Words: Ashley Rigg
Published: 27th July 2010
*New data contradicts Russian buyer stereotype
In 2010, the stereotype of Russian buyers turning up and buying developments with paper bags full of cash is misplaced, according to a new report.
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Source: Global edge
User Comments
Hi Ashley,
Foreign National Investors in US are facing much tougher terms than vacation buyers, especially if they are after "super deal" foreclosures. Some banks even restrict Foreign National loans to owner/resident financing - no investors or investors come second. I used to be a morgage lender until late 2009 and now work with dozens of clients who are in need of Foreign National financing. I work with clients from over 45 countries including Russia.
Sal Antsipenka,
Independent Brokers Realty
What I found is it depends on if they are an investor or looking to purchase a vacation/holiday home for their personal use. If they are an investor and depending on the amount being invested, one of the items weneed to discuss is the type of Visa they should apply for.
Lawrence Sanek,
Castle Dream Real Estate,LLC
Hi Sal,
It does vary by country and holiday home buyers are not the same as investors. The data reported comes from Gordon Rock who are specialists in the investment-only market which maybe one of the reasons it does not chime with your experience.
Regards
Ashley
Ashley Rigg,
Global edge
Mortgage rates information is totally incorrect for US loans. The Russians who are not residents of Western countries, especially USA are not eligible for domestic rates. They have to qualify as Foreign Nationals where the downpayment is 25-50% depending on the lender with a number of other restrictions, plus rates for Foreign Naitonal loans remain quite higher than 4%. Most likely 7-9% depending on your down payment and what kind of documentation the client is ready to present. No Documents loan will require the highest down payment and rate. I work with Russian clients in Florida constantly. Most of them are still cash with a price range of investment or vacation home from $200,000 to $500,000.
www.NaplesRealEstateSeller.com
Sal Antsipenka,
Independent Brokers Realty