Risks for buying resale

[James Chappas]

What are some risks I should be aware of when buying a resale contract? I am currently interested in a property, but the seller is international. Does that add extra risk to the transaction? Is it correct that the title company mitigates most of the risk?

 

[MB_01]

My first contract was international (Canada but that still counts!). Firpta is the only weird thing I know about but the title company should have that under control. I’ve heard people say paperwork can take a bit longer but I don’t think you are exposed to any additional risk. Mine went off without a hitch.

 

[sndral]

My second contract was from sellers located in the UK, it took a bit extra for the closing documents to arrive from England, but otherwise everything was like a domestic purchase and in fact it closed faster than my first resale contract. Here’s a link to a fairly recent thread where the issue of International contracts was discussed as well, FYI https://www.disboards.com/threads/international-seller-delayed-closing.3706710/

 

[rg35]

I bought international (UK sellers) and I had no idea until the contract came to sign. There were no holdups or issues.

 

[heynowirv]

Is it correct that the title company mitigates most of the risk?

The simple answer is yes, it's their responsibility to check for a clear title.

 

[gharter]

We have purchased 2 contracts through resale. Both were not International. Buying International should not have any more risk. Between Disney and the title company, they should make sure everything is correct.
From what I have read. International sales can take longer, if that matters.