What are the concerns in selling a house in the US to someone that does not have US Citizenship?

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I am selling my house by For Sale By Owner on fsbo.com and was contacted by numerous individuals from England. The FSBO contact indicated that the contacts wanting to buy the house is a scam. The contacts have given me a offer that I have declined? What are my concerns?

5 Comments
  1. Reply
    M P
    July 21, 2011 at 4:19 am

    Well, if they do not have a U.S. financial institution to pay for the house are you sure you will get the money? Don’t you have a realtor handling this? Talk to your mortgage company and ask them to assist you in this sale or reccommend a company that can.

  2. Reply
    Mortgageman
    July 21, 2011 at 5:03 am

    As long as you are given a check at closing by the title company / Attorney handling the transaction, you shouldn’t have any concerns. You are in charge of the transaction and they will be signing your purchase agreement.

  3. Reply
    goz1111
    July 21, 2011 at 5:35 am

    your problem is how to ensure the funds are real, even if a check may clear if it is on a foreign note or even American fake banks it take weeks to find out, funds bounce you owe monies and your place is probable max out on a note

  4. Reply
    talldude
    July 21, 2011 at 6:18 am

    If you declined the offer then, in most states, no accepted offer = no contract, so you should have no concerns.

    That being said, your title:closing company/ r.e. attorney can take steps to assure that a buyer has the funds ready for closing. If they have bonafide US funds at the closing table, you should be ok.

    Also, depending on your selling contract, you as the FSBO (owner) can, in some states, require verification of bank account records and balances before moving forward with accepting an offer.

    Bottom line, take the steps you need to take to be sure your buyer is “qualified”.

  5. Reply
    Monika Wilson
    July 21, 2011 at 6:45 am

    You should work with a local Real Estate Agent who is expirienced in dealing with foreign sellers, you can also use a local title company for all the transfers (documents and money)

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