Foreign Nationals interested in taking advantage of the weak dollar are finding great values in Florida Real Estate.

In this buyer’s market it is important that all Foreign Investors be prepared for their transaction to make sure that everything goes smoothly. One cornerstone of the US Real Estate industry is the Buyer’s Agent.

Many Foreign Real Estate Markets do not have Real Estate Professionals who service buyers. This can be a confusing issue when Foreign Nationals try to enter into negotiations on a property.

A Buyer’s Agent is a Real Estate Professional who is licensed by their state just like all of the other Agents. The difference is that the Buyer’s Agent’s sole responsibility is to represent the Buyer in the transaction and to work on behalf of that buyer in negotiations and contractual issues throughout the purchase transaction.

Here are the advantages of a Buyer’s Agent:

1. Traditionally in the US, the professional fees/commissions on a purchase of Real Estate is paid by the Seller. These fees are paid from the proceeds from the property. The agent that lists a property negotiates a set fee - in Florida the average is 6%. This fee is paid at closing to the Listing Agent’s company. This fee is meant to also be split with the Buyer’s Agent. When a Buyer works only with the Listing Agent, the Listing Agent will make the entire commission.Many times a Seller will list their property for sale or rent with one agent, but another agent will bring the buyer. Traditionally this Buyer’s Agent will split the fee 50% - 50% with the Listing Agent. In essence, the Buyer’s Agent is a free service to the Foreign National Buyer.
2. A Buyer’s Agent works exclusively for the Foreign Buyer. This Buyer will protect the negotiations and confidential information regarding the purchase on behalf of the Foreign Buyer. When working with just the Listing Agent, the Listing Agent’s primary loyalty will always remain with the Seller.
3. A Buyer’s Agent will represent a broad range of properties. A Listing Agent owes the responsibility to their seller to sell their property first… but a Buyer’s Agent can bring a buyer for any property. A Buyer’s Agent will have access to all properties for sale and can help a Foreign National Buyer by showing alternative units that may be a better value or a better fit for that Buyer’s needs.
4. A Buyer’s Agent will also handle other transaction related issues for a Foreign Buyer. They can schedule and attend property inspections and appraisals. They can also do final inspections and coordinate paperwork.
5. A Buyer’s Agent that is experienced in working with Foreign Nationals will have a team of other professionals for Legal Services, Immigration services, Accounting, Mortgage financing, language translation services, Foreign Exchange services and even banking relationships that will help the Foreign National Investor.

So whether you are buying a single condo unit as a vacation property or a shopping center for cash flow, if you are a Foreign National wanting to purchase a property in the US, find a Real Estate Professional that is capable of working with you and servicing your unique needs.

For Foreign Nationals buying Residential and Commercial Investment Properties in Florida, please contact me directly as I would be happy to help you with your needs. I can also help you with your mortgage lending needs as your Full Service Real Esate Professional.

If you are buying anywhere else in the US, please contact me and I can refer you to a professional in another market. I can interview them on your behalf to find someone that will offer you the best possible service.

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David A. Podgursky, MBA
TheMortgageGoToGuy.com

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