IRS requirement looms larger as foreign investors acquire residential property in the U.S., could drive hopeful homeowners away.
JACKSONVILLE, Fla. — “Caveat emptor.”
The classic Latin phrase “buyer beware” is made for times like this, as real estate markets from the First Coast to the west coast resemble a piranha tank: Put a house on the market and watch the feeding frenzy.
Unless laden with cash, would-be homeowners are being squeezed out by deep-pocketed investors. Perhaps more than ever, those investors include foreign individuals, corporations, and even governments.
“Yeah, we’re definitely seeing that,” board-certified real estate attorney Zach Roth at Ansbacher Law told First Coast News. “You’re getting a lot of foreign investors in the sense of foreign as in not Florida residents, but also foreign as in not American.”
That not only presents an immediate problem for individual citizens and families who need to finance a purchase – their offers are often being ignored …