OfflineWhile the United States and United Kingdom share similar financing real estate systems there are a few basic differences that cause the States to be different in some fashion than what we’re used to. Not many, but differences do exist.
The similarities typically regard financing real estate where banks issue a mortgage secured by the real estate. A minimum down payment is required here, typically 5.00 percent and while there are 5.00 percent down loans in the United States those programs are reserved for US citizens. For “foreign nationals” as foreign borrowers are called, down payment requirements are typically 30 percent, with a few banks asking for less and still more requiring a down payment of at least 50 percent.
Here, foreigners including American citizens can buy and finance real estate here a bit easier than one can in the states. Not anything debilitating but rules nonetheless. Foreign nationals must have a valid visa when financing real estate in the US and of course have permission to be there. No visa, no loan.
In certain parts of the world owning and financing real estate takes a different path. In some countries for instance, while foreigners may buy real estate, they may only be able to buy the structure but not own the land underneath. The land owner may be the government or current property owner. It’s also possible the land can be leased long-term or the home itself leased long term in lieu of a mortgage.
In the States, you own the land as well as all the structures on the property and as long as you continue to make the payments and agree to the lending guidelines outlined in the financing terms, you will own the property outright until you determine that it’s time to sell.
These and other nuances of the United States real estate market might provide a few bumps in the road if not fully prepared. It’s important that you find and work with an American real estate agent who has worked with citizens of the United Kingdom in the past to make your transaction go as smoothly as possible.Income EDu
That's the reason why we're inundated with foreign competition. As long as you have money you're welcome to partake and take advantage of the US real estate market.
A disadvantage to the average American home buyer or investor.....competing with the world in their own backyard!
P.S. - Everything else is immaterial, irrelevant, and unnecessary.