BROKER: HomeSmart Real Estate

 

Now is a great time to buy US real estate.

I have helped many Canadians buy properties in Arizona.

Some things to keep in mind--

·         Utilities and services:

o   a municipality or private supply company provides most utilities; no difference to Canadian methods. Bills include a cost for delivery/administration and cost for consumed utilities/services. The costs combined for all utilities and services are about the same as you will pay in Canada on an average basis.

o   Recycling programs are available. Usually pick-ups are once a week.

o   Home Owner Associations- many associations are prevalent in phoenix- what they cover will depend greatly on the area and costs of the dues.

·         Property taxes:

o   Paid twice a year. Current annual Maricopa rate is approximately $0.016 per $1000 of property value (i.e. $150,000 home = $2,400). Payment can generally be made on line through any major US Bank

·         Transferring money

o   Use an exchange broker on large transactions (i.e. Globex Foreign Exchange Corporation handles amounts as low as $10,000). It easy and quick to set up an account with an exchange broker. They can save you thousands on large conversion and will wire the converted funds based on your instructions for a nominal fee (i.e. $15.00) www.globexfx.com

o   It may make sense to open a US bank account to pay monthly bills. It may cost nothing for a Checking account as long as you keep an average monthly balance. You can replenish the account as required with a transfer through Globex

·         Escrow Process

o In Arizona we use an Escrow company to handle title and closing paperwork not lawyers, however you can hire a lawyer if you feel the necessity. Title Insurance is available when purchasing Real Estate in Arizona this helps alleviates concerns about property title errors, future title conflicts, etc.

·         Selling a property in the future

o   The tax laws are significantly different in Canada than in the US.  Please contact an accountant or tax lawyer to help council you here, please ask your tax professional about the "Foreign Investment in Real Property Tax Act of 1980 (FIRPTA)"

·         Estate Taxes

o   Please be aware that there may be tax consequences of owning US property. Please contact you tax professional for assistance. 

·         Canadian Taxes

o   Again please be aware that there may be consequence of owning US real estate. Please contact your tax professional for assistance.

·         Maintaining a property while away

o   The are home maintenance, pest control, and cleaning services are readily available

o   Home security systems are available

o   Home Insurance is available

o   Home warranty programs are available to cover the big ticket items

·         Vehicles

o   Registering a vehicle in Arizona is simple. Emission test are required annually for vehicle older than 5 years. Vintage cars are excluded from the emissions test.

o   Getting vehicle insurance is available.

·         Activities

o   Golf is a great attraction for the Valley of the Sun as well as football, baseball, soccer, tennis, water sports, hiking, remote control plane clubs, dance association, etc. You will always find a new and exciting activity and have plenty of stuff, particularly if one of the partners doesn’t play golf. Also, there are many large major lakes in Arizona and that boating is a big time activity.

·         Planning for purchase

o Start by contacting me and searching for the perfect property well in advance of visiting Phoenix. Its free and no obligation. I can start by providing you listings and you can start refining your requirements.

o   My goal is by the time you arrive in Phoenix you should have a good sense of area, price, and features you are interested in.

 

·         Water:

o   “developers must show an adequate supply before subdividing parcels”

o  

water is provided from either a municipality or private water supply company (all Canadian water is generally municipal supplied)

 Check out the Arizona Associations of Realtors Buyer Advisory below by clicking on the link-- 

www.aaronline.com/documents/buyer_advisory.aspx

 

I DO HAVE LOCAL LENDERS THAT WILL FINANCE YOUR PURCHASE.
There is very accessible financing available for my Canadian buyers who wish to finance their US home purchase.
Here are some details--

·         FULL AMORTIZATION ONLY, FULL DOCUMENTATION

·         FOREIGN CREDIT WILL BE PULLED

·         75% LTV TO 2 MILLION FOR CANADIAN CITIZENS - 2ND HOME.  ALL OTHER FOREIGN NATIONAL REQUIRE 70% LTV TO 2 MILLION

·         A NON US CITIZEN WHO IS LAWFULLY RESIDING IN THE US AS A PERMANENT OR A NON-PERMANENT RESIDENT ALIEN IS ELIGIBLE.  MUST HAVE CURRENT ACCEPTABLE DOCUMENTATION FROM THE BUREAU OF CITIZENSHIP AND IMMGRATION SERVICES. 

·         6 MONTHS RESERVES

·         700 MINIMUM FICO SCORE

·         MAX. QUALIFYING RATIOS 45%

·         MINIMUM LOAN AMOUNT $125,000

·         30 YEAR FIXED, 15 YEAR FIXED AND ARM PROGRAMS AVAILABLE.

 

 

Loan programs may vary slightly by lender but the should all be close to this program.

Thank you--

 

(if you know of a friend, colleague,family member or friend interested in purchasing property in the US please have them contact me today!)


PLEASE CONTACT ME TODAY TO FIND OUT MORE!

Please contact me to find out more.