From PH to US

May 31, 2009 6:35 PM

What are the processes and requirements for a Filipino citizen to buy property in the USA?

Here is the case: The buyer is from the Philippines, and have never been to the US. He wants to buy a house and lot property somewhere in Minneapolis, MN around his $25,000 budget. He is currently not working, but he has money saved thru his bank account. Do you think it is possible?

posted by LittleMissItneg to law & government (4 comments total)

Anyone can buy property in the United States. Talk to a realtor or a real estate lawyer.

$25,000 isn't close to enough money to buy a house and lot in Minneapolis. You'd need 10-20 times more money than that. You'd be hard pressed to find a house that cheap anywhere in the US, I think. If you're talking about that $25,000 as down payment for a mortgage, I don't think you'll be able to find anyone willing to give a loan to an unemployed person right now.
posted by mr_roboto at 6:41 PM on May 31

There are houses for less than that in Minneapolis. However, these aren't necessarily the kind of houses you'd like to own. Their probably small, run down, or in bad neighborhoods (or all three).

They may need thousands of dollars in repairs.
posted by Jahaza at 8:00 PM on May 31

There are no restrictions on buying property as far as I know — the Patriot Act imposed some identification requirements on financial transactions and the opening of accounts at US banks, but if the transaction is all cash (not a mortgage), this might not come into play.

Basically all the buyer needs to do is find a realtor in Minneapolis, and they will help find properties within his price range and take him through the sale process. Most people do not do this sight-unseen, but it can be done if he finds a realtor he really trusts.

Right now, because of the very slack market for housing in the US, there are a lot of realtors looking for work. Keep this in mind when choosing one, and don't be afraid to talk to a few before signing any agreement to work with one in particular. Get one who specializes in or at least has experience with foreign buyers, and can recommend a real estate lawyer who is similarly experienced. The Minneapolis Area Association of Realtors might be a place to start.
posted by Kadin2048 at 9:02 PM on May 31

You'd be hard pressed to find a house that cheap anywhere in the US, I think.

there are houses in detroit for less than a hundred dollars. you could get a parking ticket in detroit that would cost more than buying a house there.
posted by lia at 10:38 PM on June 1