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Old 08-05-2010, 03:34 PM
 
108 posts, read 254,578 times
Reputation: 26

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My Cousin wants to buy a townhome in Austin for her daughter. Since her daughter expects to go to UTA in a year or two, she wants to buy a condo which is a good investment property and close to downtown.

She is ready to do cash offers for a house/condo/townhome less than $100K.

Does any one know if Foreign nationals can buy house here? If they can, what kind of process do they need to go through?

Which area will be good options thinking of her scenario?
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Old 08-05-2010, 08:55 PM
 
648 posts, read 1,964,654 times
Reputation: 184
I think if you pay cash, it shouldn't be a problem.
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Old 08-05-2010, 09:28 PM
 
Location: Austin, TX
1,283 posts, read 2,736,986 times
Reputation: 1040
Quote:
My Cousin wants to buy a townhome in Austin for her daughter. Since her daughter expects to go to UTA in a year or two, she wants to buy a condo which is a good investment property and close to downtown.

She is ready to do cash offers for a house/condo/townhome less than $100K.

Does any one know if Foreign nationals can buy house here? If they can, what kind of process do they need to go through?

Which area will be good options thinking of her scenario?
If your cousin is foreign and can't stay here permanently, why would she want to buy a house here?
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Old 08-05-2010, 09:37 PM
 
Location: Long Island
9,933 posts, read 23,155,300 times
Reputation: 5910
Quote:
Originally Posted by ImOnFiya View Post
If your cousin is foreign and can't stay here permanently, why would she want to buy a house here?

The OP stated that this student is going to UTA - so the cousin of the OP wants to provide privately owned housing for her daughter. Parents do that in many college towns, if they can afford it.

Since she's paying cash, nationality doesn't matter, just make sure she has a real estate attorney draw up the proper papers to avoid problems down the road. And after the daughter is done, the property could either continue to be rented to other students (always a market for it), sold for a profit, or possibly the daughter wants the option to stay there...
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Old 08-05-2010, 09:40 PM
 
Location: Long Island
9,933 posts, read 23,155,300 times
Reputation: 5910
Oooops, just reread the OP's original post in which a "Townhome" was mentioned. If that is supposed to mean "Townhouse" (or condo), in that case, the Homeowners Association has to approve the buyer(s), which could be a potential stumbling block both with the purchase as well as the possible rental down the road
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Old 08-06-2010, 07:35 AM
 
Location: Holly Neighborhood, Austin, Texas
3,981 posts, read 6,736,789 times
Reputation: 2882
When I bought my house last October I swear there were a couple forms from Homeland Security or some other federal agency I had to sign.
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Old 08-06-2010, 08:23 AM
 
Location: Austin, Texas
544 posts, read 1,667,625 times
Reputation: 155
don't think it's a problem -- there is a section of the contract that spells out that a foreign national will have any taxable income collected once they sell the property -- having a tax identification number (TIN) will probably be required to complete the purchase cash or financed
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