IanH88

The reason for my post was not to debate my view on the risks associated with buying without a GC or otherwise, although all the responses are appreciated.

It was more to illustrate that there are banks out there that will lend in certain circumstances, even with no credit rating in the US. Im pre-approved, not pre-qualified with Wells Fargo and also with CitiBank. BoA have also given ne verbal pre-approval although I'll wait until I see it in writing.

pgtips

Why not just rent for 6 months and see how things pan out ?
Why the urgency to buy somewhere where you do not even have a citizenship or permanent residency, seems a bit silly and desperate.

shayward

And thanks for doing that.

I don't know why people feel the need to answer questions on forums that have not been asked, or to provide advice when it has not been asked for.

I'm pretty sure that if you can afford a million dollar property and are coming over to run a division of a company you know what you are doing.

Good luck and enjoy California.

pgtips

Its a public forum and people are entightled to express their views. Just because one can take out a million dollar property and borrow $700,000 and tie up $300,000, and run a company does not mean they know everything. Even the best brains in the world are continuously developing and learning. Sometimes what may be a silly opinion to you may be the opinion that saves someone a lot of hassle and emotional upset.

shayward

I never said the opinions were silly, just that they were not asked for.

IanH88

Thanks shayward for your best wishes.

I genuinely welcome all the opinions and responses, I've gone back and forth on this a thousand times and have looked at all eventualities. The experiences here are valuable as they come from people who've been through the process and whilst everones situation is very different, I'm sure I can learn from others as I'm conscious how much I don't know about what lies ahead.

I'm not going into details, but suffice to say I have a couple of safeguards in place that tip the balance to buying vs renting, without them, I'd be renting without question.

NatashaB

We were 'pre-approved' for a BOA mortgage - an FHA loan with a minimal deposit. However after pre-approval we were asked about a million questions about where funds had come from, had to get letters from employers, banks, currency transfer sites to prove things, so pre-approval is not a set in stone guarantee i guess. They only did an international credit report (via Landsafe) on us after the pre-approval. We were/are in the same boat as you - L1a with a GC pending, it is a bit of a precarious situation for the reasons mentioned but we felt we had to take a chance, who knows where property prices will be in a few years and we just couldn't justify pouring money down the drain in rent when a mortgage was available to us. It does give me some sleepless nights worrying what happens if the GC doesn't come through though

BoA got us there in the end but they were a total pain and I was ready to burn down all their offices by the end of the process. I would stick with WF, they certainly can't be any worse

IanH88

Thanks Natasha, I'm ready for the full on Spanish inquisition once we go ahead!!

ian-mstm

Alas, that is the nature of public forums... you can't control what other people write.

Ian

Bob

Because a lot of people immediately look to buy when they move here and often don't realise that if they lose their job, even if in a position to set up a new division that they would have a couple weeks to leave the country if they are let go and this has happened, meaning 6% selling cost is a large chunk of change to lose.

Bob

Aye, it can take as long as 3-6 months to sort out, even for people with good credit history and a hefty down payment.

robin1234

This is true, obviously it is a real consideration..
However, I think another compelling reason to rent is that it gives you real leisure to get to know your new hometown and its environs, to look at several properties over the course of months .. rather than having to look at ten houses in one week, for instance. While renting, you will get to know people at work.. neighbors.. new friends, all of whom can give you valuable insights into good areas to look at, neighborhoods to avoid, maybe even put you in touch with someone who is selling privately.
As for the admonition in a posting above, that folks should not answer questions that are not asked. Some of these threads would shrivel on the vine pretty quickly if we kept to that rule. Nothing wrong with a free association of thoughts & helpful, unsolicited advice, as long as it is respectful and (hopefully) moderately thoughtful..

IanH88

This was a major consideration and probably the most compelling reason to rent, however, I've been lucky enough to spend a great deal of time in the area over the past few years and have got to know it quite well.

However, I realise this is no substitute for actually living somewhere and that really is the only way to get to know a place. I think the fact that the area we are looking at is extremely nice has made things a little easier....we are very lucky in that respect.

robin1234

Looks like a nice area, from the map. Nice to be near the sea! That is my main problem with where I live, it is 350 miles to the ocean...

Sheepdip

We rented in two different areas before buying in a third and waiting for the GCs. Waiting really helped us to know which areas to avoid, but if you bought a $1M here you couldn't go wrong!