Essential Buyer?s Guide for Overseas Real Estate

It's been said many a time that overseas real estate buyers leave their brain on the plane when they step out into the sun in their overseas destination of choice. They've already fallen in love with the country, its people, climate and lifestyle and they've come to snap up that dream home.

The trouble is the real estate agents in these popular destinations know that they have a captive buyer and so the buyer is in the ultimate vulnerable position! Add to this the fact that legal and financial processes differ from country to country and many people don't appreciate this fact and you have a real estate disaster waiting to happen!

So, here's the essential guide to buying overseas real estate to protect the unsuspecting buyer from unscrupulous sales techniques or falling foul of misunderstandings and misinterpretations.

1) Get yourself independent legal representation ? do not take the recommendations of the developer or sales agent you're thinking of buying from, do your own research. Check out whether your country's embassy in your overseas destination of choice has a list of lawyers they recommend. If not then get on the internet, find forums and sites dedicated to your country of choice and ask the people on these sites for their recommendations.

2) Never assume anything! Purchase processes differ from country to country, legal processes differ from country to country and your rights as an overseas buyer differ from country to country. Find out from your lawyer what your rights are and how the entire process to purchase should proceed.

3) Have any financing you will require agreed in principal before you set out on your hunt for that dream home. That way you will have a fixed budget with which to work ? do not be seduced by a salesman into extending that budget. He wants you to as he will make more commission but it will mean you put yourself in a potentially untenable financial situation.

4) Visit as many properties in your price range as you can in your time overseas. And before you even get on a plane to fly out contact as many real estate agents as you can find and insist they send you prospectuses of all properties within your price range across all the regions you're interested in. With this information to hand sit down and go through the properties carefully. Find out what your money will buy you at the bottom and top end of the real estate spectrum so that you know what you will be viewing when you get to your destination. That way an unscrupulous agent will be unable to convince you that an overpriced property is anything other than a rip off.

5) If something seems too good to be true it warrants serious investigation! Occasionally we can find a bargain in life, occasionally lady luck smiles on us and our fortunes change ? but if you always remain a little suspicious and bring on board as many experts as you need to in order to research a seeming bargain you will avoid making a costly mistake and you might just prove that it isn't too good to be true, it's a genuine opportunity.

6) Get contracts officially translated before you sign them.

7) Get any conditions of the sale written into your contract.

8) If buying off plan insist you see previous examples of the builder's work and speak to customers who have already bought and find out about build quality, ongoing customer service throughout the build period and also about after sales care and the guarantees you get with the property.

9) Make sure the houses you're viewing are built to withstand any climate or environmental hazards, for example if you're in an earthquake prone country properties should be seismically reinforced.

10) And finally proceed with caution and don't enter into anything that you wouldn't entertain back home. Just because you're in a different country it doesn't mean you've become a different person, you're intelligent, savvy and wise back home so don't change!

Rhiannon Williamson is a freelance writer whose articles about buying investment property abroad have appeared in many investment and finance publications throughout the world. You can find more of her articles at: http://www.ShelterOffshore.com/

---

Home Inspectors - Negotiating a Lower Price

To help you negotiate a fair sale price for a... Read More

Pricing your House to Sell

Most Sellers set their initial asking price at an amount... Read More

The Secret To Marketing Your FSBO Home For Sale

You're ready to put your home or land (house, townhouse,... Read More

What is a Home Inspection?

Any Sally and Sam Homebuyer can look at a home... Read More

How To Realistically Get Started As A Real Estate Investor

When it comes to real estate investing, most beginners find... Read More

10 Ways To Find Investment Properties

If you really want the best deals in investment properties,... Read More

How to Build Your Free House

What if you could "place an order" for the construction... Read More

Fixtures

Fixtures, related to real estate, are items that were originally... Read More

Houses For Sale By Owner - Negotiating Tips

Houses for sale by owner, also known as "FSBOs," are... Read More

Dont be Tempted by We Buy Houses (Updated)

Do you want to sell your home right away? Don't... Read More

Appraisal or Home Inspection?

People sometimes confuse a home inspection and an appraisal when... Read More

Becoming A Battle Hardened Real Estate Veteran Without All The Scars

Step 1 is always to determine the fair market value(FMV).... Read More

What Homeowners Should Know to Stop Foreclosure- Speaking Your Lenders Language

Financial literacy is the means of empowering consumers to make... Read More

Real Estate Investing and Home Ownership

If you already own your home, you will probably make... Read More

Real Estate Investing - House Problems

Houses can have lots of problemsReal estate investing requires expertise... Read More

Title Insurance Protects Your Financial Investment

You purchase homeowners insurance to protect yourself financially in case... Read More

I have a buyer for your property and I can sell it now!

A Realtor has just talked to you and said, "I... Read More

Investment Real Estate Secret: Buy a House Today, With No Money Down

If you've read my article "Purchasing Property With No Money... Read More

Selling Houses: Flooring & Feelings

Buyers think they love Italian tile and other hard floor... Read More

Much Ado About Mansionization?

Is there a perpetual shadow hovering over your house? Do... Read More

Real Estate Investing with No Cash and No Credit

Lots of folks think it can't be done.How in the... Read More

Real Estate Investing Myths That Steal Profits From Your Pocket

One of the things that distresses us about our industry... Read More

Find Bucks in Yucks! 20-Year-Old Woman Turns Doghouses into Dollars!

Do you dream of making money in real estate? Do... Read More

Dealing With Dual Real Estate Agents

Historically, real estate agents have represented the seller of a... Read More

Title Insurance ? Examples of Problems and Advice

What is title insurance and why should any buyer get... Read More

Understanding Opportunity Cost When Investing In Property

While most investors have got involved in property investing because... Read More

Types of Listings with Agents

There are several different types of listing contracts. Few of... Read More

Encouraging Debt

Most of us don't talk about money, finances, credit, debt....Young... Read More

The Real Estate Bubble Fallacy

There has been a lot of talk lately about the... Read More

Basic Real Estate Valuation

Given the current interest (dare I say hysteria) associated with... Read More

The Secret to Maximum Real Estate Profits: Lighting

Lighting is the most important detail of interior Design Psychology... Read More

Tenants in Common (TIC)

Tenants in Common is a way of sharing ownership of... Read More

Top Tips for First Time Home Buyers

Advice to Help When You're Buying a HomeFirst time home... Read More