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Important Things To Know When Buying Out Of State
Buying a new home out of State can be both exciting and scary. Here I am going to inform you on some of the important things you should know and do during this new adventure you are planning. The following information also applies to out of state sellers.
Buying a home is stressful, buying a home out of state can be very scary. First it is very important to do your research, tons of research. Being able to drive around locally and check out the neighborhoods at random times during the day is a luxury when buying a home. When you're out of state it is very important to find your self a Real estate agent that will not only be able to inform you but to be able to be your eyes and ears. One that is willing to go the extra step to help you feel as if you are there until you can actually get there. Use referrals from friends, internet and most important contact the agent you feel you would like to work with and create an open and honest relationship. Knowing you can trust your agent to be there for you is going to be a huge comfort zone. Though I personally would not recommend buying real estate unseen, if this is what works for you, than you really need to know that the Real estate agent is there for you. Your Agent can do a video tour for you of homes you are interested in viewing, but this cannot provide you with smells or clear sounds or even that special feeling you get when you walk into a home you want to buy. Or that instinctive feeling of oh this is just not right for us. So you should plan on a trip up or down to view the home or land you want to purchase.
If you are planning on buying your home through financing, do your homework. Interview your Mortgage Loan officer. They should have no problem offering you referrals from past clients, that can help you feel comfortable about your relationship with the people who are going to break down your financial history. Once you have chosen your Loan Officer one of the most important first steps on this level, make sure you have a pre-approval and all of your documents submitted to your loan officer to assure a smooth transaction. Most states insist on providing a pre-approval or proof of funds to your Real Estate agent before showing you homes, and before placing an offer on a home. Try not to get your pre-approval from one of the online quick pre-approval offers. That is subjecting you to giving your information to possibly an insecure site. Speak with your Mortgage company directly after you have research them and you feel confident that you can trust them with your sensitive documents. Use this source to obtain your pre-approval. There will be a check list of documents you will need to provide to them that will assist them in making sure you are truly qualified for a loan. I have a personal experience in watching a family full of hope in buying their new home, only to find out after they paid for the expenses of inspections, and appraisals, that they were never truly qualified for their loan and eventually denied right before their closing date was scheduled.. So Please remember Research is very important in all aspects of this venture.
Research the state and the area of the state you would like to move to. This is where the internet is going to be your best friend. Your real estate agent can help you with a lot of the details of your area of choice especially if they live there too. Research all the typical important things that are relevant to your life Work, schools, doctors, hospitals, types of homes you would like to live in. Also important to research the extra curricular activities you enjoy that make your down time fun and memorable. Expect and know that this is going to be the longest process of your Real Estate venture. As I am sure you've heard before that spending a long time researching any important venture in your life is important, but this is a huge investment in your future. So if this research takes you a year or more keep this time frame in mind when you start your venture. Most important find your Real Estate Agent in the start of your planning process. A good agent won't mind spending a year or more helping you, it is important to know that when you are ready for your next step you will have someone there already on your side.
VERY IMPORTANT: Be ware of scammers. Unfortunately when buying out of state leaves you subject to scammers. Make sure the home is real, make sure the person you're dealing with is real, it is too easy to put something fake on line. Making sure you have an agent to handle any Real estate interests out of state will help make sure you don't fall victim to the scammers that are out there and very hungry.
One if the biggest things I see, is the fear or discomfort in asking questions. This is your future, if there is anything you don't understand ... ASK! ASK! ASK! There is so much to be confused and lost about in the home buying or selling process. Don't worry about what your question might be, even if you asked it before and still feel unsure, ask again. You must feel comfortable and confident about the whole process. Anyone who is working with you on your behalf should not have a problem answering any of your questions no matter how many you have. Ask for clarifications of things you don't quite understand. There aren't any stupid questions, and if one would view it as such... ASK it anyway.
Once you have chosen the home you want to purchase, I highly recommend your attendance to the home inspection. If you could travel to the inspection or the closing, i highly recommend attending the inspection. This is a very important process you should definitely take part in. Any questions, or concerns that arise during this process are much more easily understood when you can speak to the inspector in person, as certain questions may arise at each turn. Seeing pictures are one thing but the understanding of what may or may not need attention would be very important to you. The inspector will also teach you how regular maintenance on your new home is important and or even vital.
The closing is all about signing paper work, this can easily take place via FED EX, E-Sign and money transfer. Make sure you have open communication to your title company. Either you have chosen a title company of your choice or your Real Estate agent referred you. Once you have signed a contract and you are sending your Earnest Money deposit (aka.. good faith deposit) you should be in contact with the title company same day or next day. The title company will send you secure wire transfer instructions, via email that should be encrypted to assure you of your privacy and security during such a sensitive process. A good title company can answer many of your questions about the closing process, what is needed from you and what you will need to provide.
So after reading this you may feel as if your feet just got a little cold. Don't let the reality of moving forward in your life scare you away from building your future. Just take the advice that you will obtain from many different sources, and keep one thing in mind... RESEARCH! A decision such as this is a huge step and you want to be well prepared for it, the less obstacles you have to come across the smoother your process will be. Call your Realtor, even if you are not ready to purchase a home next week or next month or even a year from now, finding that realtor you can make your friend over time will be a great benefit for when the right time comes for you. Most Realtors will have no problem staying connected with you no matter how long it takes, and they will be there for you to help answer any questions, or provide referrals that you may need or want. I know I would, so feel free to contact me any time.
Let's Start this Venture together.