HOWTOBUYA HOME INTHE U.S.
THE EXPERTS: WORKING WITH A REAL ESTATE PROFESSIONAL THE INTERNATIONAL HOME BUYING PROCESS CAN BE CHALLENGING AND COSTLY. FORTUNATELY, THERE IS HELP AVAILABLE.
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FINDAN EXPERT
MAKE THE PURCHASE
As you begin your home search, seek help from a professional with expertise in U.S. real estate. If you choose to purchase a newLennar home, there aremany authorized and trained Lennar representatives located around theworld. You may alsowork directlywith a Lennar NewHome Consultant in the U.S.
Youwill sign a purchase and sale agreement which identifies the final closing date. Based on the type of home you are purchasing (existing or new construction), you can anticipate that your closing will take place anywhere from30 to 120 days from the signing of your purchase agreement.
Real Estate professionals with expertise in the U.S. real estate market offer many benefits.
• Access and convenience: they are familiar with what types of homes are offered in an area and can efficiently direct your home search based on your needs. • Negotiating: with a great understanding of the U.S. market, professionals can potentially save you money by negotiating a better price.
• Legal protection: an experienced professional is familiar with contracts and conditions required to purchase a home.
• Lennar has a global network of real estate professionals that can assist you with your home purchase. Lennar works with certified and/or authorized representatives that are trained to help with your home purchase.
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DETERMINE PAYMENTMETHOD
OBTAINYOURMORTGAGE
(If you are purchasing your home with cash, please go to Step 6.) An international homebuyer should expect to make a down payment that is typically between 20 percent and 45 percent of the value of the home being purchased. Also, some financial documents will be necessary, including proof of income, bank statements, reference letters fromyour banking or credit institution, and two forms of identification.
Using cash is the quickest and easiest way to purchase your home. Mortgage loans are also available from lenders who are familiar with workingwith international buyers. If you plan to obtain amortgage loan, do not begin your home searchwithout knowing howmuch you can afford to spend (and howmuch the lender will loan you). This can be done by receiving a pre-approval for a mortgage loan fromyour lender.
EveryU.S. real estate professional is regulatedby state governmentswhichhave requirements to earn a license. There are several professional titles used in theU.S. and eachhave different responsibilities.
Real Estate Broker
Real Estate Agent
Anyone who earns a real estate license can be called an Agent. An Agent must complete a minimum number of classes and pass an exam to earn a license. Agents help people buy, sell or rent real estate.
Lennar NewHome Consultant (NHC) A Lennar Associate who guides a buyer through the homebuying process. NHCs have a real estate license and are either an Agent or Broker. NHCs will work with buyers’ Agents/Brokers, or can provide professional guidance directly to a buyer. A Broker has completed classes beyond the Agent level. They must have experience as an Agent before taking a Broker’s exam. Brokers have more knowledge of real estate laws and practices and may have Agents working for them. Like Agents, Brokers also help people buy, sell or rent real estate. Agents are typically managed by a Broker who handles the earnest money deposit and establishes the escrow account.
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SHOPWISELY
FINALIZE THE CLOSING
REALTOR®
Prior to the closing, a home inspectionmust be completed by you or someone appointed by you. Your real estate professional (and/or a Lennar NewHome Consultant) will guide you through the closing process.
Before you get started on your home search, determine the type of home youwant — townhome or condominium, vacation or investment home, or single-family or multigenerational. You should also consider what amenities youwould like to have in your community such as a gated entrance, pool, tennis courts and/or golf course.
This is the official designation for a real estate agent who becomes a member of the National Association of REALTORS®, and upholds the standards of the association and its code of ethics.
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