There are times when parents in Korea reach out wanting to buy a home for their child studying in Lexington. The first concern in such consultations is likely how to handle international remittance and whether there are any tax issues. The process of sending the down payment and the remaining balance from a Korean account to the U.S., as well as obtaining an ITIN necessary for purchasing real estate as a non-resident foreigner, can feel unfamiliar and complicated for families encountering this for the first time.

Looking at the Lexington housing market, recent trends show a steady increase. As of July 2026, the median sale price is $375,000, which is a 7.3% increase from the previous year, and transactions are completed in an average of 22.6 days, with inventory remaining tight at less than three months. It's also noteworthy that sellers often finish sales at about 98.8% of the listing price, indicating a market with little room for negotiation.

In such a market, the readiness of funds when making an offer directly impacts negotiating power. Transactions involving remittances from abroad often take longer to prove funding compared to domestic bank loans, so it is advantageous to schedule the remittance in advance before making an offer.

So, what exactly can an agent do in this market? Their basic tasks include filtering and comparing listings, negotiating offer prices and terms, reviewing purchase agreements, scheduling inspections and appraisals, and managing the closing process. If the transaction involves funds coming from abroad, it is essential to coordinate with the closing attorney or title company regarding the timing of the remittance and any FIRPTA withholding issues to prevent delays in funding on closing day.

Since the NAR lawsuit settlement in 2024, buyers are required to sign a written buyer agency agreement before starting work with an agent. If parents overseas are handling the contract on behalf of their child, it becomes even more important to accurately convey the contents of this document. Signing without understanding the commission structure and scope of services can easily lead to misunderstandings later on.

In this situation, a Korean agent can provide significant support through their experience with international remittance, ITIN applications, and FIRPTA-related procedures. Being able to explain the paperwork and tax issues that arise between Korea and the U.S. in both languages can be particularly reassuring for families abroad. Additionally, having a network of accountants, immigration attorneys, and mortgage brokers built over years of activity in Lexington can facilitate these complex transactions. Meeting an agent who knows the school districts and living environments near schools can also help children settle in.

Families with children studying abroad may also consider renting out their property or taking in roommates, which requires careful consideration of rental agreements and tax reporting on rental income. Since rental income can vary based on vacancy periods and management costs, it is safer to conservatively estimate potential earnings by referencing nearby rental prices rather than making definitive projections.

There are times when appraisal results come in lower than the contract price, in which case the buyer must either cover the difference in cash or renegotiate the price with the seller. For families preparing funds through international remittance, it is wise to keep in mind that additional remittance may take a few more days if such an appraisal gap arises.

The procedures for international remittance, ITIN, and FIRPTA-related tax issues can vary significantly based on individual circumstances, so it is advisable to consult with an accountant or immigration attorney. This article does not constitute investment or legal advice, and consulting with professionals before any actual contracts is recommended.