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Personal Finances / Buying or Selling a Home
|Subject: Re: Purchasing Real Estate Abroad||Date: 2/5/2013 4:11 PM|
|Author: Rayvt||Number: 124671 of 125377|
The property is still owned by a second cousin, but he has been approached by some outside buyers and is thinking about selling. He wanted to offer it to us as a courtesy before he sells it out of the family.
Sounds like it might be a sucker play, with you as the sucker.
Have you ever seen this property, and do you know first-hand what the condition is?
What part of Italy? The good part (North) or the not-so-good part (South).
Italy is undergoing a demographic crash. From what I've seen in movies (granted, not neccessarily a source of true facts) and documentaries (probably are true), the population is declining and houses & villages are becoming vacant and empty, because of no people.
Your 2nd cousin may be trying to sell to you -- the ignorant American -- a property that he couldn't even give away.
I was going to do some research on buying real estate abroad, but I don't even know where to start. Do any of you have experience here and can point me in the right direction? I have expressed caution to my relatives - we don't want to buy a money pit or a lemon just because it's nostalgic....
Laws vary greatly in different countries. One potential danger is that owning property there makes you subject to some laws that you've never heard of.
For sure, you'd have to pay property taxes, right?
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