Back in 2012 and 2013 Orange County Real Estate had a huge influx of foreign buyers for many of these out of country buyers our home prices were seen as a great value investment alternative while others were buying vacation homes or homes for their children. There was a bit of a slowdown this year with regards to foreign investments in our local market however there will always be a foreign buyer presence in Orange County Real Estate fueled in part by our local universities drawing in a good number of foreign students and parents buying homes for their children.
Based on the current Aliso Viejo Real Estate transaction I am in it appears that some of these foreign countries have increased the stipulations on how much money citizens of their country can take out of the country as well as the time period to get the funds out. While I can see from the buyer’s bank account that they have more than adequate funds to purchase my clients home getting the funds over here so they can make that purchase is a different story. When accepting offers from foreign buyers you always want to add a little extra time to the contingency periods to allow for the funds to be transferred, after of course you do extra due diligence to confirm the validity of the financial statements.
In taking about foreign buyers with some colleagues an interesting twist emerged in that many are buying off what they see on the Internet. They are relying on their local Realtor to guide them through the inspections, appraisals (if they want one as many come in as cash buyers) and the entire escrow process without ever physically seeing the property themselves. In this case communication is even more vital and you have to remember you are dealing with multiple parties, time zones and cultures. One piece of technology I am especially thankful for especially with an out of area clients is Docusign which allows everyone to access and sign documents on their smart phone, tablets or computer.