International-foreigners or Chinese buy NYC Flats Questions & Answers Part 1
We have an international clientele from all over the world, many of them refer NYC condos or apartments as ‘flats’. Buyers from United Kingdom, Ireland, Australia, Singapore, Malaysia, Hong Kong and few other countries often would use the term ‘flats’ for these condo units.
We as Manhattan Real Estate property agents and bilingual in Chinese and Mandarin language, we work with many international foreigners Chinese buyers wanting to buy a NYC flat or flats. Our job is to educate buyers about our unique Manhattan housing market before their arrival, discuss what they have in mind, type of NYC flat they prefer, and the price range they would like to spend. Based on their initial criteria, we can then recommend them the best strategy and process to go about their purchase for NYC flats.
When foreigner plans to buy an NYC Flat, they often have a list of common questions, we have compiled a list to better inform them. Here are part 1 of the questions and answers.
- Can Foreigner-international Chinese buyer buy a NYC flat without having United States Social Security Number or United States residency? Yes, foreigner-international buyer can legally buy a NYC flat, but have to meet the NYC Condo board’s requirements for approval. At the sale of the real property, Non-resident aliens (foreigners) are subject to federal withholding tax at 10% of the gross sales price, and to a 8.97% New York State estimate income tax on the net sales proceeds (gains).
- Can Foreigner international Chinese buyers with work visa or student visa buy NYC flats?
Yes, foreigner-international buyer can legally buy a NYC flat, but have to meet the condominium/coop board’s requirements for approval. There will be credit check, some application information buyer has to provide. We will work closely together with the buyer and the building management to fulfill those requirements.
- Can Foreigner international Chinese buyers obtain United States mortgage financing? 9 out of 10 of our foreign international buyers prefers to purchase the NYC flats with all cash. It is very difficult for Foreign international buyers to apply for an US mortgage in today’s market place, it is advisable if possible for the buyers to obtain financing options in their home country and buy it all cash here in Manhattan New York. If you absolutely need financing, please contact us directly so we can discuss the possible options.
As experts in working with Foreign National Chinese buyers and out of town Chinese speaking buyers, we are constantly educating the buyers and addressing the misinformation and false assumptions that client bring from his/her home town/country, and culture in order to explain the options, alternatives, and their consequences.
Contact us by clicking this link. http://chinesespeakingagent.com/contact/ .We can discuss the options of your specific needs and time frame. Thank you.