Buying Naples Homes – Foreign Buyers

Buying Naples Homes – Foreign Buyers

As a foreign buyer you can buy a Naples home, just like US citizens. Naples Florida is very friendly to international buyers, and the process for buying a home in Florida is quite similar to that of Floridians and US buyers. Of course, there are some basic practices here that any foreign buyer should understand ahead of time, and certain variations in the market that any international investor ought to know about. Tax policies and foreign national financing will all be slightly different for foreign buyers and sellers.

Naples is known for upscale homes, featuring waterfront estates, beach condos, and luxury golf residences. Let our Realtor team assist you in finding your dream home for your budget.

Buying Naples homes or condos is one of the most exciting experiences that life has to offer. That said, finding the perfect home to fit your needs can take a great deal of time and effort. There are numerous things to consider from floor plans to neighborhood to amenities to price from private pool to community pool, waterfront or golf course and whether you’re in the market for a condominium, coach home, townhouse or a single-family residence the same amount of careful thought should be put into the purchase. Our passion is helping you find the home of your dreams.

Please click on the following links to view all Naples Real Estate Listings

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Simplify your search

What features do you require to satisfy your lifestyle now and in the future? Determine your range of affordability before exploring your needs, from design preferences to neighborhood choices.

Moving forward

Once you have found the home that is right for you, move forward to present an offer. This will consist of earnest money to be held in an escrow account and a written sales contract. This contract will set forth your terms of the purchase and a schedule of events in order to own the property. This important document is a legally binding agreement and should be carefully prepared by a knowledgeable Realtor who is qualified to cover all your interests.

Final steps

Upon your complete satisfaction, arrangements will be made to attend a closing. Coordinating the closing will usually be a title company who has your escrow money in an escrow account. After furnishing the down payment and whatever other applicable fees have been agreed upon prior to closing, final papers will be signed. After the deed and mortgage are recorded in the state Registry of Deeds, you will be a homeowner.

Financing & mortgage resources

The most important part of financing is the knowledge of the options available. Consider the following questions as a basis for determining your financing needs.

How much mortgage can I afford?

What down payment is needed?

What is the difference between pre-qualification, pre-approval and approval?

What interest rates are available?

What is mortgage insurance and is it required?

What type of documentation will I need?

How do 15- vs. 30-year terms compare?

What are points and do I pay them?

What is difference between a fixed rate mortgage and adjustable-rate mortgage?

What closing costs will I incur?

What is being locked-in?

How long will the mortgage process take?

What is included in a mortgage payment?

What would the payments be?

When would the payments begin?

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Adjustable-Rate Mortgage

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A mortgage that allows the lender to adjust the mortgage’s interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down as market conditions change. The change in interest rate will result in a change in the periodic payments due under the mortgage. ARMs are attractive when short-term interest rates are trending lower.

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Balloon Mortgage

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Usually a short-term fixed-rate loan that involves small payments for a certain period of time with the balance due in a single, large payment at a time specified in the contract. When the balloon mortgage comes due, the entire balance must be paid. Generally, the homeowner must either refinance or sell the property. Buy-Down
The payment of extra money on a loan now so as to provide a lower interest rate over either a given period or over the life of the loan. To buy down a mortgage, the buyer pays additional points to the lender, which will decrease the interest rate for a specific period.

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Construction Loan

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A structured, short-term loan to provide funds necessary to begin construction on buildings or homes.
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Conventional Mortgage

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A mortgage loan made by an institutional lender without the inclusion of government guarantees such as VA or FHA loans.

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Convertible ARM

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The convertible ARM is a combination of both fixed-rate and adjustable-rate mortgages, allowing the best of both options in one package.

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Deferred Interest Mortgage
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A mortgage in which the payment is not sufficient to cover the principal and the interest and the payment portion of the interest is postponed until a certain date at which time the interest postponed is added to the principal owing.

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Fixed-Rate Mortgage
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The interest rate you pay and the monthly principal and interest payments are agreed upon from the outset and will not change throughout the entire term of the mortgage.

