Foreigners: apartment buyers with special needs

Part 1 of 2

(Flickr photo by allie_caulfield)

The foreign buyers you read about who are purchasing super-luxury apartments that are sky-high not only in location don’t concern themselves with financing their purchases.

Nor do those whose chief interest is to park their funds in a safe place seek out lenders.  (Of course, foreign buyers may have in mind a safe haven for their funds as well as a desire to increase their investment with financing assistance.)

But for foreigners who want a modest pied-à-terre or perhaps housing for their children attending school in the U.S., a mortgage can be important.

They may be able

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Use care when relying on power of attorney

Power of. . . a different sort. (Flickr photo by damndirty)

It is not uncommon for one, or even both, of the parties to a real estate transaction to be absent at the closing.

In that event, providing someone with the power of attorney makes everything possible.  But there are important matters to consider when either buyer or seller goes that route.

First,