Offer making process for an oversea investor.

Question

Hello, 
Can anyone suggest me a best practice in regards to my situation?
I have an oversea client whom I can buying decision for as long as the house meet the criteria. I just have to submit to him for approval then I can make the offer. But the problem i’m running into now is that. He likes this particular house and want to make an offer but he has an oversea bank account? Would that be accepted as proof of fund? The reason why he wants me to make the offer is just so that he does not have to stay here long in the U.S. he’d just come around the closing date, close and and go back. This is our first experence together.he liked a first house and wanted to close on it but by the time we put things together and figure out a way to do it the fastest possible the house was sold. 
Btw if anyone has a single family home of 150,000.00 or less built 2005 and up, with 3br 2bah 2 car garrage and up,  we r interested in making more offers now or in the future depending on the timeliness of the closing period.

Anh Jorgensen · Accepted Answer

Mohamed,

Does he intent to borrow money from his foreign lender or pay cash? Will he have it under his own investment or LLC or Corporation?

I\'m not an expert in this type of transaction, but in my opinion, in order for a bank account to be used as proof of funding, it must be in the US (for its credential and credit ability) or at least, it must be a branch of a US bank in another country. Also, the money in that account needs to show a history trail and make sure it\'s not a revocable/withdrawable account at all time during the transaction!

Please make sure your client understand and follow all the tax implications and withholding requirements for foreign investor in the US since they will have a US connected income. Please also make sure to team up with a Title company that could handle such transaction. You maybe able to ask your title company to see how they want the funding to be handled and for that, you may be able to find out what type of bank and account could be a qualified bank & account for this situation. Regarding tax, don\'t forget to advise him to run through a CPA and work in hand with that CPA.

All the best and please let me know how it goes,

Anh Jorgensen

Anh Jorgensen

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