Follow Up: Chinese spending major money on U.S. Property
It would appear that our predictions have come true. Last year, AllAcres.com commented, and extrapolated on an article from Juwai.com, stating that an influx of Chinese Citizens were purchasing land around the world, outside of China, and the United States was next in line for the sheer purchasing power of the Chinese.
Yesterday, July 23, 2014, CNNMoney reported that indeed those premonitions have come true, and it would appear that the, "Chinese are second [only to] Canadians when it comes to buying property in the United States...spending an average of almost $591,000.00 per property."c. The crazy part about the purchases however, seems almost like a page out of a Dave Ramsey tutorial; that is to say that these buyers are acquiring these properties with hard earned cash, over financing. To put a finer point on it; only 26% of Chinese buyers did so using a mortgage loan, as opposed to 74% using cash.
So what's the big allure to buying land in the United States? Simply put... it is simple. Whereas in some other countries, one must be a citizen of that country to purchase and own land, and often times even then the government trifles in the purchase process... in the United States cash is truly king. Anyone can buy housing, land, property, acreage, etc. by exchanging legal tender for title to the property, without government interference. Anyone, citizen, or non.
Is this something that we take for granted in this country? Is the idea that we live in a country that allows us the right to, "not being deprived of life, liberty, and property without due process of the law"(see United States Constitution, Fifth and Fourteenth Amendments) something that we have forgotten, while citizens of other countries are more than willing to jump aboard and be overzealous towards that which their own nations keep them from?
Let us know what you think in the forums board entitled, "Real Estate Law In The United States".