After investors successfully immigrate to the United States, they usually buy a house to settle down. WorldWay Immigration experts explain that buying a house in the United States is actually quite simple.
Preparation Work:
1. Contact a real estate agent to discuss the location, style, and budget of the house you wish to buy. The real estate agent will explain the characteristics of each area or market and provide appropriate advice based on your needs.
2. Then, open a personal checking account at a bank in the United States that allows for overseas remittances (usually available at East West Bank or Bank of America) to provide proof of funds for the house purchase. If you are not in the United States and cannot open a bank account, you can authorize a friend to first transfer the money to their account, and they can assist in providing proof of assets and remittance.
Start Looking for Houses:
3. The real estate agent will begin gathering detailed information on houses for sale in the market for your review. You can also search for suitable houses through various channels, including real estate websites like Zillow, Redfin, and Trulia (which are more suitable for those not in the United States), or through real estate magazines and newspapers. Research the online information and maps of the houses you find. For houses you find on your own, send the information to the agent for their opinion and to confirm that the listing is still valid, as online information may not be updated in a timely manner. Once you find a house you like, you can ask the agent to schedule a viewing. If you cannot go to the viewing, you can authorize a friend to go and take photos for you.
4. After viewing the house, if you like it and decide to buy, the agent will analyze an appropriate purchase price and prepare a purchase contract.
5. At this point, in addition to the purchase contract, you will also need to provide a proof of funds from the bank (a bank statement is sufficient, sometimes an online banking list is also acceptable), and write a deposit check for about 3% of the purchase price (a photocopy is sufficient, no need for an actual check). The agent will then submit the purchase contract along with the deposit to the seller for review.
Entering the Formal Purchase and Transfer Process:
6. If the seller accepts our offer and signs the purchase contract, it means we have preliminarily secured the house. Within 3 days, the agent must obtain the previously issued 3% deposit check and deliver it to the "escrow" to begin the transaction. Alternatively, it can be directly wired from the bank to the escrow. If the seller does not accept our offer, we will need to look for another house.
7. The agent will then arrange for a home inspection, where a professional home inspector will come to inspect the house and provide a detailed report. This process takes about an hour and costs between $200 and $350, depending on the size of the house. If there are issues, you can request the seller to make repairs. If the seller is unwilling to make repairs or if the issues with the house are too significant, you can cancel the contract and retrieve the 3% deposit.
8. A termite inspection is usually provided by the seller (though some may not provide it), depending on the conditions set in the purchase contract.
8. Additionally, the seller and the escrow will provide relevant documents related to the house for the buyer's review. For example: Title Report, HOA documents, Natural Hazard Disclosure Report... all relevant information that the buyer should understand about the house.
9. If the house inspection and document review show no issues, the buyer can wire the remaining funds to the escrow in preparation for the house transfer.
10. After the transfer is completed, the escrow will notify the real estate agent. The agent can then obtain the house keys from the seller. At this point, the house purchase is successfully completed!
Post-Purchase Considerations:
11. The escrow will provide the closing documents and any excess funds refund check to the real estate agent, who will then pass them on to the buyer.
12. The official title documents will be mailed within 1 to 2 months, so please keep them safe.
13. In the first year after purchasing a house, you may need to pay a supplemental tax for land value increases. Please pay attention to any letters received.
Post-Purchase Management:
14. If you live in the house, property taxes are generally paid every six months. For a condo, you only need to pay the monthly maintenance fee and utility bills. A single-family home will also require garbage fees.
15. If you do not live in the house, you can have the agent manage it on your behalf. The typical rental agency fee is 3% of the annual rent, plus a monthly management fee of $80 to $100. After that, you won’t need to worry about anything and can just wait to collect the rent each month.
