Profile picture for lennox2008x

My uncle is a foreigner and wants to buy a FSBO house. He's going to pay cash. What are the steps?

What are the proper steps he needs to take?  Does he need to get a lawyer? Should he go through a realtor? He's buying a house in Texas.
Thanks for advice.
  • November 07 2011 - Alief
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Answers (7)

Profile picture for markmarbach
Find a good Realtor that knows the steps to help you get a good investment your home.
I am here for your help if you like?
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  • November 10 2011
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The first best thing he can do is to contact Real Estate attorney to walk him through the process. If he's not using a Realtor, he will need someone to protect his best interest. It is the largest investment most people make in their lifetimes and you certainly don't want him to make any mistakes. Get representation.
  • November 07 2011
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Profile picture for the_country_hick
The blog below shows how to sell a FSBO property by someone who has done it. Buying is the same except for the marketing aspects.

rockinblu's blog: Thinking About Selling as a FSBO?
  • November 07 2011
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This is a very delicate transaction and will require the assistance and advise from a few experts.  Attorney, Foreing Tax Accountant, Title Company and possibly others.  When a Foreigner is purchasing  a home in the U.S., that person may have to report income if used as a rental, or gains from the future sale of the property.  The Title company will require for the buyer to sign a document that will need to be sent to the IRS at the time of purchase. 
  • November 07 2011
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I would always recommend a Real Estate Professional. That is the person in your area that knows the ins and outs of the purchasing process.
If you don't get a Realtor ,get a lawyer.
  • November 07 2011
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Profile picture for nwhome.us
Decide what entity wants to own the property.  Buying as an individual may not be the best idea for:
1. Inheritance taxation
2. Income taxation
3.Capital Gains taxation.
Find a tax attorney who is very familiar with foreign investment in the US to describe the issues to you. There may also be some State taxation issue in Texas surrounding these three categories of tax. It is very helpful if the attorney also has a strong background in real estate investment.
If you'd like a referral you can contact me off-line.  My consultant operates over the entire country.
  • November 07 2011
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Find an attorney. Negotiate a price, any consessions, terms, etc. Follow starndard closing procedures. If he knows the house he wants, it's FSBO and neither one has an agent, an attorney for each side will probably be the best and most cost-effective strategy for both sides.
  • November 07 2011
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