Hoangloi,  in New Albany Farms, New...

How to buy house in USA?

Asked by Hoangloi, New Albany Farms, New Albany, OH Sun Nov 25, 2012

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Ann_globenet…, , Westminster, CA
Wed Aug 21, 2013
There are number of steps involved when looking to a buy a house in the US, these are as follows:

1. The buyer will make an offer to the seller for the property, your offer will usually require you to also provide the following:

• A Check Deposit, also known as an ‘Earnest Money Deposit’
• A Pre-Approval Letter from your lender (The Bank)
• A Proof of Funds Available (Bank Statement)
• Identification Documents

It is normal practice for both the buyer and the seller to have a real estate agent or broker working on their behalf; the offer for purchase will be made by the buyer’s broker to the seller’s broker.

2. If the seller accepts the buyers offer to purchase the property, the buyer’s broker will then deposit the check deposit into an escrow account.

3. Once the money has been deposited into the escrow account, the buyer will then make arrangements to have the property inspected for such things as structural damage, termite infestations, roof damage etc., etc. Once the buyer is satisfied that the property meets their approval they can remove any contingencies to the offer. It is at this stage that the ‘Earnest Money Deposit’ becomes non-refundable.

4. The buyer will now need make a loan application to his bank or mortgage company for the balance of the purchase price. Before approving the loan application, the lender will perform an appraisal and valuation of the property; if they are satisfied with the property then the loan underwriter will approve the loan.

5. The buyer will then sign all the necessary paperwork in front of a notary public witness at the escrow company. This will include such documents as the loan application from the bank as well as documents from the real estate agents and the seller. The loan will then get transferred by the bank, the seller will pay off any monies they currently owe to their own lender and then the seller will transfer the property ownership deeds to the buyer. This grant deed will then be recorded by the County Clerk Recorder service and the buyer becomes the legal owner of the property.

Web Reference : http://www.globenetrealty.com
1 vote
Abu Musa, Agent, New York, NY
Sun Nov 25, 2012
You may talk to a local real estate agent. You could visit my website http://www.brooklynrealestatenyc.com.
1 vote
Nur Akman Ci…, Agent, Beverly Hills, CA
Fri Aug 2, 2013
First, you need a good local agent, if there is any CIPS designee (Certified International Property Specialist) in that local area is better. (We finished 5 courses, then application with long criteria list to be eligible to get the designation)
For foreigners, some banks have the foreign national mortgage program, it starts from 30% down for 30 years. Not all the banks have this program. But the ones which gives have different options which is great to choice based on your needs.
Every state has their own rules, and ways of doing business, it's a process with a team job from agent to title company in USA, generally takes about 30-45 days with mortgage for residential transactions if everything goes right. For full cash, it can be shorter. So, answer to your question is pretty detailed. In some countries there is even no such a thing called real estate license!!! So, it is important that your local agent understands the differences of doing business, high context culture, low context culture, instead of assumptions, explaining each step detailed without confusing. what is very common practice may be not acceptable in other country, and without knowing it, can create problems, even kills the deal.
Summary, it's very important to find the right agent for your needs. As multi cultural person/realtor, I can always answer your questions related with Real Estate, or even not related.
Nur Akman
Coldwell Banker
166 North Canon Drive
Beverly Hills, CA 90210
cell (001) 310 428 6573
0 votes
Danny Tran, , Los Angeles County, CA
Mon Nov 26, 2012
Hi Anh Hoang Loi,

Phuong Tran Co the houng dan anh mua nha o My duoc. Xin hay lien lac voi Phuong

Cam on

1298 W. 7th St
Upland, Ca 91786
909-581-6988 Ph
909-581-6983 Fax
818-317-4698 Cell
0 votes
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Mon Nov 26, 2012
To buy a house in USA is very easy!!!

The only thing you need is a good realtor. Find a good realtor in the area where you wish to acquire property and he/she should be able to guide you through the entire process.
0 votes
Lance King, Agent, San Francisco, CA
Mon Nov 26, 2012
Are you a cash buyer or need a loan? If a loan you will likely need 50% down and the lender that our international clients usually end up using is HSBC.

There are also restrictions on resale with regards to the state and feds withholding a percentage for taxes. If you let us know where you are looking a local pro may be able to help.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
0 votes
Endre Barath, Agent, Beverly Hills, CA
Sun Nov 25, 2012
Hoangloi, the key is to find a knowledgable Realtor in the area you are looking to buy. Someone who has worked and helped internationa clients. I specialize with Foreign Nationals. So if you are looking in the Greater Los Angeles area please reach out to me directly.

Endre Barath,Jr.
Prudential California Realty
Beverly Hills, CA,

Homes@endrebarath.com or call me on my mobile 310.486.1002

Look forward to your direct contact.
Web Reference:  http://www.endrebarath.com
0 votes
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