A Concise Guide to Buying a Home Out-Of-State
Purchasing a house, in general, can be a bit stressful if you’re new to the process. Buying a house out of state can be just as nerve-racking, especially if you’re not familiar with your desired new area or the process involved with out-of-state home buying.
You may feel like you’re at a disadvantage because you’re an out-of-state home buyer. However, there are some ways you can make the experience of buying a home out of state more rewarding and productive.
Hire a Buyer’s Agent
The first step to take when buying a house out of state is to hire a buyer’s agent in the state where you’ll be moving. A listing agent, while equally capable of handling this process, is more likely to represent the seller.
This means you may not get the best possible price for your new home since they’re not focused on your best interests. A buyer’s agent also won’t disclose your personal information unless you give permission for them to do so.
There are relocation specialists prepared to help you find a reputable buyer’s agent. Another option is to work with an agent or Realtor in your new location with a solid reputation based on the information you are able to find about them.
It’s also possible to go to open houses in the state you plan to move to find an agent. However, this may not be all too practical if long-distance travel is going to be an issue and hindrance.
Gather ‘Insider Info’ from Your Agent
A Realtor familiar with working with people buying a house out of state in the state where you will be moving can be a valuable source of information beyond what you can find online. For instance, if you are relocating to North Orlando, a reputable buying agent in this area can also give you details about:
- Local schools
- The nature of North Orlando communities
- Proximity to shopping and dining areas
- Local and state taxes
Plan to Look at Homes
Realistically, you’re probably not going to be able to make frequent trips from New York, California, Texas, or any other state you may live in just to check out possible new places to call home in Florida. Fortunately, a Realtor specializing in the needs of buyers can email you listings.
What’s more, these will be listings that match your preferences and price range. This can be a real time-saver when you are busy getting things ready for your move on your end.
It’s also not unusual today for these listings to include photos, videos, and even virtual tours. Listings of this nature can also make it easier for you to ask questions and narrow down your preferences.
Once you’ve zeroed in on one or two homes that really catch your eye, you can always make arrangements to fly in to see them in person on a weekend or a specific day of the week that’s convenient for you. This will give you a chance to get a feel for your potential new community before making a commitment.
Consider Electronic Signing
Buying a house out of state doesn’t necessarily require a series of back-and-forth flights. If you really need to wrap up an out-of-state purchase quickly, you can always sign an offer electronically.
Simultaneous Closing Issues
The process of selling an existing home in one state to buy a new one in another state sometimes can be complicated or impossible. Why? Because most banks funding a buyer’s new home won’t authorize a home loan until they have a statement confirming the sale of the buyer’s existing home. Hiring an experienced Realtor can help you navigate these pesky hurdles and make the process much easier for you.
Typical Process of Buying a Home Out of State
While there are exceptions, don’t count on being able to quickly orchestrate a simultaneous closing if you’ll be selling in one state and buying in another one. Instead, you’ll likely have more success if you take the following steps:
- Closing on your existing home
- Wiring the funds to the closer handling your new home purchase
- Faxing the HUD (settlement) statement that confirms the sale of your existing home
- Securing funds from your lender
- Closing your new home purchase
Planning a Relocation to Orlando
If you’ll be moving to Orlando from another state, working with a reliable Realtor can absolutely make the entire process less stressful. An agent with knowledge of out-of-state purchases can help you out by:
- Gathering initial details about your home preferences
- Answering your questions about the Orlando area
- Offering recommendations for local lenders
- Serving as a link between you and sellers
A smart way to make the process of buying a house out of state stress free is to work with a trusted and knowledgeable Realtor committed to making your new home purchase one you’ll be pleased with for many years to come. If your intended destination is North Orlando or the surrounding area, we’re here to help. Contact us today to learn more.
Ahsan "Sonny" Shaikh
Ahsan "Sonny" Shaikh appreciates the value of life. With two beautiful girls and a special son, he understands to take life one sunny day at a time. He is an avid cricket fan whilst playing as a top batsman in his mosque's semi-professional league.
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Real Estate Specialist
Kash Shaikh has lived in Florida for the past 7 years with his lovely wife and 2 kids. His joy and love for the game of soccer has him passionately involved in a non-for-profit organization, Umoja Outreach Foundation, which unites and mentors kids and gives them a love for the beautiful game.