The process of buying real estate in The Bahamas can be a daunting task. One of the most important aspects of the real estate transaction is getting your financing in order before you begin your search. Buyers who have pre-qualified for a loan have a much stronger negotiating position, especially if the seller doesn't have to accept a "subject to financing" clause. Sellers who have more confidence in their buyer's ability to close will often negotiate more on a "sure thing".
Getting started with a lender is really much easier that you might think. Your Bahamas real estate professional should have a contact in each of the major lending institutions that he or she can refer you to.
Common requirements for local buyers include the following:
*Job letter verifying employment and income.
*Copy of passport and national insurance card.
*Offer to Purchase / Sale Agreement.
*An appraisal of subject property.
Common requirements for foreign buyers of Bahamas real estate include the following:
* Completed and Signed Application form for each individual borrower.
*2 Pieces of ID for each borrower (passport, driver’s license).
* For Each Applicant: One (1) Bank Reference Letter addressed to local lender from institutions with at least 2 years relationship history.
* For Each Applicant: One (1) Personal Reference Letter from Registered Attorney or Accountant addressed to local lender.
* Copy of public utility bill of your primary residence (water, phone, electricity).
* Confirmation of Income – 2years Tax Returns with Schedules.
* Completed W9 Form (For US Persons).
* Credit Bureau Report.
* Confirmation of All Assets Outlined in Application.
* Confirmation of Down Payment (3months bank statements to verify Source of Down Payment).
* Confirmation of Employment.
* Job Letter (include: Date of Hire, Position & Income).
* CPA Letter verifying length of time having owned business, Nature of Business, and Company structure/formation.
* Offer to Purchase / Sale Agreement.
* Construction estimates plans etc (Construction Financing Only).
Once you have provided these details to your local Bahamas banking institution the process of getting pre-qualified has begun! Once your approval and amount have been granted you're ready to start the search for your very own piece of paradise! I can help with that search, so feel free to contact me at any time during the process. I am always happy to help you! Contact me today at www.ZacksIslandProperties.com or call me at 242-424-SOLD (7653)!