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- Tips for Canadians Buying Homes in the U.S.
Tips for Canadians Buying Homes in the U.S.
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Sam DeBord, "SeattleHome.com"
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Get your financing done first. Financing can be tricky - most of our clients get their funds in Canada and bring cash to the purchase. There are a select number of American lenders that will lend to foreign nationals, and many require larger down payments. Work history and international credit reports can take time to verify.
Setting up an American bank account will save you time. Escrow companies, some banks, appraisers, and inspectors may not accept a draw from a foreign bank - even a cashier's check. Wiring your money to your American bank account well before closing will save everyone a lot of anxiety.
Try to be local for your closing. Escrow documents that must be mailed back and forth internationally can delay a closing by a week. If you're buying a distressed home, closing dates can require hands-on interaction between a buyer, seller, and a finicky lender or two. If you can't be local, be available for quick sign-and-fax responses.
Consult a tax advisor. If you buy and sell U.S. real estate, you'll be liable for U.S. taxes. Capital gains tax, income tax, and even estate taxes could apply in certain situations. Make sure you're aware of the full costs.
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