parents want to buy me a house

**abullock22** · 04-06-2011, 02:53 PM

they however are located in scotland and im located in NYC. They would like me to find a place that is commutable to NYC an i think Ive found an area. That was the easy part (well kind of). What I cant wrap my head around is how to move forward, how can they send the money to me, i can only imagine the red tape involved, and the paperwork that needs to be looked over, the lawyers i will need.
So my question is this, where do I start? has anyone dealt or been in a similar situation? Would love to hear some words of advice
thanks-

**realestategirl** · 04-06-2011, 09:30 PM

You first need to settle the kind of payment you need for the house. If you are buying the house outright, inquire with the bank that you are currently on how much is the amount of money that they will accept from outside the country. Chances are that you will not receive it in full amount, so arrange for it to be sent in halves or three times, depending on what the bank will allow. Or you can do what most Americans would do, and get preapproved for a loan so that you can buy the house immediately and then your parents can send the monthly in monthly deposits.

**Greg** · 04-07-2011, 06:26 AM

The money gets wired to whatever account is needed for the closing. It is going to be easier than you think. Don't get lost in these side issues and make a mistake buying the house. Get a good agent to help you find and buy the right house.

**MikeAustin** · 04-08-2011, 07:56 PM

Hire an agent to help with you with this matter.

**Wayne Simmerson** · 04-09-2011, 04:51 PM

Originally Posted by MikeAustin

Hire an agent to help with you with this matter.

Agreed, this situation could get very complex. You need an expert on local real estate matters, and laws.

**vijendrasnv** · 04-13-2011, 12:28 AM

Originally Posted by realestategirl

You first need to settle the kind of payment you need for the house. If you are buying the house outright, inquire with the bank that you are currently on how much is the amount of money that they will accept from outside the country. Chances are that you will not receive it in full amount, so arrange for it to be sent in halves or three times, depending on what the bank will allow. Or you can do what most Americans would do, and get preapproved for a loan so that you can buy the house immediately and then your parents can send the monthly in monthly deposits.

Good explanation here and is necessary to look for the amount which is necessary. I mean, getting the loan is much better and like this it will be necessary for the construction.

**LVrealestateHELP** · 05-02-2011, 06:24 PM

Getting the money should be the easy part. Get an agent in your area to assist you with the deal. The seller will pay the commissions so you get professional representation for no cost to you. Happy investing!!

**Leverage** · 05-02-2011, 10:39 PM

It would be a good idea to find a buyers agent to not only help you through the process but to identify you quality real estate and help negotiate on your behalf