Graduated Payment Mortgage (GPM)

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A mortgage that usually starts the borrower with low payments that are gradually increased over five to ten years, before leveling off for the remainder of the term of the loan until the loan is fully amortized. Negative amortization usually occurs until the payment reaches the level payment stage. Usually government insured loans (VA or FHA).

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Growing Equity Mortgage (GEM)

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This is a long-term mortgage whereby the borrower agrees to increase his payment each year by an agreed amount. The added money per payment is applied directly to the outstanding principal on the mortgage. The mortgage thereby is paid off in a shorter number of years.

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Renegotiable Rate Mortgage (RRM)

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Similar to an Adjustable-Rate Mortgage, this type of mortgage allows the interest rates and payments to be adjusted periodically according to an index.

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Reverse Annuity Mortgage (RAM)

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A type of mortgage in which the property’s equity serves as security for periodic payments made by the lender to the borrower. Mortgage is generally paid out upon the sale of the property.

Rollover Mortgage (ROM)

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A mortgage where the payments are only guaranteed for three, four, or five years. The borrower is allowed to refinance at the end of the term at the interest rate then applicable.

Shared Appreciation Mortgage (SAM)

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It is a loan arrangement where two or more parties participate in the purchase of real estate and share the appreciation and tax deduction. Similar to shared equity mortgages.

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Veterans’ Administration Loans

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Mortgage loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans’ Administration, enabling veterans to buy a residence with little or no money down.

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Wraparound Mortgage

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A secondary financing option in which a new larger mortgage is created to encompass the first mortgage. This large second mortgage is used to preserve the low interest rate on the first mortgage for a potential buyer.

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Finding the right home – Buying a Naples Home as a foreign buyer

Keep your eyes open and your notebook in hand as you walk through a potential home. Consider the following questions as a basis for determining your needs as a homeowner:

How long has the home been on the market?

Why is the home being sold?

What is the asking price of the home?

Has the price been lowered?

Is the price comparable to other homes in the neighborhood?

What is the down payment required?

Is the house structurally sound?

Is there room enough for the present and the future?

Do you like the floor plan of the home?

What is the condition of the yard?

What improvements must be made?

Will the seller repair or replace any items that need repair or replacement?

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Think carefully about each house you see and don’t be in a hurry. Your Naples real estate agent can point out the pros and cons of each home from a professional standpoint.

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The offer

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Making an offer to buy a home entails many factors. You and your Sales Associate will discuss the following factors prior to putting the offer on the table:

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Amount of earnest money

Down payment

Price you are offering

Details of financing

Proposed move in date

Proposed closing date

Details of the sale

How long the offer is valid

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The seller will either accept the offer as presented, or make a counter offer and ask you to resubmit a proposal. When all the parties involved have agreed upon the details, initialed any revisions and signed the final agreement then an offer becomes a contract.

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Contract review

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Sales contracts may differ significantly yet all should clearly set forth the responsibilities and privileges of all the parties involved. It is a legally binding document that protects each party. Carefully review the terms of the contract. The sales contract should include the following:

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Legal description of the property and the exact street address

Selling price of the property

Amount of earnest money and who is holding it – often it is held in an escrow account by a third neutral party

Amount due at settlement

Specifics of the mortgage (amount, rate and terms)

Title company – either a title company or attorney must be agreed upon by buyer and seller

Details of the closing, when and where

Home inspection – to ensure again structural and unknown defects, to be completed in a specified time period

Inclusions and exclusions – examples would include washers, dryers, drapes, etc.

Pest Inspection – who is responsible in the case of damage or an infestation

Repairs – unless you are accepting AS-IS, state who is responsible for repairs, with a date for a walk-through inspection

Date of possession – when you take possession of the property

Acceptance date – either an acceptance or counter-offer must be responded to by a specified date

The closing process

Once the contract is signed, I will continue to be your advocate and ensure that your best interests are served. Some of the details they will be available to handle are:

Schedule all necessary inspections

Check that finances are deposited according to the contract specifications

Keep you informed of any unforeseen problems that may arise and offer solutions

Present a list of utility companies available for service

Schedule and attend the pre-closing walk through

Prepare for and attend the closing

I will be there for you along the entire way and after closing.

