If you’re going to the 2014 REALTORS® Conference & Expo and are interested in or specialize in resort and second homes, you won’t want to miss these sessions and events.
Refer a friend to take the Resort & Second-Home Markets course to enter the drawing for a free pass to the 2014 REALTORS® Conference & Expo in New Orleans.
Find out how NAR supports you with its advocacy efforts.
Learn how to create accurate BPOs and CMAs, as well as how to use AVMs to assist in pricing in this panel discussion. Nov. 8 at 1:30 p.m. at the REALTORS® Conference & Expo.
REALTORS® can now apply to be part of NAR's technology accelerator program, REach®, through the REach® Insight Panel.
A conversation between Julián Castro, Secretary of HUD, and NAR President Steve Brown inaugurated NAR's Real Insights initiative, which will focus on giving home buyers and sellers the information they need to succeed.
NAR Work Group Develops Recommendation
As Washington, D.C. lawmakers consider easing restrictions on foreign investment in U.S. commercial property governed by the Foreign Investment in Real Property Tax Act (FIRPTA), NAR convened a work group of member experts to study the issue and make recommendations. (The special work group included representatives from the Federal Taxation Committee, Commercial Committee and the Global Businesses & Alliance Committee.)
When it comes to mortgage financing on U.S. properties, domestic buyers have one distinct advantage over global ones: their credit history is easily accessible. Not so with foreign borrowers. Verifying an overseas credit standing can be the make-or-break hurdle to getting a loan and closing a transaction.
If you have worked with global buyers of U.S. properties, at some point you’ve probably been asked about financing. During and after the recession, mortgage programs were limited to non-existent. Recently, however, the tide has turned and credit to foreign buyers has loosened. In fact, some institutions view lending to foreign nationals as a growth market. Depending on your buyer’s resources, there may be several products that meet their needs and circumstances.
In recent years, cash has dominated U.S. real estate purchases by foreign nationals. According to NAR’s 2013 Profile of International Home Buying Activity, agents reported that 63 percent of their international transactions were conducted without financing.
Is that because foreign buyers prefer a cash purchase, or do they feel locked out of the U.S. mortgage market? If the latter, agents may be able to help more global buyers reach the closing table by identifying lenders ready and willing to meet their buyers’ needs.