A client living in Korea who was looking for investment properties in Columbus reached out to inquire about the international money transfer process. I had to inform them that the required documents vary by bank when sending the deposit to a U.S. account, and the processing time could take longer than expected. This aspect is a procedure that does not exist in domestic transactions, so it can feel unfamiliar to those experiencing it for the first time.

If the budget is the same, it's worth examining how Columbus compares to other major cities in Ohio. As of 2026, the median price in downtown Columbus is around $290,000, and when looking at the entire Central Ohio area, it rose to $319,900 in January, a 6.7 percent increase from the previous year. On average, it takes 47 days for properties to sell, with a 2.7-month inventory, and the sale price to list price ratio is 98.56 percent. The low unemployment rate in the Columbus area, which is just above 3 percent, is also cited as a supporting factor for demand.

The tasks handled by agents in this market include property searches, comparative market analysis, offer writing and negotiation, reviewing purchase agreements, coordinating inspection and appraisal schedules, managing closing, and providing information on local markets and school districts. This aligns with the core tasks outlined by the NAR. Starting August 17, 2024, an additional procedure will be added. Following the NAR lawsuit settlement, buyers will need to sign a written buyer agency agreement before viewing properties, which must specify the commission amount or calculation method.

For clients living abroad, it's important to confirm the process of reviewing and signing the written agreement and closing documents remotely. Even under the same conditions, the documents and procedures required differ between domestic and overseas residents.

In such situations, working with an agent who was born in Korea and has established themselves in the U.S. real estate industry allows for accurate verification of contract terms without language barriers. They can also provide guidance on unique issues faced by overseas clients, such as international money transfer procedures, ITIN issuance, and FIRPTA withholding for non-resident foreigners. Additionally, information about local amenities prioritized by Korean families, such as school districts, Korean markets, and religious community access, can also be reviewed. The network of lawyers, mortgage brokers, and inspectors within the long-established Korean community serves as a practical safety net for clients conducting remote transactions.

During this process, it's essential to understand how to settle the amount withheld for tax reporting purposes. The withholding regulations applicable to non-resident foreign sellers are based on the sale date rather than the purchase date, but understanding the flow from the beginning helps avoid confusion later.

The process for overseas clients to complete a transaction is as follows. First, they review properties remotely and conduct virtual tours. Once an offer is accepted, the deposit is sent via international money transfer, which can take several days just for bank verification. Inspections and appraisals are often conducted locally through a power of attorney, and closing documents are signed remotely after notarization. If they do not yet have an ITIN for tax reporting purposes, they may need to apply separately, so it's advisable to prepare this in advance, separate from the transaction schedule. Ensuring that no steps are missed is the most important role of an agent dealing with overseas clients.

However, market prices may vary depending on sources and reference points, such as Houzeo and The Columbus Team, so it's important to check the timing of the information. Additionally, please verify school district boundaries at the specific address before purchasing. For international money transfers and tax-related matters, refer to general information and consult with an accountant or bank representative for individual situations. This article does not constitute investment or legal advice.