Can Chinese students studying in the United States buy a house in the United States?

Chinese students studying in the United States can buy a house. The following is the process:

1. Must have legal status and visa

2. Choose an area that suits you , environment and housing types: including the quality of the school district, convenient transportation, public facilities, neighbors, community environment, etc.

3. Choose the right agent: The agent will introduce you to the house viewing and house selection. Unlike China, if a home buyer wants to buy a house in the United States, the first step must be to find a real estate agent, that is, a housing agency, because in the United States, even new homes are sold through brokers. The agents who work with international students will be professionals who will still be in contact with international students during the early stage of buying a house, during the process of buying a house, and after the purchase of a house.

4. Budget the various expenses of buying a house: In addition to a down payment, you also need to pay a variety of handling fees and service fees. In the early stage of buying a house, ask the overseas student's buyer's agent or bank loan officer to estimate various expenses, including transaction fees, title insurance premiums, attorney fees, home inspection fees, apartment management fees, housing insurance premiums, real estate taxes, etc. These fees must be paid or billed before the final sale of the house.

Since Chinese people generally do not have a green card in the United States, they do not have a credit limit. It is impossible to get a loan and can only pay in cash. However, the home buyer can discuss with the agent to pay the cash in several installments. As long as the agent agrees, there should be no problem. Subsequently, the home buyer needs to fill in the relevant forms as required by the agent. At this time, the broker often requires the buyer to deposit approximately 5% of the house price into a third-party notary escrow company for custody to show the buyer's sincerity. If the sale fails, the deposit will generally be refunded in full, unless otherwise stipulated in the contract. Another point that is different from China is that although the broker needs to pay a commission of up to 6% of the total price of the house in the house sale, the buyer does not have to pay this money. The seller usually pays the commission.

5. Fill out the house purchase offer contract and pay the deposit check

6. Deposit the deposit check into a third-party notary escrow company (Open Escrow) and start work

7 .Do a home inspection: After the U.S. house purchase agreement is finalized, not doing a home inspection in order to save money will sometimes cost international students more. A qualified home inspection professional will uncover many problems that the average buyer will not see. The next step of the formal sales contract is based on satisfactory home inspection results. If hidden problems are discovered, overseas students have the opportunity to withdraw from the house purchase agreement or renegotiate the price with the seller.

8. Request repairs

9. Review the various results reports of the house; review and sign the notarized trusteeship; review the previous homeowner (property rights) report; review the termite inspection report

10. Purchase house insurance: Buy enough house insurance. The insurance company agent will answer the questions that overseas students are concerned about and recommend specific insurance items and premiums based on the situation of overseas students.

11. Buy a home protection plan (home protection plan). Buying a protection plan for about a few hundred dollars a year can take care of minor repairs and repairs, including water and electricity system warranty.

12. Notary Escrow Final Steps (Close Escrow)

13. Final Handover Inspection

14. Information Registration