is historically paid for in cash.

If you can't afford to buy property without a mortgage, you'll want to check out English-speaking countries and former colonies like Singapore, Hong Kong or South Africa. But even then, you should be prepared to put down at least a 40 percent, according to Michonski. That's to allay fears that you'll get on the next plane and skip the country.

Check your title
When you buy property in America, you get a warranty title that states you are the owner of the property. But if you buy overseas, sometimes the distinction isn't as clear.

It depends on the country you're going to. Boundaries all over the world have shifted so it's quite possible that once you buy a property, someone who is seven generations removed from the original owner could come back and make a claim on the land. This is especially true in Eastern Europe where World War Two shifted many boundaries.

Of course, don't start to panic just yet. The burden of proof is still on the person making the claim. But you can try to assess this risk by seeking the help of a notary. They specialize in verifying legal documents. These notaries, (or Notarios) help you read the title history to see if there are any gaps in the property's history or numerous property claims.

[harryjons]

Get The complieate Details about the property and the property owner. And I think
Backgroundrecord.com
this site will Help To find Those details

[avonreal]

You can get a US lender to give you a loan for a property abroad. although much would depend on the country where you're investing and how much the lender can trust you.

[JimOlenbush]

I have always read that it is much harder to buy property in most parts of the world compared to the US. That article explains some of the reasons.

No wonder so many areas of the world don't have a middle class like the US. If you need 40% down or 100% cash to buy, how long would it take an average family to buy their first home. Many other countires just have the elite upper class inheriting money and property, and everyone else who will never get ahead.

[Malok]

No wonder so many areas of the world don't have a middle class like the US. If you need 40% down or 100% cash to buy, how long would it take an average family to buy their first home. Many other countires just have the elite upper class inheriting money and property, and everyone else who will never get ahead.

Sounds like a golden opportunity for some mortgage brokers.

If you can get the equivalent of a 1st lien position (and assuming the laws/courts are remotely similar), might be able to introduce a product thats "new" to them - and get a lock on the market.

I personally see some of the former eastern block countries as real world powerhouses real estate-wise within the next 10-15 years.