January 25, 2008
Sell Your House to a Foreigner
No buyers? Maybe you’re looking in the wrong place.
Picture, if you will, your turbaned knight swooshing in from the desert on his white stallion, waving wads of wampum in his hand, ready to rescue you from your house-selling dilemma. Yes, or perhaps the quiet Asian multimillionaire who seeks a peaceful getaway in the States where his children can go to school. Maybe it is the eccentric French comtesse, the Austrian burgher, the cosmopolitan Columbian, or the cash laden Canadian, tired of the cold who will fall in love with your cozy old home. But how can this happen?
In our global economy, where Arabs and Asians can buy your mortgage bank, isn’t it time to take advantage of foreign wealth for your own benefit? Look around East County and you will find thousands of Arabs, Mexicans and other foreigners who have already bought here. How can you put your house on the world market? Well you may want a specialist.
The NAR (National Association of Realtors) with 1500 agents who have completed training and other strict requirements for international sales are a good bet. They have achieved the CIPS (Certified International Property Specialist) designation and are prepared to deal with the complexities of foreign transactions.
What do we know of current trends with foreign buyers?
According to an AP report in the Seattle Times “There are markets like Paris and London and the south of France where some home values have gone up 100 percent,” said Christian Voelkers of the Hamburg realtor Engel & Volkers Group. “At the same time, U.S. prices have either stayed put or come down.” The Times says that Manhattan, Boston, North Carolina and Chicago are attracting foreign buyers. In Los Angeles, South Koreans are looking for condos.
Gary Glaser of San Diego writes “Some are buying vacation homes in Florida, California and Colorado that would previously have been considered out of reach. Others are gambling that properties purchased now will translate into profitable investments down the road, when both the dollar and the U.S. housing market eventually rebound.”
Your common sense tells you that with the dollar’s value dropping like a stone and real properties going down at the same time, some foreigners with strong currency and a need to invest are going to be looking at California. Sorry, not your average property- they will generally want premium properties. While most will be looking at coastal homes, there is something to be said for better inland properties and that’s where my readers come in. There’s much about a larger home with some land attached that might attract these buyers. Some are buying condominiums, yes, but others might feel confined in such a space. I say go for it. It’s an alternative to the stingy buyers in the States who just want rock bottom prices.
To find a foreign buyer with resources, consider a CIPS Realtor:
The Certified International Property Specialist Network (CIPS Network) is the specialty membership group for international practitioners of the National Association of REALTORS®, the world’s largest trade association. The CIPS Network is comprised of 1,500 real estate professionals who deal in all types of real estate, but with one common element: they are focused specifically on the “international” market. Whether traveling abroad to put deals together, assisting foreign investors, helping local buyers invest abroad, or serving an immigrant niche in local markets, CIPS members are consumers’ best resource to ensure they are dealing
with a professional skilled in the unique aspects of international real estate.
According to the NAR, these nearby CIPS agents are available:
- Bill & Marti Klees, San Diego - http://www.seaportrealtors.com/ - appraisal, residential, commercial
- Armida Martin Del Campo, Bonita - (619) 479-9700 - residential sales
Other agents of exchange:
You might also consider a CPA, law firm or bank with oversees connections, not only for introductions to buyers, but technical help with the transaction. It is also true that regular Realtors, including your Redfin Realtor can expedite foreign sales. In fact they are required to do a certain number of these transactions before they can apply for the CIPS designation.
[data from generally reliable sources, please comment on any errors!]
see also: Monday Madness: Time to Learn French!
