Owning U.S. real estate is a dream for many successful professionals. In today's era of globalized investment, the feasibility of achieving this dream is much higher than in the past. Purchasing property overseas is a significant investment, and the complexity is far greater than within the mainland. Therefore, after careful consideration, we have tailored the following suggestions for you, allowing you to conduct overseas property investment with peace of mind after immigrating to the United States.
1. First, decide whether you will view the property in person or entrust a professional real estate agent to inspect it on your behalf.
Many first-time U.S. real estate buyers wish to view properties in person, while experienced investment buyers can rely on photos, videos, and our recommendation reports to confidently entrust our professional real estate agents to act as their property investment representatives in the United States.
Amidst the cumbersome home-buying procedures, we can provide you with peace of mind through professional service. For example, we can order an official "Property Appraisal Report" on your behalf to make market prices more transparent and give you a comprehensive understanding of the real estate in your chosen area. Additionally, we can help you handle the "Home Inspection Report" so that you can thoroughly inspect the property before deciding to purchase, avoiding the mistake of buying a house that requires major renovations.
2. If you want to view the property in person before deciding to make an offer, please prepare your travel visa early.
Once we help you find an ideal property, it is best for you to travel to the U.S. as soon as possible. Good properties are highly sought after, and some are sold within days of being listed, so it is best to have your visa ready so you can depart at any time.
3. Decide whether you will pay for the property entirely in cash or if you need to apply for a bank loan.
Sellers prefer to close deals with all-cash buyers because it is difficult for foreign nationals to obtain loans from U.S. banks. As you surely know, after the subprime mortgage crisis of previous years, financial institutions in the U.S. have become more cautious regarding large loans such as those for real estate. Especially for foreign nationals, regardless of which country they come from, since they have not yet established a credit history in the U.S., American banks will not easily approve large loans for them, making the loan application process even more time-consuming. Therefore, preparing full cash for the purchase is the safest approach.
Buyers who prepare full cash have another advantage—in a highly competitive real estate market, sellers are willing to lower the asking price for all-cash buyers. By comparison, even if other buyers offer a slightly higher price, if they need a bank loan, it introduces uncertainty; therefore, sellers usually prefer to sell at a slightly lower price to an all-cash buyer.
4. Is your capital ready in a bank account in Hong Kong or the United States?
China's foreign exchange control has a limit of 50,000 USD. If you wait until the last minute to handle the full payment for the property, it could be quite risky. Therefore, a well-prepared buyer will have sufficient funds ready in advance in a bank in Hong Kong, the United States, or another country, so that they can be withdrawn or transferred at any time.
5. Prepare a proof of your bank deposits.
Many U.S. real estate sellers are reserved about selling to foreign nationals; this is understandable. It is difficult to verify foreign nationals who are not in the country, and there are language barriers that make communication difficult. Furthermore, foreign nationals are often not familiar with the basic practices of the U.S. real estate market, so sellers sometimes prefer to forgo transactions with foreign nationals to avoid unforeseen troubles. Therefore, a wise buyer can clear this hurdle simply by proving that doing business with them is not complicated. The method is simple—just present a proof of deposit issued by a bank in Hong Kong or the U.S., or a bank statement, to let the seller know your investment strength, and they will be able to proceed with the transaction with confidence.