Aussie newbie looking to buy a house in Texas

[Vasily Voronin]

Hi everyone.

I'm an Aussie living at the moment in Moscow, hoping to buy a house in Round Rock Texas. I have no idea how the real estate market works in the States (but collecting information). Have a few questions. I would say a Big THANKS to those people who would share a few moments to answer them.

1. How long does it take to settle a deal for buying a single family home in Round Rock Texas (after finding the right place and placing an offer and when the offer is accepted)?

2. Do I have to be present in the country myself or can my sister (who moves to Round Rock soon) with the Power of Attorney purchase a house in my name? 

3. After purchasing a property (in cash) can I go the bank and get myself a line of credit with the house as a security?

4. Do I as an alien get taxed the same amount as local folks?

5. Is Round Rock a good place to buy a house, compared to other suburbs around Austin? 

And the last one. Where can I get more information on the subject, links I can use related to these questions? 

Thank you again for your time and patience.

[Jon Holdman]

1. If you're paying cash it will go much quicker than with a loan.  But its still a somewhat lengthy process.  Might get it done in two weeks if you really push everyone.  A month might be more typical.  That's from an accepted offer to closing.

2. Typically no.  You can sign forms separately and remotely.  They can be sent back and forth via fax or electronically for the most part.  There will be some that will require real signatures and those can be fedex'ed.  

For both of those questions, speak to a title company.  If you're working with an agent (no reason not to) then they can point you to a title company they work with.  You're not required to use that one, though, and fees and timelines may vary, so it might be worth calling around if speed is really an issue.

3.  If you were a US citizen, yes.  Lending is much more difficult for non US citizens.  TX also has somewhat unusual rules on HELOCs, as I recall.  When I lived them (moved out in 1995) you couldn't even get them.

4.  We did look at moving there before leaving TX in 1995.  We liked the West Lake Hills area.

Again, a title company can be helpful with the procedures, as can an agent.