Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
I would go as far as changing the constitution in regard to automatic citizenship when a baby is born in the US. Only qualified if at least one parent is a legal US resident.
 
Danimal said:
I would go as far as changing the constitution in regard to automatic citizenship when a baby is born in the US. Only qualified if at least one parent is a legal US resident.
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That legal US resident requirement alone will be too complicated to define. Is tourist on B1/B2 legal ? Is H1b/H4 legal? L1A/B/C? How about O1?

Ok, how about tax purpose resident? Ok, the partial ones too?

Look, layman term doesn’t cut in legislation…
 
vsfan said:
That legal US resident requirement alone will be too complicated to define. Is tourist on B1/B2 legal ? Is H1b/H4 legal? L1A/B/C? How about O1?

Ok, how about tax purpose resident? Ok, the partial ones too?

Look, layman term doesn’t cut in legislation…
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Legal resident as in having social security number. Does B1/B2 or H1b/H4 have SSN assigned?
 
Danimal said:
Legal resident as in having social security number. Does B1/B2 or H1b/H4 have SSN assigned?
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Oh boy, ITIN counts? Also - visa status doesn’t decide your SSN, let’s also consider DACA for a minute…

A direct answer to what you said - B1/B2 doesn’t have SSN by default, H1B always have SSN. Almost every working F1/F2/J1 have them too… now H4 could have been issued EAD so they do too. All O1 L1 counts.
 
All in all - using SSN would be too easy as a bar, all EB5 families have them the moment they land at this country .
 
Non citizens can buy real estate. Most must pay cash, but many can still buy and finance the deal (H-1B, Canadian Snowbirds, etc)

Wanna stop this housing nonsense? Here's my ideas:

1) All cash purchases must be from funds that have been resting a US Bank, in total - $500k-100m on up, for the last 12 months. Alternatively, a HUD-1 from an owner occupied sale may be used as source of funds, providing that the original funds to purchase the departure residence were in a US Bank account in full for the past 12 months. If a property has been owner occupied for at least 5 years, sourcing the originals funds to purchase would not be required. Family transfers would not be impacted, but family sales would need the cash to purchase documented in the same manner - 12 months seasoning of all funds in a US Bank.

2) Financed purchases must source funds for the down payment and closing costs in the same manner - all funds for the purchase documented as existing for 12 months in a US based Bank. Alternatively, a HUD-1 from an owner occupied sale can be the source of funds. No-Cosigners on the financing is allowed (reducing the "Oh, my kid will live in the home" dodge)

3) All purchase documents (offer/contracts/closing documents) must be hand signed in person by all parties. All parties within an LLC must hand sign every form.

4) Enforcement? Tax the beee-jeezus out of the Sellers proceeds from a transaction that violated the rules, AND fine the Bank/Escrow/Title company for facilitating the deal.

Inconvenient? Perhaps. All these suggestions do is strengthen existing Anti-Money Laundering law. Will this cut down on the nonsense we presently see? I believe simple changes and others like this will.
 
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vsfan said:
Foreign individual or any foreign entity? What if a U.S. investment firm is working on behalf of foreign owner? I understand where you are from and your good intention, just that any policy can have loophole plus unintended consequences, and I never believed in any silver bullets. From a long term view, if US is going down the trajectory of European countries 60%+ of the population eventually become renters - because housing will become out of reach for the majority.
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you think housing is within reach right now with where it's at? let's not act like a foreign buyer ban in local real estate is not common.
 
