Buying foreclose property in the US/Florida state from Australia as an Investment

[R T]

Hi Guys,

I have a few questions relating to this topic.

I need input from the people who has experience in investing in the US property market or foreclose properties (Townhouse) from Australia.

I would appreciate if you could provide some insight or your thoughts on it.

- Did you find the process of buying foreclose properties in the US difficult/complex?
- What paper work is involved?
- What are the associated paper work costs? Stamp duty, taxes, insurance, etc?
- Did you seek help from any local agents? If yes, could please tell which ones?
- Did you appointment a Buyer’s agent or did you contact the seller’s agent directly?
- Did the agents provide any help/assistance with paper work to an international buyer?
- Time lapsed between the first contact with the seller’s agent to getting the keys in your hands?
- How did you manage the payment for the property from overseas – did you need to involve the ATO/IRS? Wire transfer?
- Was communication over the phone/emails sufficient or did you have documents courier back and forth or even personally visit to close the deal? I understand visiting the property for inspection but once you have decided on the property was any more visits needed?
- Assuming you had purchased the property as an investment, did you involve agent for managing tenants?
- Anything else that you think I should know of?
- I am assuming that paying for the property in all cash will be far more easier then getting a mortgage with a US Bank but am I even eligible for US mortgage as a Australian resident?

A bit of a background on my current situation – I am an Australian citizen. I have previously visited US on the visa waiver program. I have a bank account with an American bank. I have also applied for ITIN with the IRS.

Thanks.