STEP 1 Select a Buyer Agent

STEP 2 Obtain Mortgage Pre-Approval Letter

STEP 3 Decide What Type of Property You Are Interested In

STEP 4 Develop a List of Key Property Needs

STEP 5 Work With Us To Search For Properties

STEP 6 Visit Properties With Us

STEP 7 Decide on an Open Offer Price, Make an Offer, and Negotiate

STEP 8 Formally Hire a Real Estate Attorney

STEP 9 Sign Contract and Put Down 10% Deposit

STEP 10 If Financing Obtain a Mortgage Commitment Letter

STEP 11 Prepare for Closing and Close Transaction

Step 1: Select a Buyer Agent

When making a home buying decision having a strong buyer agent is important.  In all real estate transactions in the US there will be a seller agent representing the property seller and a buyer agent representing you and your interests.  There is no cost for working with a buyer agent in the US because by law we are paid by the seller once the property is sold.

A key part of choosing a buyer agent is that they do not have a personal interest in any specific property.  Meanwhile the selling agent is only motivated to sell properties that they have listed.  Therefore the selling agent will try to sell property for as much as possible while our job in representing you is to get you the best price possible and find properties that fit your needs.

Some key considerations when choosing a buyer agent are:

-Do not use more than one, if you work with multiple agents they probably will not work very hard to find you good properties because they know the chances of you closing with them are low.

-Good buyer agents will have access to any available property you are interested in, will be able to choose relevant properties for you based on your goals, and will have access to properties that are not yet available to anyone else.  For example, we have access to well located residential property in not yet being offered for sale to the public because of our background in real estate finance.

Determine how you plan to pay for your purchase.  If you are a cash buyer and do not need financing then you do not need to obtain a pre-approval letter for a mortgage.  If you do plan to finance the purchase of your home you have two choices, a bank based mortgage or if you are a foreign national who would prefer financing alternatives we are also able to provide financing for foreign buyers.

If you do want a mortgage it is important to have a pre-approval letter before searching for property.  This is because pre-approval by the bank allows you to:

-Evaluate the price range of homes you can afford

-Shows the seller and their broker that you have the ability to complete a transaction

Usually, sellers will not negotiate with a buyer who is making an offer dependent on using a mortgage if they do not have a pre-approval letter.  Lack of pre-approval shows the seller that the buyer is not serious, does not understand the home buying process, and may not have the financial ability to complete a transaction.  Luckily, if you are seeking a mortgage, pre-approval usually takes a day or two.  Additionally, if you are seeking financing through us the process is very simple and we can tell you within 48 hours whether or not we are able to provide financing to you.

Step 4: Develop a List of Property Needs

One of the reasons to work with us is that we have a clear understanding of which cities and neighborhoods offer the best features depending on your needs as a real estate buyer.  We can help you choose where to look and what kind of properties to look at depending on whether you are looking for investment property, real estate for a child to live in, a primary residence, or something else.  We will help you understand which locations are already established, which locations already have a high proportion of Chinese residents, where schools are strongest, and where properties are likely to appreciate the most in value.  This helps take the guesswork out of choosing what properties to look at and ensures that you will be able to find property that is a good fit for you.

In addition to understanding your motivations for buying, and the type of property you are interested in, it’s also important for us to understand your specific property requirements and what you absolutely need to have in terms of size and space, number of bedrooms, and other property features.

Once you know what you are looking for in a home we will work with you to search for properties.  You can look at properties that we have featured on our website and you can input your list of requirements that we will then use to select properties for you to view.

Once we have discussed potential properties with you and created a list of properties that you are interested in we can continue with the buying process while you are still in China or we can arrange appointments to visit the properties in person.

Now the fun part: the property visits! Once we have a short list of properties to visit, we will arrange individual appointments to see properties, or if

For properties that you are interested in we will provide an estimated property valuation based on similar properties.  We will then work with you to determine what price you should start with for your first offer depending on current market trends with the goal to get you the best deal possible.  We do this by analyzing sales of comparable properties in the city, neighborhood and property type that you are considering.

Rules regarding how an offer is made differ from state to state but we will help you navigate the process of making a first offer to the seller and then negotiating any counter offers that they come back with.  One consideration will be whether or not there is a mortgage continengy when purchasing the property.  If you are a cash buyer or are completing financing through us the property price will often be lower, and the seller may be more likely to accept your bit.  Once deal terms are

Step 8: Formally Hire a Real Estate Attorney

Following acceptance of your offer by the seller you will need to hire a real estate attorney and this is required by law in New York.  Once your offer is accepted we act on your behalf to complete a “deal sheet” that includes the name of the legal purchaser, your contact information, and the name and address of your attorney in the US.  Following submission of this sheet documents are sent to your attorney for review.  Until a purchase contract is signed by you the seller is still able to show their property to other interested parties.

Step 9: Sign Contract and Put Down 10% Deposit

In New York contracts are usually signed within 10 days of offer acceptance.  Once the contract is signed the buyer must submit a 10% deposit to the seller’s attorney.  This is then held in escrow until closing.

Step 10: If Financing Obtain Mortgage Commitment Letter

If you are taking out a mortgage you will now obtain a Mortgage Commitment Letter from a bank.  The letter is issued once you have secured your loan.  You can apply for a mortgage (or non-bank financing through us) before you find a home or after you have submitted your offer.  Our recommendation is that you do this as early as possible in the process.  Mortage applications require a lot of paperwork so starting early makes the process easier.

Step 11: Prepare For Closing and Finish Closing

Closing usually takes place within 30/45/60 days from contract signing, depending upon the terms that you have agreed on.  If paying with cash then usually a closing is faster.  To prepare for closing we:

Set the closing date

Meet conditions of the loan offer

Your attorney will run a title search to make sure the buyer received “clean title”, which will ensure that the seller owns the property and that there are no liens

Obtain homeowners insurance to protect the owner (and the lender) from losses if ever the house is damaged or destroyed

Complete final walk-through inspection before closing

On the closing date, the seller transfers ownership to you and the following happen:

The seller signs the deed over to the buyer and delivers the keys

A title company will register the new deed with the local land registry

The seller will receive the money from the sale with closing costs deducted