Taxes Agent claims foreigners cannot sell a house for six years

[AddaNights]

Hello - new to this site, and this forum. My American parents bought a house they've never seen in the town of San Rafael about 10 years ago. Now they are elderly and need to sell it to pay mounting medical bills here in the US, where they live. The real estate agent conveniently "rented back" the house from my parents after the transaction was completed, paying only taxes and promising to do maintenance.

This sounds fishy!

The real estate agent told them that no foreigners can sell for at least six years, because the taxes will eat all the profit. After that, he has been uncommunicative for the last 5 or so years. Last they know, still living in their house. Uh-oh. All I have to help them with is the address in San Rafael.

Any good ideas? Does anyone know a legit land agent in San Rafael? Any ideas what I should do for them?

 

[earlyretirement]

Hello - new to this site, and this forum. My American parents bought a house they've never seen in the town of San Rafael about 10 years ago. Now they are elderly and need to sell it to pay mounting medical bills here in the US, where they live. The real estate agent conveniently "rented back" the house from my parents after the transaction was completed, paying only taxes and promising to do maintenance.

This sounds fishy!

The real estate agent told them that no foreigners can sell for at least six years, because the taxes will eat all the profit. After that, he has been uncommunicative for the last 5 or so years. Last they know, still living in their house. Uh-oh. All I have to help them with is the address in San Rafael.

Any good ideas? Does anyone know a legit land agent in San Rafael? Any ideas what I should do for them?

As the saying goes, "A fool and their money are soon parted". Why in the WORLD would they be so foolish?

There are plenty of investors that have purchased properties sight unseen. That goes on all over the world. HOWEVER, they are people that have a trusted friend/family or consultant that is totally experienced and know what they are doing. I'm not sure how/why your parents bought a place and then leased it back to the real estate agent!