In the United States, there are two ways to buy a house: cash and loans. Because sellers require buyers to show proof of funds, cash buyers need to transfer funds to US bank accounts in advance. To buy a house by loan, you must first contact the loan specialist and issue a pre-approval letter.
After finding a satisfactory house, you must notify the seller to show the seller’s disclosure notice of the house. This report includes all the descriptions of the house.
The next step is to give an offer, which needs to be carefully determined based on the actual situation of the house and needs to pay special attention to the option period (7 to 10 days). Buyers need to pay an option fee ($ 100 to $ 300) to have the seller reserve the house for you. During the repentance period, buyers can check out unconditionally including deposit.
After the seller accepts the bid, they will contact a home inspector for a home inspection, which costs about $ 350 to $ 600. The inspector will issue a report after the inspection is completed. The buyer can ask the broker to hold the report for the option period and talk to the seller about repairs.
5.Ready for transfer
The loan company will ask for a home appraisal to analyze the market value of the home. If it is higher than the contract price, the loan company continues to process the loan. If it is lower than the contract price, no loan will be issued. At this time, the buyer has two choices.
(1) Let the broker communicate with the seller and strive to reduce the contract price to the market price.
(2) If the seller is unwilling to lower the price, the buyer has to bear more down payment and then wait for the loan company to make a loan.
Buyers can reconfirm the condition of the house under the guidance of a broker before handing over the house.
7.Ownership of the house
During the transfer, the buyer is required to bring two identification certificates: ID and credit card. The first payment to the property rights company for signature and the first payment needs to use a cashier check. If you choose a loan, the buyer will get the key after the loan company lends money.
8.Buyers need to know
1.U.S. housing contracts can be signed electronically, or scanned and emailed after signing.
2.The buyer and the seller do not need to meet during the entire transaction. If the buyer takes a loan to buy a house, the buyer can transfer the property off-site, which means that the property company can find a notary public to sign at the place where the buyer or seller is located.