Buying a home in the United States is an important financial strategy for many new immigrants for overseas property ownership and global asset allocation. What should new immigrants pay attention to when buying a home in the U.S.?Worldway Group will launch a series of the most detailed and comprehensive guides for new immigrants buying homes in the U.S. for the reference of our new immigrant friends.
Generally speaking, foreigners can use 2 methods to buy a home in the U.S.: one is a full-cash purchase, and the other is a mortgage purchase. In this issue, we will focus on: the relevant processes and procedures for foreigners to purchase U.S. real estate with full cash.
Generally, cash purchases in the U.S. are relatively fast, with procedures taking as little as 14days to 30days to complete. Every step of the home-buying process in the U.S. is implemented according to legal procedures, and the earnest money and purchase funds are paid to a third-party escrowESCROW, so there is no need to worry about being scammed. In addition, buyers in the U.S. do not need to pay agent commissions; all brokerage fees are borne by the seller.
A full-cash purchase is divided into 8steps, as follows:
1.Initial Meeting
a. Select a buyer's agent;;
b. Decide on the area and conditions for the property purchase;;
c. Select a lending company.
2.Finding the Ideal Home
a. Check the latest listings through reliable U.S. real estate websites or real estate agents;;
b. Or ask an agent to select property listings.
3.Finding a Suitable Home
a. Select the house you like, the agent helps with a CMA valuation, and the buyer decides on the offer amount;;
b. The agent explains the purchase contract and helps fill out and refine the terms;;
c. When sending the contract, attach an earnest money check (the general earnest money is about 2-3% of the offer amount);;
d. The seller may provide a counter-offer for items they do not agree with, and the buyer can choose to accept or make another counter-offer.
4. Purchase Contract Accepted by Both Parties
a. After both parties reach an agreement, a third-party escrow company will handle the transfer procedures;;
b. The earnest money is sent to the escrow company;;
c. Sign official transfer documents and relevant property reports.
5.Completion of the "Home Inspection Contingency Period"
a. During the home inspection period, a professional inspector will verify the condition of the entire house, and the agent will assist in submitting requests for repairs of any defects;;
b. The buyer reviews and signs reports such as the "Seller's Property Disclosure," "Surrounding Environment," etc.;;
c.Prepare fire insurance quotes.
6.Complete Escrow Procedures
a. After signing loan documents, prepare the down payment and various transaction fees, and submit them to the escrow company via cashier's check or wire transfer before the closing date;;
b. Bank releases funds;;
c. The title company is responsible for transferring the title and completes registration at the county recorder's office;;
d.The escrow company pays all fees.
7.Obtain Keys and Complete Transfer
a. Obtain the keys from the seller on the date specified in the purchase contract, which completes the handover;;
b. Contact utility companies for water, electricity, gas, etc., in advance to notify them to continue service.
8.Obtain the Property Deed
Usually, you will receive the final detailed statement at the end, which includes a copy of the property deed. Within about 3-6 months after completion, you will receive the original property deed.
Worldway Group's U.S. immigration experts analyze that the U.S. economy is recovering strongly, once again becoming the locomotive leading the world economy. With the U.S. dollar exchange rate about to enter a rapid upward channel, converting RMB assets into USD assets is undoubtedly a very good way of asset allocation. In 2015, U.S. investment immigration will face many complex situations such as scheduling, investment amount increases, and the expiration of the Regional Center Act. At this time, the strong recovery of the U.S. economy highlights that the current stage can be called the golden application period for U.S. EB-5 investment immigration. For investors who intend to immigrate to the U.S., choosing this period to apply for U.S. EB-5 investment immigration can not only actively respond to immigration scheduling and avoid uncertainties such as investment amount increases and the expiration of the Regional Center Act, but also enjoy the opportunity of overseas asset allocation.
Worldway Group has launched two major projects that have been pre-approved by the U.S. Citizenship and Immigration Services: the New York Liberty Garden Luxury Apartment Project and the Pennsylvania Highway Project. The New York Liberty Garden Luxury Apartment Project has a high net asset guarantee of 14.5 times, and the developer, Lightstone Group, is one of the largest and most successful unlisted comprehensive real estate developers in the United States. The developer's founder provides a personal asset guarantee of 11.7 times. The Pennsylvania Highway Project is a loan from the state government, with the state government promising repayment, making it a 100% U.S. government EB-5 project. The first phase was sold out in just two months. Currently, the second phase of the Pennsylvania Highway Project has seen an even more enthusiastic buying situation than the first phase. Consultation Hotline 400-138-2929
