Buying / selling real estate property while on H1B. Is it possible and safe?

[Atlee]

Hi,

Thanks for this forum where we can share our views, concerns, suggestions and recommendations and get to know more about situations.

I am on H1B visa and in US since Jan-2006 and my GC has not yet been started yet. As of now we don’t know when GC process will start thru current employer or may be not.

I am planning to buy a home (Condo or SFH) in US to live in that house as long i am in US, and i applied for Home loan (FHA). My home loan (FHA) is approved and looking for property at this moment.

My questions are,
If I buy some real estate property (condo or SFH) while I am on H1B, and what happens if i moved out of country, (H1B - 6Yrs completed or project work is completed)?
Do i need to sell the property before i leave country?
Can i sell the property while i am away from country?
Can i rent this unit while i am away from country?
On a new H1B can i come and stay in that home?
Are there any other obligations or safe exit criteria we need to know of before buying property? If we own the house on H1 and move away from country, do we need inform any govt authorities?

Anybody can share more info on safe exit criteria (on H1B) and risk factors involve, please do share with me.

Anybody experienced this case before? Please give me details as much as possible.


Thanks.
Alteeg

[mrane1]

Originally Posted by Atlee

Hi,

Thanks for this forum where we can share our views, concerns, suggestions and recommendations and get to know more about situations.

I am on H1B visa and in US since Jan-2006 and my GC has not yet been started yet. As of now we don’t know when GC process will start thru current employer or may be not.

I am planning to buy a home (Condo or SFH) in US to live in that house as long i am in US, and i applied for Home loan (FHA). My home loan (FHA) is approved and looking for property at this moment.

My questions are,
If I buy some real estate property (condo or SFH) while I am on H1B, and what happens if i moved out of country, (H1B - 6Yrs completed or project work is completed)?
Do i need to sell the property before i leave country?
Can i sell the property while i am away from country?
Can i rent this unit while i am away from country?
On a new H1B can i come and stay in that home?
Are there any other obligations or safe exit criteria we need to know of before buying property? If we own the house on H1 and move away from country, do we need inform any govt authorities?

Anybody can share more info on safe exit criteria (on H1B) and risk factors involve, please do share with me.

Anybody experienced this case before? Please give me details as much as possible.


Thanks.
Alteeg

Answers:
1) Nothing. As long as you keep making your monthly payments to your bank, you are fine.2) You don't HAVE to sell it. As in there is no law with USCIS that says you have to. But would'nt you want to sell? Esp if you have no idea if you are coming back or not.
3) Yes. But you would have to give power of attorney to someone to act on your behalf for the transaction.
4) Yes.
5) Yes.
6) From immgration standpoint no. But if you leave the country you are liable to pay the mortgage to the bank and taxes to the govt. Should you just walk away, you will end up destroying your credit. Plus the bank could go after you when you come back in the future.
What is the urgency in buying the house? The market is still falling and probably will for the next couple of years. Why shoot yourself in the foot? You can rent a similar house for much lesser amount without the obligation and headache!

[Atlee]

Thank you very much for the info.

When i asked the question

"Are there any other obligations or safe exit criteria we need to know of before buying property? If we own the house on H1 and move away from country, do we need inform any govt authorities?"

I was referring that, do i need inform to my mortgage lender that i am renting my property? I will still continue to pay my mortgage, tax, etc even though i am away from country and i don't have any intention to just walk away without paying any of these......my question was do i need to inform bank or any govt authorities that i am no longer in the country (I will continue to pay mortgage, tax , etc). As long i continue to pay all required mortgage, tax etc, does the bank cares about my status (H1, in the country vs away from country)?

Thank you in advance.