As I strongly emphasize in my Guide, knowing how you will finance your Paris real estate property from abroad is key to making it a reality as efficiently as possible. So your ability to prove your financial capacity should be on top of your list.
Why Provide Proof of Your Financial Capacity?
Knowing exactly what your financial capacity to buy your Paris dream apartment is a good way for you to have financial clarity, set clear expectations and avoid disappointments.
Also, in today's landscape of stricter bank loan agreements, many sellers are understandably concerned about whether their potential buyers can secure financing. To preempt any such concerns, sellers often request a credit pre-approval or a bank letter stating the potential buyer's financial capacity to make the purchase.
Where Should You Obtain Proof of Your Financial Capacity From?
If you are planning to pay cash for your Parisian apartment, ask your bank for a financial capacity letter. Otherwise, you will need to get a credit pre-approval. I can refer you to reputable brokers in France that work with an international clientele.
To obtain a credit pre-approval, you will need to provide:
a copy of your ID,
your last three pay stubs and bank statements, and
proof of your personal contribution.
A Credit Pre-Approval Should Include:
your identity
your personal contribution
the pre-approved loan amount
legal disclaimers
the date of issuance, and
the stamp of the issuing institution and its signature.
To conclude: By proactively obtaining proof of your financial capacity, you not only gain financial clarity but also you reassure sellers about your capability to secure financing, making your Paris real estate property acquisition journey more transparent and efficient.
Happy property hunting, and may your French real estate journey be as smooth as a buttery croissant! 🥐 🇫🇷
As always, I love to read your comments and answer your questions.
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