What are the costs when buying property in the US for the buyer?When buying a property in the United States fall to low costs for the buyer. Typically, the seller accepts the final charges. He pays the registration fees, the Title Company (notary) and the title insurance (insurance). The buyer will pay only a small fee to the conclusion Title Company, are generally the less than 500 USD. Property tax is charged to the contract closing (trading day) of the seller, then the new owner. If the buyer takes out a mortgage to complete, falling on the final charges on the mortgage for him.
How it looks with old debts or contaminated?The TitleSearch researched to the debts and legacies. This must be paid or adjusted generally provided by the seller before the contract. The Title Company will conclude a real estate sale with debts or legacies. In addition, the seller to the buyer a Title Insurance concludes that - if the TitleSearch should have overlooked something - pays for the damage.
What are the costs of the sale of a property in the US?Basically fall on the sale of property to the charges listed above. The seller pays Title Insurance, Title Search, Doc Stamp and the commission for both broker by the seller and the buyer. In addition, a ten percent duty is payable in foreign sellers who but repaid most after a few months to the foreign seller.
How do I find a suitable property?The more information the buyer gives the broker, the easier it is to find a suitable property. For the broker, the following considerations are ahead helpful: What a property it should be: house or flat, with or without pool, on the water or not, close to a golf course, in a gated community or not, the desired age of the property , the infrastructure and - of course the price. Like everywhere else in the world is the most important rule for the optimal real estate: location, location, location. The broker will then search for your criteria Current Properties out that come your ideals closest. For us brokers, it is most difficult when a lead comes with the idea: "I want to buy a property, but do not know exactly whether house or apartment, asking price I do not have, send me something to." We have here in Southwest Florida about 5000 property on the market and can not simply without a more accurate idea of time Receive listings.
Which is better: house, apartment, gated residential community?That's difficult to answer, and also due to your requirements. Apartments and gated communities have the advantage that you have to take care of there as good as nothing, and if you leave, do you do the door, and the issue is settled. However, to fall in gated communities, apartments monthly residential fees. There are many bank foreclosures or short sales in this Annex, does not pay the affected owners of this housing benefit, of course. Then the burden on the remaining ownership is higher and thus the housing allowance increases for them. The community facilities must be maintained and entertained so still. Also gated communities or apartments have certain rules: To allow some no short-term rentals, no BBQ, no pets and so on. In a "normal" house (not gated) you usually needed a garden service and / or pool service and hire an administrator to take care of during the absence of the property.
Which search engines are the best?There are some good search engines that directly from our MLS (central database of brokers) read their information. Some of them do several times a day a comparison with the MLS and are thus always up to date. One of the best search engine in my view, is "Listing Book". There you can enter criteria and save favorites. Listing Book sends a daily email with new offers that match your criteria, as well as price changes and sales. Unfortunately, there is not anywhere Listing Book. Realtor.com is also quite good, but make their balance less frequently, so that some properties are already outdated. (Sold or not active) Zillow and Trulia are even worse, who partially-year-old offers on their websites. My own website (link below) is also very timely and good. This site makes all 20 minute updates directly from our MLS. http://www.welcometoflorida.info or Listingbook for SW Florida: http://monikawilson.listingbook.com
How do I find a good broker?A good broker you will find the best on recommendations from people who have already worked with this agent. Another way is to look at the websites of brokers is - how much information is given - the more the better. Is the broker reached, he or she answered, after weeks or not at immediate issues. Discusses the issues and meet the deals to your wishes or he may try to sell a property, where the commission is higher or was promised an extra bonus when selling to the broker. Takes the broker time or he makes off with the basics?
How does the property system in the United States - What's different?Here, each broker has access to all objects that are on the market. Else throw his deals in a large pot, the database. From this it can be every broker who works in the relevant area, take out and sell real estate. This gives us the opportunity to our customers optimum service and the buyer need to work with only one broker. The commission for both brokers (buyers and sellers) will pay the seller.
What are the various steps involved in buying the property?After selecting the property a written offer from the buyer to the seller Broker Broker is delivered. Caution!! This offer is, if the seller accepts it to a legally binding agreement without any changes. However, the seller shall submit a counteroffer, it is merely a counter-offer and not a contract. If the seller's offer, a deposit is due, which will be determined by agreement in height. This payment goes into an escrow account and will remain there either until the purchase is completed or until a possible contract termination.
Usually the buyers agent will make an offer always depends on a Home Inspection. This is the house "examined" in relation to the roof structure, air conditioning, electrical systems, installations, Chinese / Defective Drywall, construction, termites, mold, ... and on the functioning of all devices. Usually the buyer has to be carried out such an inspection 10 days after the two-sided acceptance of the offer period. If the home inspector find a lack - no matter how big or how small - the buyer can withdraw easily and free of charge from the contract. The deposit is in this case all the way back to the buyer. The Home Inspection but is paid by the buyer.
If necessary, the contract of the financing is conditional. Not the buyer gets this financing, the contract is also terminated and the deposit is in full back to the buyer.
