{"id":3127,"date":"2023-07-19T07:01:19","date_gmt":"2023-07-19T11:01:19","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3127"},"modified":"2024-04-25T23:17:35","modified_gmt":"2024-04-26T03:17:35","slug":"need-to-buy-a-home-in-another-state-your-overall-game-plan-and-4-key-steps","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/need-to-buy-a-home-in-another-state-your-overall-game-plan-and-4-key-steps\/","title":{"rendered":"Need to Buy a Home in Another State? Your Overall Game Plan, and 4 Key Steps"},"content":{"rendered":"\n
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\u201cWhen I was a kid my parents moved a lot, but I always found them.\u201d<\/em><\/p>\n\n\n\n

\u2015 Rodney Dangerfield<\/em><\/p>\n\n\n\n

Need to move? You\u2019re not alone. Going interstate? Many people (and their kids) are doing that, too.<\/p>\n\n\n\n

Of all people on the move this year, nearly a fifth will move out of state<\/a>. And today\u2019s interstate buyers have a great set of resources available to them online. Good, because pulling off interstate real estate deals means having a plan, and using the necessary resources to follow it.<\/p>\n\n\n\n

What do interstate home buyers need to ask when preparing? Let\u2019s take a look.<\/p>\n\n\n\n\n\n\n\n

State Law Differences: What About the Deeds?<\/h2>\n\n\n\n

As our readers know, a deed is a legal document that a homeowner transfers to another person when selling a home. When buying, a person gets a new deed.<\/p>\n\n\n\n

New ownership must be recorded with the county recorder of deeds, in the home\u2019s county.<\/p>\n\n\n\n

Be on the lookout for legal and administrative differences in your new state. Deeds available on this website are made to comply with each state\u2019s recording laws<\/a> \u2014 and with local county rules and procedures.<\/p>\n\n\n\n

And What About the Taxes?<\/h2>\n\n\n\n

State and local authorities have their own requirements for taxing homeowners. As a buyer, do an online search in advance, and be aware of your responsibilities for property tax, and any applicable state or local sales tax. Your new county sets a tax rate that applies to your new home\u2019s property value. Some states also tax profits from a home sale<\/a> when you move, rather than later.<\/p>\n\n\n\n

Got case-specific questions? Consult a real estate attorney about deed and tax requirements. Generally, keep taxes on your radar. Expect them!<\/p>\n\n\n\n

State-to-State Move: Do I Need Real Estate Services at Both Ends?<\/h2>\n\n\n\n

Yes. When buying from a remote location, it\u2019s critical to lean on a local real estate agent<\/a> to get the job done right.<\/p>\n\n\n\n

Tech-savvy agents can tour houses for you in real time. There are even services (search term: \u201chome buying services\u201d) that take homeowners\u2019 current homes off their hands. And concierge services<\/a> can get your current home ready for buyers to browse.<\/p>\n\n\n\n

Real estate services cost money, of course \u2014 but the spending could result in a quick sale, so you can focus on scouting out your new home town. Know the fees and study customer reviews carefully before choosing a service.<\/p>\n\n\n\n

Close the Sale First, Then Buy the Next Home?<\/h2>\n\n\n\n

Few people can afford to hold two homes at once, so sell-first-buy-later is a popular pick. Your current home\u2019s sale proceeds can cover moving costs, and the cost of buying your next home. The faster you sell your current home, the sooner you avoid continued costs for its upkeep, taxes, and insurance.<\/p>\n\n\n\n

What, then, is a seller to do between signing over one deed, and receiving the next? You might look into home-sharing services like Airbnb, or extended-stay hotels, to buy the time it takes to explore the new terrain. And, of course, plenty of people sell first, move, rent in the new locale, and search for the right home there.<\/p>\n\n\n\n

The Mover\u2019s Motto: Teamwork Makes the Dream Work.<\/h2>\n\n\n\n

You need a great team in the city you\u2019re moving to. Hire wisely. Agents in both locations should be excellent communicators who have no trouble guiding clients over the phone.<\/p>\n\n\n\n

Of course it\u2019s no mean feat to create relationships and ask probing questions from a distance. When choosing a distant agent, read up on the local clients\u2019 reviews. You can also ask the agent you already know to help refer you to a licensed agent who works in the town where you\u2019ll be buying.<\/p>\n\n\n\n

Your buyer\u2019s agent can tour houses with you through an audio-visual app. It helps if the seller\u2019s agent is up on technology, too. Sellers using today\u2019s tech can invite buyers into immersive walk-throughs.<\/p>\n\n\n\n

Be sure your agent and mortgage specialist are in touch with one another \u2013 not just with you. Professional diligence \u2014 especially diligence in communicating \u2014 is what wins in the interstate moving scenario. <\/p>\n\n\n\n

And Another One: Familiarity Breeds Contentment!<\/h2>\n\n\n\n

To avoid buyer\u2019s remorse<\/a>, personally staying in the new city is the perfect way to prepare for choosing a home. In any case, it\u2019s important to get familiar with the new environment in advance. Local online newspapers are helpful. Find a discussion site where you can explore local information<\/a> with others in the know.<\/p>\n\n\n\n

What if your new mortgage lender expects you to have two years of employment history where you\u2019re going? If you\u2019re moving with the same company, or at least doing basically the same work you\u2019ve been doing for the past two years or more, a lender will likely be OK with approving you for the mortgage. Ask a mortgage consultant how the loan underwriter will treat your situation.<\/p>\n\n\n\n

Pro(active) tip:<\/em><\/strong> Moving at the request of a corporation? The moment you\u2019re offered a new position, ask if you have access to relocation support. Some companies offer packages that support certain employees with their moves.<\/p>\n\n\n\n

Issue-Spotting: Will You Include These Four Key Steps in Your Long-Distance Home Purchase?<\/h2>\n\n\n\n
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A successful state-to-state move means getting positioned to make an offer, or preparing your buyer\u2019s agent to know what you want in a home. It also means having your financial ducks in a row.<\/p>\n\n\n\n

A good exercise is to explore how you feel about each of four key decisions.<\/p>\n\n\n\n

Should you\u2026<\/p>\n\n\n\n

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  1. Consider setting up a new bank or credit union account in the town you\u2019re moving to?  These institutions might even point you to your perfect agent and mortgage company.<\/li>\n<\/ol>\n\n\n\n