5 Steps to Buying US Property from Canada

1. The Hunt for the Perfect Property

   Over 90% of Real Estate purchases begin on the internet, there are countless websites to find properties of any kind, it is important to know that many of these websites to do elaborate on the type of listing it is, such as a "Short Sale", "REO", "FLIP", etc. This can be vital information when it comes down to your final choice. It is always best to consult with an experiences Real Estate agent to be sure you are seeing the types of listings that will suit your needs when it comes time to make you purchase. You can start your search and open a free portal by clicking the Search Now. You will want to spend some time on what your plans are for the property, ie. Will it be just a cash-flow investment, or is it intended as a vacation home or both. Also is a Condo or a single family home better for your needs?

2. Holding your property

   You will want to consult with you Chartered Accountant, Estate Planner, and your family members before deciding what is best for mechanism to hold. Each individual will vary on what may be best for him or her. There is link with some valuable information in this subject at www.RealCoreRealty.ca and clicking on (Canadians with US Property) you will need to be prepared to have US taxes completed on your property each year if it is a revenue property we recommend a company called "Red Phone Financial" for reasonable fee this tax service will set up your Holding identity and include your Tax ID number and ITN Number. They can be reach at 877-708-0670.

3. Preparing for the Purchase

   It is NOT necessary to be local when making your purchase, you will need to be prepared with some important information before making an offer;

   1. Proof of funds – You will need a RECENT copy of either a bank statement or a letter from your lender property, stating your immediate access to enough funds to cover your purchase.
   2. You will need a personal or business check in which to write the "Earnest Deposit", even though this deposit is not required until you are actually accepted, most sellers will require a copy of the check in good faith. The check and statement MUST bear the name of at least one of the purchasers.

4. Making an offer

   Contrary to what most buyers think, the offer process when dealing with distressed market of inventory is very different from traditional Real Estate purchases. When your mind tells you to offer less than what is being asked, this rarely works in the Foreclosure market. It is common for there to be "Multiple Offers" on the property you are bidding on, the only way to know exactly what is a good offer is by identifying some particulars about the property, such as, how long has it been on the market, is it a "short sale", "REO", "Developer" or other type of listing. Is the property in need of major repairs, and how many other offers are pending if any. You need an experiences "Investors" Real Estate Agent to help you with these questions. The Offer process can take anywhere from 24 hours to Several months depending on the type of sale it is, be sure you are prepared for what lies ahead.

5. Completing the Purchase

   Most Canadians have already returned home after the process has begun, the buying process can takes weeks or often many months, you MUST be prepared for the Hurry up and Wait scenario. The Sellers can often require you to complete various pieces of paperwork and wait months to get very far, then one day the call comes and you have only a few hours to do what can take you days. Be sure to speak with your Realtor about the expectations. In MOST cash purchases, the Contract exchanges can be done via email and fax, the money exchanges will take place via bank wire and you Realtor will take care of all the small steps the come in between.