From UK, need advice on buying a house

[cruickies]

Many thanks for your quick replies. I did not realise that anyone had replied until I checked back in today as I now have another question!

As an update, I saw the house and couldn't see any reason why it might be taking so long to sell...other than the seemingly disinterested seller's realtor. We are in the lucky position of being cash buyers.

My friend does have a broker he works with.

Texas Horse Lady, thanks so much for the detailed response. Very useful.

The house is now off the market but we have been in contact with the seller directly (luckily they have an unusual first name and surname!). He said if he sold at a short sale (he's defaulting on the mortgage at the moment) he would be liable for capital gains tax on the difference between the mortgage and the sale price. Is that true?

Many thanks. ALi

Thanks

Ali

[Exiled Texan]

STEP BACK!!!!

You need to rent a home and not do this without seeing properties and DEFINITELY DO NOT DO A SHORT SALE without legal representation.

WHY? There are tons of rentals. Get a 6 month rental.

Plus, I think Austin real estate is staying level or going down in the next year.

[intmd8r]

Originally Posted by cruickies

He said if he sold at a short sale (he's defaulting on the mortgage at the moment) he would be liable for capital gains tax on the difference between the mortgage and the sale price. Is that true?

I *think* this was repealed sometime in 2009 and that you are no longer taxed on the write-off. I'm not 100% positive, but close.

[thedogatemyhomework]

to echo the others *rent first*

do not buy until you are familiar with austin/leander/texas/usa

[Austin97]

Originally Posted by cruickies

HI everyone,
My husband and I are planning to relocate to Austin from London, UK, in March 2010.
We have found a house in Leander that we really like and I would appreciate some advice from y'all as our realtor is a family friend who dabbles in real estate but is not active.
What should be on the look out for/be aware of?
The house is empty and has been on the market since March 09. It's in a good school district. We have asked for the HOA rules but none have been forth coming. My friend is going to talk to the neighbours
I know that we should have the house inspected but is there anything else?
Many thanks in advance

You cant go by school district you have to go by the specific schools. I would also leander is really far out and because your currency is so strong, you might as well live closer in

[homeinatx]

Someone needs to report the endlessly self-pimping Bettina Foreman - I dunno how - but if someone tells me how, I will be happy to oblige. This is an info gathering site not a commercial self-promoting one.

[Austin97]

Originally Posted by homeinatx

Someone needs to report the endlessly self-pimping Bettina Foreman - I dunno how - but if someone tells me how, I will be happy to oblige. This is an info gathering site not a commercial self-promoting one.

she only has 15 posts and none of them looked self promoting except the one above and barely so. Did she use another account before or something?

[virgomom2010]

Hello!! I noticed you are from the UK and are moving to Austin. My husband is from Surrey and we've been living in Atlanta since last March and considering a move to Austin. Just wondering what you think of the area from a Brit perspective (and by that I mean; are there good curry houses? Any pubs? Do you find it to be up and coming, or do you need to drive everywhere? As far as architecture, are there any old structures or is everything eerily new?).. Any info appreciated, cheers

[Betina Foreman]

Dear Homeinatx,
I was not self promoting. There were no details of the upcoming home, nor did
I ask anyone to come look at it or buy it or anything. The poster is looking for a lease to get their bearings first so my listing is not even a consideration for them. I was simply commenting on what a small world it is. I wanted the original poster to know that others from the UK like Austin & Leander. My comment was meant as more of a your welcome here and there are others from the UK living here and loving it. My clients would like remain here but poor health is forcing them to move home to be closer to their extended family. Neither comment was meant to offend anyone or be self promoting.

[Betina Foreman]

Exiled Texan is 100%correct. You should rent first and determine if this is really where you want to be. Six months will give you time to check out the schools and neighborhoods before you commit to buying a home. You would not buy a car without test driving it first would you? Do the same with your intended new neighborhood. Good luck!
Betina