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The Buyer’s Agent

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The buyer’s agent is instrumental in securing the Buyer the best deal possible and protecting their interest during the negotiation process. Being a local expert means more than knowing what properties are on the market; it means understanding the dynamics of the local area market “area by area”, being able to analyze the market and sort out the best properties for the transactions being considered.

A good buyer’s agent listens and understands what the buyer is looking for and what their financial and other personal requirements are.

A good buyer’s agent not only guides the buyer in the selection process towards the best matched properties, but also makes sure the buyer understands and is made aware of all the aspects impacting the property through good inspections and consultations in each aspect and helps the Florida home buyer integrate all the information to reach an informed conclusion about the property and its value.

In conclusion expert contract knowledge and negotiation skills coupled with an extensive knowledge of the SW Florida area are keys to securing the buyer the best deal possible.

We're looking forward to represent you as your buyer’s agent in your next transaction. For more information or an appointment, please contact your Naples Real Estate Agent "Kirsten Prizzi"

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Foreign National Loan’s Florida

Financing a home as a non-resident alien in Florida.

Are you looking for your dream home in Florida? Do you already own a house, condo, villa, mansion, estate, penthouse, or developed site in Florida? No matter how precise your plans are currently and what price range you are thinking of: Marketplace Home Mortgage, LLC is a nationally respected mortgage lender specializing in hometown service. We’re your neighbors, and we’ve been around for decades doing what we do best: helping you achieve your dreams of homeownership.

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We offer:

Onsite Dedicated Processors

Onsite Underwriters

Wider variety of Loan Programs

Foreign National Financing

FHA: low down payment

VA: no down payment for qualified Military families

Conventional: traditional loan with 20% down

Jumbo: loan amounts over $615k

USDA: no down payment for qualified rural properties

Foreign National Loans:

Up to 75% LTV

No US credit required

Fewer country restrictions

DTI up to 50% considered

Second homes and investment properties

SFRs, townhomes, condos and 2-4 units

No SSN or ITIN required

12 months reserves required

Funds must seasoned in the US 60 days prior to settlement

5/1 ARMS or 30 year fixed

Loans up to $750,000.00 (minimum $75,000.00)

Seller concessions up to 2%

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Karen Parry – Mortgage Broker

Karen Parry worked in the Mortgage Lending Industry her entire life. Her passion for helping home-buyers drives her to work tirelessly to ensure a smooth loan process. Call today to see how Karen can help you!

Karen Parry

Equal Housing Lender

‍Email: karen.parry@rwmloans.com

‍Karen M Parry, BMLS # 388918

Phone: 239-289-3080

https://www.KarenP.rwmloans.com

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Real Estate Investment Properties

As Florida Lic Real Estate agents we assist the individual real estate investor, locate and build a solid portfolio of real estate investments. We are focused on finding the best real investment properties for you in the SW Florida Real Estate Market within Naples, Bonita Springs, Estero, Estero Island, Fort Myers, Fort Myers Beach, Sanibel Island and Cape Coral. We are using our great relationships with developers, real estate partners and the local MLS to find the utmost and suitable real estate investment for you such as new construction properties, existing vacation homes as well as residential & commercial investments.

We monitor industry trends and provide information on real estate investments that can provide a stable stream of income with a potential for capital appreciation. We believe the following qualities and diversifications are important components of meeting these objectives: Diversification by location, type and size.
Diversification in a variety of industries and the regional Florida economy can help stabilize cash flow.
Investment grade and other creditworthy tenants.
We believe creditworthy tenants in SW Florida should be more resilient to the various elements of a complex economy.
Long-term, double- and triple-net leases.
Double- and triple-net leases require that the tenants pay all or a majority of the taxes, utilities, insurance and building repairs related to each property. As a result, securing net leases helps to reduce surprise expenses and portfolio risk.

You might also be interested in the following tax information:

https://www.realestatefloridausa.com/post/florida-real-estate-taxes-for-foreigners

For more information, please feel free to contact Kirsten Prizzi/ Real Estate Broker directly as follow:

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If you're considering buying a home in Cape Coral, Fort Myers, Fort Myers Beach or Sanibel, please contact our Cape Coral Real Estate Agent:

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