When GFC happened it seemed like a fight to argue the point of using a licensed US agent because even after 14 years over here investing and rehabbing I shook my head – most hadn't a clue about the issues. Now the market has shifted and the US get it and conduct classes for real estate agents over here. I have posted this inside a thread but if you are investing in the US and are SICK of dealing with unlicensed Oz spruikers who have never set foot in your property and are charging you for ABSOLUTELY NOTHING YOU COULDN'T DO YOURSELF through a licensed buyers agent to match make you to a property WITHOUT LEGAL RECOURSE IF IT GOES SOUR…? This may help (or go with someone like Jay)
FIND A US BUYERS AGENT WHO IS A CERTIFIED FOREIGN INVESTOR SPECIALIST…..
REMEMBER – THE SELLER PAYS COMMISSION HERE so you will NOT be paying them, the seller will on the house you eventually decide to buy….this is an agent working for YOU who wants and is specializing in foreigners….NO MARK UP. Call around until you find one you like – FIND ONE THAT LIVES IN YOUR TARGET MARKET AND YOU ARE THEIR BUSINESS…..Call your local Realtor Association for the list and let your fingers do the walking. Contact 10…. contact 100….
You tell them that you are looking for a house that is near schools, shops and transport and a freeway, you are NOT looking for the back of a subdivision where every house is identical to the one before it (love that US expression "cookie cutter"). You want somewhere that the couple with 3 kids going to the best school in that county would like to live and that they would feel safe in walking the streets at 3 am (or thereabouts)….You are going to be VERY VERY specific with YOUR needs and they are going to have to FIGHT to get your business….you want sold comps, rental comps, you want the realist tax reports for the property – and they will do this FOR FREE FOR YOU….for as many properties as it takes…..
However, they are someone who has this knowledge (as a licensee I get bombarded with the spam for the course – this was from just ONE operation):
QUOTE
Expand your business globally with this dynamic course. Working with the International Investor.
Over 200 agents have completed this course in Georgia and it is being requested in multiple states for the near future!
- Playing The Small Market Game.
- Five Moves to increase your odds for Success
- Leverage your success globaly.
- How Foreign Investors Can Buy Real Estate in the USA.
- The EB-5 Visa Program
- What is FIRPTA (Foreign Investment in Real Property Tax Act).
- Understanding the Tax Ramifications of Real Estate Investment
Upon completion of this course, students will take an online examination and will receive a completion certification as well as usage of the CFIS Logos for marketing purposes.UNQUOTE
Personally I see this as the time for "next phase" but honestly, again, the day of using an unlicensed "facilitator" for a as a foreigner to purchase an SFR US property are over….most properties (ignoring short sales for now) are regular sales or flips. There are thousands of US licensed real estate experts in foreign national sales – call your local branch of the National Association of Realtors and ask for their list or just google.
A regular sale means it may well be a flip but if it is not a foreclosure as a buyer you CAN ask for repairs to be done by the seller, you can get an itemised list of repairs that may be required on the property and go to http://www.redbeacon.com to get 4 quotes from Home Depot guaranteed contractors etc…
Using a US licensed buyers real estate agent gives you recourse in a deal if it goes sour.
The world is over here, they get it.
Why go with a spruiker???? REMEMBER – you are playing a very very big game betting on your spruiker giving you a gem of a property – there just aren't that many in this market in the SFR level and everyone is competing – why not be on an equal footing……. how about having someone that IS ONLY WORKING FOR YOU find you the property – that is a US Licensed Buyers Agent – you can SUE THE PANTS OF THEM AND THEIR BROKERAGE IF THEY DON'T PUT CLIENT ABOVE SELF……. They owe YOU – confidentiality, accountability, loyalty, disclosure, obedience, care.
Now find one that you like and give you their undivided attention. Legal recourse and saving over $4k MUST be worth at least 20 phone calls and a Skype video call, right?
If you think you aren't competing…….
ARTICLE:
Bloomberg News,
Peter Horbulewicz started noticing investors from New York and California at Atlanta-area foreclosure auctions about four months ago. Working for private equity firms such as Colony Capital LLC and Blackstone Group LP (BX), they’d clutch plastic folders crammed with cashiers’ checks and astonish locals with how much they were willing to pay.
“If you go head to head with them, they always win, because they always overbid,” Horbulewicz, a Polish immigrant turned American house flipper, said during a foreclosure auction outside the Gwinnett County courthouse, northeast of Atlanta. <moderator: sorry, article was too long to paste in its entirety. Please see link
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