There are many reasons why people are attracted to invest their money in USA property, as American usa property investment is truly tempting, besides American government will give foreigner a privilege to gain a green card if they buy USA property. Moreover, investing in USA will open a bigger opportunity for who would like to expand or does business in a Super power country, but before someone decide to buy USA property they may need to know about its process, since different country will offer different law for house buying process. Furthermore, this will help you to comprehend the legal process and prevent you to expand more money in unnecessary things. Below are the steps which simply serve you to understand the process of buying a house in USA.
- Prepare Your Finance, before deciding house hunting.
Currently, there are many online tools that can help you calculating your budget, for instance mortgage calculator. You can try them to help you with your calculation.
- If You are Ready, then Get a Formal Loan Pre-Approval
A formal loan pre-approval will help you to define the proper price range for your search in a competitive market, this is important before making a successful offer.
- Checking Prices in Various Cities
In a certain place, you will get a pleasant view, better environment, with a smaller house, but in another city you may get a pleasant view, better environment, and a bigger house with the same price. This is why you need to look around before deciding to buy a house.
- Have a thorough evaluationof Sellers Divulgence with your agent
Knowing the seller’s disclosures will help you know the covenant legacy. Moreover, knowing how many day properties are typically on the market and how many disclosure packages have been picked up or read online will bring you more advantage. From this, your agent can calculate how much you pay for the property.
- Negotiate a price.
Commonly there will be a counter-offer made that alters the price, if the seller decides to work with your offer. The initial counter-offer can be returned with another counter-offer and it will continue until they reach the agreement.
- Make an Initial Deposit
The amount of deposit may vary, for instance in California, the deposits tend to be the full amount that can legally be attached by the seller if the buyer defaults. This amount, called liquidated damages is 3% of the purchase price, and can be in the form of a personal check. Furthermore, make sure that later deposits to escrow may need to be in “good funds” from those cashier s’ checks or wire transfer will ensure the escrow receive the funds.
- Hire an Experts to Examine the Property
By asking the help of expert to check your property condition through an appropriate report, you will know which part from your house that may be broken and need extra maintenance. For instance, roof, soils, septic, boundaries, underground tanks, structural pests, and so forth. After the inspectors provide you, as the buyer, with the information, the buyer may decide whether want to proceed or renegotiate the deal based on what is found.