Foreign investment in South Florida real estate has been a tremendous boost to the local economy in the past several years. When purchasing real estate, especially in today’s troubled economy, it is highly recommended that you hire a qualified real estate attorney. Have an attorney examine the title, complete and explain legal documents and resolute any possible title defects. Avoid potential scams such as conveyances, unpaid mortgages, liens, judgments, easements, and other encumbrances that may cloud the title.
For several years, foreign buyers of Miami real estate either had to deal with their lenders in their home countries or bring cash to the closing table. For many foreign buyers, particularly those from Latin America, cash buys of condos and other Miami real estate was not that strange: in their local economies, cash buys are much more commonplace than they have been in the United States. In 2013, it appears that American lenders are discovering a profit niche in offering mortgages to foreigners interested in buying real estate.
Now it appears that banks are becoming more accommodating to these international buyers of local real estate, particularly housing — and especially luxury single family homes. Miami is one of the most sought-after markets in the U.S. because of our great climate and cosmopolitan city. Plus, America has always been considered one of the safest real estate investments in the world, and that draws worldwide interest.
Take advantage of the low prices in the Miami Real Estate market and invest in South Florida property.