Interview Shelly Zhou from Washington on Vancouver Chinese buyers buying in US
Please click Podcast(Part 1) and(Part 2) listen to Cantonese interview
This interview was in Bilingual (Mandarin & Cantonese).
1) Q:since when you noticed more n more Chinese going to buy in WA?
A:Since 2010, after Summer, Sept, Oct, more during X'mas, continuously increasing now.
2)Q: are they new immigrants? or are they Canadian citizen already?
A:Buyers usually have been living in Vancouver a few years, 5/6 yrs or even longer. Usually husbands work in Asia & wives look for property.
3) Q:what price range do they buy?
A:Principle resident: $700k to $1m. School catchment is extremely important. Investment: they are interested in buying either single strata unit, the whole apartment building or even storage facilities. Price for storage facilites can be as little as unde $200k to $3m+.
4)Q: do they pay all cash? or get mortgage?
A:Usually pay all cash, only small portion obtain mortgage because it's not easy to get mortgage approval. Fo Canadian citizen, they can get same amount of mortgage as the US citizen which is only 50%. IF not, bank only grant 25% loan.
5)Q: How does th deposit/Ernest wors?
A:Deposit(Ernest): they require min 2.5% to 3% of purchase price upon mutual agreement acceptance. They don't recommend more than 5% because in case the buyer back out the deal, they might loss the deposit. There are a few conditions usually put on the offer for 3 days: a) neigbourhood review b) inspection c) mortgage. If all the conditions have been fulfilled but buyer still want to back out, buyer's deposit monies could be forfeited. There is one very crusial point on the contract that must be filled properly or else the buyer could find himself in serious legal situation. In the contract, there are 2 check boxes regarding the right of the seller to sue the buyer in the event buyer back out the deal without any valid reason. 1) seller can sue unlimited liability 2) Seller maximum take the Buyer's deposit amount.
All these rules are based on NW Multiple listings standard form. Different States have different rules.
6)Q: what is the min down payment? is every States different? or more or less the same?
A:Down payment amount is depending on how much mortgage buyer can obtain from the bank.
7) Q:is it difficult for Chinese buyer to get mortgage? US mortgage terms are different from Canada? can u explain how mortgage works in WA?
A:It is difficult. You have to proof your income source, proof your income earning power & they will look at your Notice of Assessment. All document must be provided & if buyer's income statement is from China or other part of Asia, you must certified all documents. One way of doing it is to certify it at the US Embassy or hire US recognized translating company to do the translation. In order to get the best rate, you MUST provide all required documents. If not, buyer won't get the best rate.
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