Some Tips for Canadian Buyers

Right now, the Canadian dollar is near par, and Real Estate in Phoenix AZ is down substantially off it's peak in 2006. That has led alot of Canadian buyers to look at picking up a second home here in the Phoenix area. There has not been a better time to buy for Canadians for as long as I can remember.

When buying Real Estate in Phoenix AZ, there are some things Canadians need to rememeber. First, financing is difficult, unless you have a US Social Security Number. If you don't, I have had a client get a loan through US Bank, but they are the only lender I've heard of willing to finance a US Loan for a Canadian buyer. Without that, you'll need to pay cash. If you have enough equity in your Canadian home, you can take out a second on that to pay cash for your purchase here.

The next item is your Earnest money. When buying a real estate in Phoenix AZ, all buyers are required to put down a certain amount of earnest money. You cannot write a check on a Canadian account to do so. It takes 30-45 days for an international check to clear, so Title companies will not accept is. Be prepared with cash, or to do a wire Transfer. Don't plan on opening an account here and writing a check from that....you need a US Address to open an account, and you won't have that until after you have bought.

Last, pay attention to the condition of a the home. Yes, you can get a good deal on a foreclosure. However, Real estate in Phoenix AZ is now priced where an owner occupied sale is typically priced competeitively with a foreclosure, once repair costs are factored in. When you live in another country, making repairs is difficult, time consuming, and risky. If you can avoid it, do.

That's pretty much it. Buying real estate here in Phoenix can be a smooth process if you know what to expect, and you have an agent experienced in international transactions. But if you do, and you are ready, now may just be the best time to buy you will ever see.