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Foreign buyer looking to buy a home in NY, what are the hurdles & requirements (no mortgage needs)

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February 23 2011 - Harlem
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Hi DCHarlem:

Allow me to assume you are asking about a foreign buyer looking to purchase a coop unit, as opposed to a condo or single family home.  If they are looking to purchase either of the latter, they face little to no hurdles at all.  

Coops are a different kind of real estate beast.  Coops have coops boards that "evaluate" any potential buyer in their building and at their discretion, can reject the sale and legally, not have to give a reason.  Just a simple no.  The potential hurdle a foreign buyer faces with a coop purchase is pursuading or showing the board that he or she will be a responsible and present owner.  Generally, coop boards frown on buyer who will potentially be absent most of the time and be negligent on their maintenance payments.  Being an all cash buyer (I'll assume from your question) gives them a leg up, though.  Feel free to contact me for a more detailed answer to your question. 

Daniel Ovalles
Prudential Douglas Elliman
[Contact information deleted by Zillow Moderator]
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February 23 2011
 
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