Beth Kinsella, global member services manager for Leading Real Estate Companies of the World, offered ideas for avoiding international real estate pitfalls Wednesday morning at the Illinois REALTORS® Public Policy Meetings in East Peoria.
Consumers make the mistake of thinking they can easily buy a home in another country after watching a 30-minute television show, said Kinsella. However, some do not understand how complex the transactions can be.
For example, the real estate laws in some countries can be quite different from the United States. Complications can arise from buyers who want to live in a country they’ve never visited. Others may have visited but do not speak the native language. And in other circumstances, buyers may find that real estate agents don’t work exclusively for customers and financing options may be different if they are even offered at all. In Europe, whoever brings in the actual buyer may earn a commission. In the United Kingdom, buyer’s agents do not exist, and the onus is on the buyers to do their own homework, she said.
“No two countries are the same,” Kinsella said.
The Global Business Council meeting was led by GBC chair Michelle Shang.