Foreign Investors In Malibu
In Malibu, we continue to see a frenzy of international home buyers. Canada, Mexico, and China represent the largest number of overseas deals in the state of California. China, which ranks third in that line-up, accounted for over $22 Billion in home sales in the U.S. in 2014, with over half of that being invested solely in California. Malibu is particularly attractive to international buyers due its mild climate, lifestyle, and it’s proximity to the growing tech companies in neighboring communities. While we’ve seen foreign purchases on all sizes of properties, there seems to be a trend to purchasing large estates. Foreign investors are looking for their “Trophy Properties” and Malibu does not disappoint.
Purchasing across international borders does not come without its own set of challenges. If it is not an all-cash deal, financing can be a tedious process that requires the expertise of a lender who is well versed in foreign-nationals. It’s very important when purchasing overseas to align yourself with a Realtor who is an expert in the local market and has a stellar reputation. Having a well-connected and educated Realtor can make the process of buyer over international borders a simplified and streamlined process.
Here are a few key factors for anyone considering making the move. Regarding financing, banks are happy to work with foreign investors, but it’s usually best to have a standing relationship, and to be aware most will require a deposit. It’s also in your best interest to work with a realtor who can help facilitate this relationship to properly secure the mortgage. Most deals will fall through due to a lack of proper credit history and proof of employment. Another must is to seek out a tax advisor.
Considering there are a lot of key factors that are in play when making this kind of move, we are excited to announce that both The Partners Trust & LeverageRE have added China to their roster of International clientele and have become well versed in making the move to their “trophy property” as pleasant & seamless as possible.
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