Buying a home is an important decision and raises a lot of questions. Our goal is to make it easier. Consult our listings or tell us what you are looking for. Remember that there is no substitute for the knowledge of a professional. Consult your real estate agent, an attorney or an accountant for your specific information needs.

Here are five major tips for Homebuyers:

1 - First develop a "house hunting" strategy
            - Ask yourself why you want to buy a home: stop paying rent, building or accumulating equity?
            - Be specific: separate the "must have" from the "want to have"
            - Consider area, community, neighborhood, home style, size and kind of property.

2- Work on your business plan
            - What price home can I afford?
            - Use the Lenders' rules-of-thumb: no more than 28% of your gross monthly income on your total monthly housing costs or no more than 36% of your new debts including principal, interest, property taxes and insurances (PITI) and existing long term debts.
            - Figure how much cash you can divert for a down payment (usually ranging between 10% to 30% of the purchase price). Remember it's always a good idea to shop around for a loan and get a firm approval before you shop for a home.
            - Figure the basic tax-savings benefits.
* Home buying: write off of the settlements charges, prepaid interest and city/county real estate taxes.
* Home ownership: interest paid on your loan, city/county real estate taxes.
* Home selling: Tax exemption on capital gains and moving expenses under certain conditions.
            - Chose what kind of mortgage plans: fixed-rate conventional, adjustable-rate (ARM) FHA loan and VA       loan.
            - Chose the best source of cash for a down payment.

3- Proceed on your House Hunting
- First, consult a real estate agent and outline your home-search strategy. The primary source of information is the local Multiple Listing Service (MLS) where member brokers enter the homes listed by their firm. Only Realtors have access to MLS information.
 - Hit the road to get a feel of the area, inspect the neighborhood, get information on schools, libraries, hospitals and commercial centers, etc.
- Do not evaluate a home only for the layout. Check the foundation, plumbing and heating/cooling system, have a home inspection.  
      
4- Write your offer carefully
- Make an offer in writing. It is wise to get the help of a real estate agent or an attorney.
- The contract must specify the parties (seller and buyer) to the contract, the property address and legal description, the price, the earnest money deposit, financing terms, date time and place of the settlement, any contingencies which must be met before settlement takes place, your signature and that of the seller.
- Be prepared to go through negotiations until you arrive at the price you can pay. Again the help of a real estate agent will be invaluable keeping up the dialogue until its conclusion.

5- Be prepared for the Settlement phase (or closing
- You and your agent meet the sellers and their agent at the settlement office (either lawyer or title insurance office.
- You go over the list of "Settlement Statements", sign all necessary documents, give the closing office your check. Check your closing costs. Closing costs are typically costs of the loan, title search, exam plus closing fees, transfer taxes, recording fees, survey (if any), lender's appraisal fee, prepaid interest on your mortgage
- You need to provide proof of your homeowner's insurance policy, and flood insurance if necessary, a certified or cashier's check for the balance of your down payment and your closing costs.

6- Finally you pick up the keys. The home is yours!

Special Rules for Non-residents

It is highly recommended that non-resident investors consult professionals such as real estate lawyers, Tax lawyers or Certified Public Accountants before entering into any real estate transaction.
There are no restrictions or stipulations on international investors acquiring property in the United States with exception of national security. However, the international investor needs to comply with two major issues:

1- Immigration issues:  there are three types of immigrants
- Illegal immigrants (or illegal aliens). Their status prevents them from securing financing and they are at risk to be deported.
- Legal Immigrants (legal aliens- permanent resident): they have the same right as U.S. citizens with the exception that they cannot vote.
- Non –immigrants or temporary residents    
      
2- Taxation issues
- Permanent residents or immigrants enjoy the same rights and privileges as U.S. citizens. They must pay taxes on worldwide income.
- Non-residents must pay taxes on revenues generated in the United States but they are not taxed on the income generated.
* They will be considered as a U.S. residents for tax purposes if they stay at least 31 days during the current year or 183 during the 3 years period that include the current year and the previous 2 years.
* They will be subject to a 30% withholding rate if the income is deemed with a U.S. trade or business or if they did not fill the IRS form 4224 for income derived from rental activities.
* They will be subject to a 10% withholding of the sale price for the purpose of taxing capital gains unless the non-resident files for an Exemption Certificate with the IRS, sells a property valued at less $300,000 to be used by the buyer as principal residence or structures the transaction as 1031 Tax Deferred Exchange.

Again, remember to consult your real estate agent, a real estate attorney or a Certified Public Accountant (CPA)  for your specific information needs.