Turns out the home inspection to the buyer's satisfaction, the Treaty Title Company, which completed the purchase is carried out similar to a notary in Germany fiduciary goes. The Title Company then performs the aforementioned TitleSearch. It prepares the final documents that will be signed on the final day of the buyer and seller. The Title Company then initiates the required entries in the land registry.
What about with property taxes and other taxes?Property tax is paid here retroactively. As a basis for the property tax, sales of similar objects are in the same area. Unless the property Homestead Exemption has (here in Florida Homestead Exemption will be given if the property is the first residence) property tax balances at this year sales. Increases or decreases the value of the property, the property tax goes up or down accordingly. With Homestead Exemption and Save our Homes property tax (or the value of the house) is frozen and the tax can only 3% rise - regardless of whether the value of the house rises higher.
Can I buy a property in the US without a visa?Yes, because there is no difference with or without a visa. A foreigner can buy a house in the US without a visa or green card and is also officially registered in the land register as the owner. Buying a house but has no influence on the possible immigration or obtaining a visa. It shall continue to be the "normal" entry requirements for the United States.
Can I finance a property in the US as a foreigner (without a visa)?Yes, but the conditions are a bit more difficult. Where the financing of real estate by foreigners, banks demand a capital of 25 35% to at most higher interest rates.
Can I rent the property?Short and long term rental is possible. For apartments or houses in gated communities, however, you should check with the Association whether Allow this rental. For all other property, a short and / or long term rental is readily possible.
How do I find a good manager?There are good and bad managers and here's my best tip: Talk to other clients of the manager or real estate agents. Usually we know as a broker, which holds its managers well managed houses in surplus and which are not.
How do I know whether the property is a good investment?A good broker will be happy to pick out the buyers, sales of similar houses in the same area. A comparison shows that the offered price is justified. Also, it is always better to buy the ugliest house in a good area than vice versa. Of course you should not buy property in a high-price market but rather in a low-price market. Also, one should always consider when investing that a house that one buys, for example, 200.000 USD, faster in value on 400.000 USD rises as a house that you buy for 400.000 800.000 USD will rise to USD. The same is also true in a house that you buy for 1.000.000 USD: There is rising faster than that in 2.000.000 USD a house of 2.000.000 4.000.000 USD to USD will rise. My advice is here again: location, location, location. You can always change a house itself, but not its location. Buy more into a buyer's market than a seller's market and more in a falling market than in a rising market.
How much can I negotiate the offer price?That's different. Sometimes you can negotiate quite formidable, sometimes not. There is unfortunately no rule of thumb. Some sellers have priced their homes entirely market-driven or even offered including, some sellers are totally above the market value. Also it depends on how motivated the seller is. However, an experienced broker has since experience and can advise here.
How do bank foreclosures?The acquisition of Bank Foreclosures is similar to the purchase of a "nomalen" house. Only the owner of the property just is not a private person but the Bank. One can not say in general that bank foreclosures are in disrepair. Some, however, there are quite. Many banks can clean the houses and also if necessary underline and renovate. There are bank foreclosures, where you certainly can not look at that they are bank foreclosures. But there is also that where you first need the Putzkolone Duch send and missing all the doors, sinks and so on. However, such houses are rare.
How do Short Sales?They are actually "milk for mice". In a Short Sale is the owner or owner, but he owes more than the house is worth. The Bank may disappear with less money satisfied and recorded the rest as a loss. Reads well, but this is in practice very complicated and lengthy procedure. The banks naturally want to delay reporting the loss as long as possible. Even a few months ago to such short sales have attracted infinite - 6 months were not uncommon. And in all that time, the buyer does not know whether the seller's bank accepts the offer or not. So go to the buyer in this waiting period may be other offers that would have also complied with the ideas, lost.
For a few months, however, these processes are better, the banks remain in contact with both agents and they strive to the end of a Short Sales to accelerate - with more or less success. Once the seller's bank has agreed to the offer, runs a Short Sale on like a "normal" purchase.
Which running costs do I have?Running costs of a house are:
· Tax (annually, garbage disposal is included in property tax)
· Insurance (here in Florida and Hurricane Insurance, by the way not to get overly expensive)
· TV / cable / satelite
· Where appropriate steward
· Optionally Pool Service
· Optionally Garden Service
· Optionally Pest Control (vermin-fighting)
· If applicable housing expenses (in apartments or gated communities)
Can I open a US bank account (as a foreigner without visa)?Yes, however, require the banks lots of forms that must be signed and a copy of your passport. There are banks that do not require servicing expenses. Internet banking is offered by almost all banks and this works out well from abroad.
How do I find out how the neighborhood is?We must give as broker any information about a "good or bad" neighborhood. That constitutes discrimination or steering. I recommend: Drive at different times in the area that interests you. Entertain yourself with the potential neighbors. Have a look at how well maintained or neglected the houses are in the neighborhood. About crime can get information on the website of the local Sheriff's Department. Here Crime statistics are published.
All this information concerning Florida. In some other countries, the rules are a little different from here - but on the whole, this information should provide a guide to which the chosen broker should be "pestered".
I will gladly answer additional questions not taken up:
The author Monika Wilson is since 1994 state-licensed real estate agent for Century 21 Sunbelt, Cape Coral, Florida.