07-21-2011, 04:41 PM #1Renter
- Join Date
- Jul 2011
- Hong Kong
Foreign company buying a single family house (no condos) for cash in Miami
In December 2011 we will visit Miami and almost certainly buy a house for sale.
We know the city fairly well and where we want to buy; just trying to develop a strategy.
What type of documentation is generally accepted for proof of funds, to show we have 100% of the purchase price readily available?
If we buy a house with building code violations, will we be under pressure to fix them immediately?
How will our earnest money be returned if bid is unsuccessful, will we be sent a bank cheque? We will make concrete offers but the bid will only good for shortest period possible, we have several weeks but are not going to be Florida residents.
At closing, can we settle the balance with a foreign bank draft?
Should we try to buy a foreclosure?
Is a short sale too complicated?
We will buy one of the least expensive houses in 33133, 33146, 33143 zip code area
Thank you in advance for any advice
07-22-2011, 06:27 AM #2Moderator
- Join Date
- Sep 2007
- Outer Banks
I don't know about the Miami market but I do know about proof of funds and the bank draft.
A bank statement or portfolio statement will work as proof of funds.
They most likely will not accept any kind of bank draft, foreign or local, to complete the purchase. There have been to many fake checks scams passed off. Most cash closings these days require the money to be wired so the closing parties know for sure the money is there.