Foreign cash buyers boosting Florida real estate

August 5, 2010 - Florida's biggest fans appear to be wealthy families relocating from overseas - and paying for homes in cash.

A burgeoning sector for real estate agents in the state has been the international market, fueled by foreign buyers with lots of money and no qualms about dropping millions on a new home, reported AOL Real Estate.

International customers make up about 60 percent of broker Esther Percal's cash buyers, she told the news site. "A cash buyer may be someone who is borrowing from somewhere on their own, they may have the money in the bank, they may own the bank, but their purchase is not contingent on a finance deal." Some of her clients find the U.S. mortgage market to be too slow and constricting to bother seeking financing, she added.

Their purchases aren't just to obtain trophy homes either, said the report. Many buy American homes because they want to build credit in the U.S. for business purposes or wish to obtain a visa.

Though price may not be a concern for those buyers, the average consumer would be wise to shop around for a mortgage and moving services when buying a home.