Tips on Buying a Home Out-of-State
Like most home shoppers, location tops the list of priorities. So how do you buy a home long-distance if you planning to move to another state? As an out-of-state buyer, you are faced with disadvantages like not knowing the state laws, where the best neighborhoods for you are located, or where a reputable real estate agent can be found. It can be overwhelming to embark on a new direction and the unknown can be unnerving, so here are a few tips to help you stay focused and collected while making your moving plans.
Find A Universal Or Close Lender – If you planning to get a mortgage loan for a home, it is wiser to choose a lender that will be easily accessible from your new location. Either choose a nationwide lender with full-service branch offices or select a respectable lending institution that is established in the state where you are relocating.
Before giving an unfamiliar lender your business, however, be sure to read customer reviews or ask for recommendations from your current mortgager to ensure that you will be getting the best service possible. You want your new lender to be available to answer any questions about financing your new home as well as information about local tax laws or incentives available as you progress through the moving process.
Find A Good Realtor – Today’s real estate agencies offer online service throughout the country giving you the opportunity to view out-of-state homes. Technological-advanced realtor services make finding a suitable home so much easier by providing virtual tours, slide shows, and video walk-throughs. Nationwide agencies have highly-trained agents in every state, so you want a realtor that will listen to your needs and can quickly give you several criteria-fitting homes in the best location.
You can ask for information and statistics about neighborhoods and schools while working with them via email, phone and texting. You will have access to MLS listings to homes states away to review and discuss with your agent to your time together is much more productive.
If you do not find a suitable agent through websites, ask the lender with whom you are working for agents that have outstanding sales and negotiation skills or search online for customer recommendations. If you are moving for business, ask your new employer if he or she has any insight into where to find a great realtor.
Talk To Potential Neighbors Or HOA Members – If you have found a good, interesting prospect for a home, don’t be hesitant to ask for more pertinent information that will help you make up your mind. Buying a home is not an everyday occurrence, so it’s important to make that informed decision by obtaining local input from law agencies, business people, newspapers, and government agencies.
You can subscribe online to the local news publication websites, or find a blog written by someone who lives right where you will be living. By asking questions by email or chatting online, you can get current answers about potential neighbors, neighborhoods, schools, and happenings in the surrounding area.
If the home you may want to buy is part of a Home Owner’s Association, contact the managing member and get minutes from their last meeting or speak with other members. Do your due diligence as well, making sure the HOA has a good record of service to its members and there are no existing lawsuits or liens on the community.
Visit Near You New Location – If possible, travel to your new location for a few days to see how easy it is to get where you need to go on a daily basis. Check your commute times to your new office, to local schools, and even to the grocery store and your favorite retailers. Drive through neighborhoods that you have searched online. You may see that some places are highly inconvenient or too busy for you, making it necessary to find a home elsewhere.
Take advantage of online maps that offer satellite images of your new location. Insert directions from a potential neighborhood to shopping malls, local post offices, or medical facilities. You can get driving distances and traveling times with the click of the mouse. Street views are also handy to see how crowded or clean certain parts of the area are.
Handling Selling/Purchasing Contingencies Out-Of-State – If your home purchase is a traditional sale, you may consider the option to get the buyer of your present home to agree to a post-possession agreement with your property after you close on your new home. It is essentially a short term lease agreement on your property with the new buyer that gives you more time to look for an alternate property. There are more moving parts to doing a post-possession and the buyer has agree with the arrangement, so talk to your real estate attorney or agent for advice.
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