Posted AT 12:23 AM EST on 08/08/08
Bargain hunting in the U.S.? Better bring cash
When Canadian accountant Kenneth Lee toured Florida looking for real estate deals in May, it seemed everyone in the state's ravaged housing sector bent over backwards to welcome him – with the exception of mortgage lenders.
A successful business owner, Mr. Lee, 37, faced a swath of red tape and a 45-per-cent down payment when he took the plunge last month and bought a new condo in Naples, Fla., for approximately $700,000 (U.S.).
The full text of this article has 851 words.
To continue reading this article, you will need to purchase this article.
Already have a member account? Login now
Pay-Per-View Offers To read the complete article, select one of the following options
Purchasing from globeandmail.com is quick and secure.