Should American citizens be allowed to buy cheap houses in Italy, Portugal and Spain? Should Americans be allowed to buy cheap houses and retire in Mexico and Thailand? Maybe poll the natives who are being priced out...
 
misme said:
Should American citizens be allowed to buy cheap houses in Italy, Portugal and Spain? Should Americans be allowed to buy cheap houses and retire in Mexico and Thailand? Maybe poll the natives who are being priced out...
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I did know Mexico doesn’t allow ownership by foreigners but their bank has the 99-year loan program to work around it.
 
sleepy5136 said:
you think housing is within reach right now with where it's at? let's not act like a foreign buyer ban in local real estate is not common.
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It is quite the opposite, foreign buyer ban is common. But, we need to factor in the fact that US is an immigration country, unlike most European countries that are anti-immigration in general. It is relatively easy to tell who is foreign, say, in UK or Germany. In US, particularly in CA, we even give free healthcare to undocumented… so what gives?
 
vsfan said:
I did know Mexico doesn’t allow ownership by foreigners but their bank has the 99-year loan program to work around it.
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As far as I know there is no 99 year lease or 99 year loan program. In Mexico residential land lease is 10 years and fideicomisos (Trusts) are 50 years, both are renewable subject to government policy.
 
vsfan said:
It is quite the opposite, foreign buyer ban is common. But, we need to factor in the fact that US is an immigration country, unlike most European countries that are anti-immigration in general. It is relatively easy to tell who is foreign, say, in UK or Germany. In US, particularly in CA, we even give free healthcare to undocumented… so what gives?
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I don't quite understand why your focus is on illegal immigrants. Are we here saying these group of individuals are driving local real estate prices? Sure, my proposal had some immigration reform behind it, but that's to identify who is considered local and to use that as a way to prevent foreign investors from buying US real estate.
 
Personally, I'm more opposed to landlordship/property investments than out of state or foreign buyers who buy the home to live in. FCBs aren't the only problem in Irvine. A lot of these buyers at Highland and Cielo in PS are flippers.
 
No my focus was not on undocumented immigrants, given 99.99% of them won’t be buying Irvine house in near term. Just trying to point out that it is impractical to differentiate between local and non-local, or citizen and non-citizen. Someone can be living here for 30 years but still looks foreign to some of us on this forum. Essentially the problem dealing with rich people is that they are rich so that they have a lot more resources at their dispense.
sleepy5136 said:
I don't quite understand why your focus is on illegal immigrants. Are we here saying these group of individuals are driving local real estate prices? Sure, my proposal had some immigration reform behind it, but that's to identify who is considered local and to use that as a way to prevent foreign investors from buying US real estate.
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momopi said:
As far as I know there is no 99 year lease or 99 year loan program. In Mexico residential land lease is 10 years and fideicomisos (Trusts) are 50 years, both are renewable subject to government policy.
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Ok I might have learned it wrong from the tour guide in Mexico. Just googled and found this

8 FAQs Concerning Baja Real Estate » Baja Open House

The most popular way is also by far the best way. Non-Mexican nationals prefer to own Baja real estate using the highest form of ownership that is possible
www.bajaopenhouse.com www.bajaopenhouse.com
 
vsfan said:
No my focus was not on undocumented immigrants, given 99.99% of them won’t be buying Irvine house in near term. Just trying to point out that it is impractical to differentiate between local and non-local, or citizen and non-citizen. Someone can be living here for 30 years but still looks foreign to some of us on this forum. Essentially the problem dealing with rich people is that they are rich so that they have a lot more resources at their dispense.
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I'm definitely not a politician so I'm not going to say my approach is the best/right way to handle the situation. But as you said, banning foreigners from buying local real estate is very common in other countries. Think about why it's common. The fact we don't have that in place is exacerbating the housing affordability crisis and it's at the expense of our own people.

Keep in mind, most of us are benefiting from the current system. Let's not forget that.
 
sleepy5136 said:
I'm definitely not a politician so I'm not going to say my approach is the best/right way to handle the situation. But as you said, banning foreigners from buying local real estate is very common in other countries. Think about why it's common. The fact we don't have that in place is exacerbating the housing affordability crisis and it's at the expense of our own people.

Keep in mind, most of us are benefiting from the current system. Let's not forget that.
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The last part got me! Maybe the true reason I am hoping for no-ban of foreign buyer. My plan has always been selling my Irvine house when kids are in college. 1/2 of the money from my house can get something really nice in Austin, TX…
 
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