What Foreign Buyers Need to Know

We have received several requests lately from overseas buyers about what the requirements are for foreign nationals who want to purchase property in Las Vegas. Actually the process is pretty simple - we have listed the guidelines below:

1.       Except for Canadian citizens buying second homes in the States, most foreign nationals will need to purchase with cash because the financing for foreign nationals has really dried up. They will need to bring proof of funds, a current bank statement or a bank letter of credit, in order to submit an offer.

2.      They will need to have a US bank account with cleared funds. So all money for the purchase should be placed in a US bank with enough time for the funds to clear. If they wire in the money, it will only take a couple of days for the funds to clear.

3.       There are no special taxes or fees for foreign homebuyers using the property as a primary or secondary residence. Rental properties would be subject to US federal income taxes annually.

4.       When they go to sell the home, the escrow company will withhold a percentage of the sales price for US federal taxes until the foreign buyer has filed and paid the US taxes in total. I can’t give you a specific percentage, because it depends on the sales price, if there has been a gain on the home, and what laws are in place at that time. Right now most escrow companies are withholding 10%.

And that's about it. There are a few countries whose citizens are not eligible to purchase homes in the States (usually terrorist related), but that is a very small number. And currently with the great rate of exchange against the US dollar and record breaking low prices on Las Vegas housing, it makes all the sense in the world for foreign buyers to take advantage of our real estate market.

 

 

 

Great Golfing in Vegas!

By Diann Tonnesen

Whether you’re looking for a weekend getaway or you're a golf addict like me, Las Vegas has some of the best and most luxurious golf courses around. In the summer when I was a kid and school was out, I used to play in the SNGA junior golf program, and we always played a different course each week. Due to there being over 50 golf courses in Vegas, it was never a challenge to find a new track.

All of the courses have a unique design that separates each from the other. The price ranger differs for public golfers, depending on the golfer’s choice of 9 or 18 holes. The medium price on a public course for a full 18 holes is about 75 dollars with a cart. Some of the prices for the more prestigious courses might be from $150-$300.

My favorite courses to play is tied between Dragon Ridge, Rio Secco, the Lake Las Vegas South Shore course and Anthem Country Club, keeping in mind that there are very few local golf courses I have not played. These particular courses contain hidden greens and obstacles that can challenge the best of players. When I was in high school, we were forced to walk the Rio Secco golf course in Seven Hills  (which anyone who has golfed there can tell you it’s not easy to play even WITH a  cart), so remember to bring a compass and a rope. Some of the sheer edges can be difficult to walk up (or should I say scale) and quite dangerous as well.

So be careful which ever courses you are visiting and remember to bring some water with you - this is Vegas after all, nothing but dry heat!

PS... My parents always came to watch me play, but I am still not sure whether they were really watching or checking out some of the fabulous homes that surrounded the courses. Ah well, at least they showed up! LOL

 

How Important is a Home Inspection?

How important is a Home Inspections to a new homeowner like me? Extremely Important! A house we purchased in the past had hidden health hazards that we didn't find until we tried to have carpet installed in our basement. Asbestos was hiding under the floor tiles so we were stuck having to deal with it because we didn't have a home inspection to find this hidden danger before we purchased the house. Using a reputable inspection company is important and it's easy to find comments and feedback about companies on the internet in addition to your realtor's suggestions.

 

We decided to get a home inspection when we purchased our home in Las Vegas not only to find any problems, but also because we weren't familiar with how houses are built here. For example, the hot water heater didn't have a drip pan underneath - one of the very first things we had fixed when we moved in. We were extremely thankful for that information when it decided to start its massive leaking at 3am. The pan caught the water and diverted it through a pipe leading outside. The home inspector also explained what a Heat Pump is; to look for dripping from overflow pipes; how roof tiles differ from a shingled roof; and many other informative tips.

The detailed report we received from our home inspector has been very valuable not only pointing out problems and repairs, but also maintanance tips and general construction information. It's like having an Owner's Manual on our home.