international seller

[smurphym]

can someone please tell me the pros and cons (if any) of purchasing from an international seller? thank you!

 

[poofyo101]

Pros
I have heard from sources Disney does not ROFR international sellers.
Cons
Takes longer
More difficult to brokers to communicate sometimes

 

[BWoody]

I recently bought from an international seller. There were no cons from my perspective. Timing wise, my contract moved just as quick as non international contracts. In fact, transaction went quicker than many non international transactions. However, there is greater potential for delays with an international seller, but delays can happen no matter where the seller is. No way to know for sure until it happens unfortunately. I think it did help that my seller was Canadian though. No language barrier or serious time zone differences for the broker to deal with.

 

[stuartsong]

The international seller will depend on where they are from. There are some countries where getting a notary is very difficult. That will take some time as Japanese seller have to make an appointment at a US embassy or consulate. My experience has been that it take longer to close with an international seller than a US seller.

 

[Anuhea35]

You gotta put your social security number on the paperwork.

 

[BlackTea]

It is your responsibility to ensure seller file form 8288, and pay taxes if they have capital gain. In theory, title comapny will handle everything for you, but they could fail or be negligent, thus the key is, use a reputable one...

 

[mmmikey]

It is your responsibility to ensure seller file form 8288, and pay taxes if they have capital gain. In theory, title comapny will handle everything for you, but they could fail or be negligent, thus the key is, use a reputable one...

EDIT: NM!

 

[Wakey]

Any of the big agents and their title companies such as Magic Vacation are well used to doing this. They essentially withhold the tax from the seller to cover the tax, so the buyer has no worries, and if instructed (for a fee) will put the seller in touch with an expert to claim it back (cost about $500 to the seller- this does not hold up the process- a seller can fill in the paperwork themselves).
Bottom line there is no problem buying from an international seller if you use one of the main agents and title companies, and the advantage is it looks like it would not be taken ROFR.
As to it taking more time- maybe maybe not, depends on country. For example with the UK (Hague convention country), they can go to a UK notary with no apostille from the US embassy required for Florida- should not take any more time than a US seller going to a notary. I just bought a contract from a US seller and it took them weeks to send the paperwork back as they sat on it whereas a motivated UK seller could have had it back within days.
If however, you were buying DVC in California, the UK notary could notarise, but then I think it has to be sent to the US embassy for the apostille which will delay it a bit.
In summary, I would have no qualms whatsoever buying from a foreign seller, for Florida property, particularly from foreign sellers based in places like UK, Australia or Canada. In fact due to the lack of ROFR, even waiting for a short while longer (which you shouldn't technically have to) could save you lots of time compared to it being ROFR'd.

 

[mmmikey]

Why would this be a buyer's responsibility? Capital gains is administered on the seller as the sale counts as part of their overall income based on the final value of sale compared to initial cost. It's his accountability to report the income and pay his taxes, not the buyer.

NM.. very different process in the US for this..