Buying From Afar

Buying From Afar

By Bonnie L. DaSilva

Buying a home or property from out of state can be easier than you expect—especially if you have the right professionals working together to protect your interests. Since your professional team will manage all aspects of your transaction, from finding the perfect home to finalizing the purchase at closing, read this to make sure you have the right people taking care of you.

Build Your Team

You need an experienced REALTOR who has closed sight unseen transactions and has an army of contacts to address anything you need—from home inspectors to general contractors, to lenders and attorneys. Your Realtor must be able to communicate effectively in a timely, efficient manner.

Find a home inspector. This person must be licensed and have experience with reporting the information necessary to a client who is buying from afar.

Buying From Afar

Work with a home lender where the property is purchased. They will understand the logistics and timing necessary to facilitate closing, they will have the best rates, and they can serve as your advocate. A local lender is also acutely aware of the market and can work to avoid roadblocks such as delays in getting an appraisal.

Your title/settlement team and real estate attorney will ensure there is a clean title on the property or resolve any outstanding issues to ensure a clean transfer of property ownership to you. They should also be able to set up a remote settlement in the event you will not be able to close in person.

You Need Boots on the Ground

With the permission of the owner and their agent, your Realtor will be able to provide you with live video of walkthroughs, as well as email additional video and photos.

Enlist a trusted friend or family member to help you with your search, and lean on them to give you honest answers.

Organization + Communication

Your Realtor should have an organization and communication system in place that keeps everything straight. This system will keep listings catalogued during your search and will continue to streamline things efficiently while under contract and going through the required milestones of purchasing a home.

Conduct an extensive review of the wants and needs you have of your home. Include any important details about the area or community that are important, such as school systems or medical centers. Providing as much detail as possible will help your agent ensure you find the right home.

Buying From Afar

Establish early communication with your lender and provide them with everything they need to approve your loan as early in the process as possible. Be aware that being an out of state buyer means different time zones. Any delay in communication can be detrimental to the completion of milestone requirements.

Contract Management

Finding the right home to purchase is the easy part, but your Realtor must have a system in place for managing the contract details and deadlines. Your realtor will be able to outline the timetable and provide you with updated information quickly to help you prepare for what is needed at each step.

Closing

Establish with your Realtor and settlement agent how the closing process will happen. Will you be signing remotely with a notary public? Be clear about how the transfer of funds and keys will be handled. Will your Realtor or home inspector work with companies to help transfer utilities or other services? Or will you handle that yourself?

Now that you know who you need on your buying team and what responsibilities they have to you, it will be easier to find the right professionals to manage your out-of-state property purchase. It may seem a daunting challenge, but many people find the experience to be very exciting.

Bonnie DaSilva is a Realtor® at Nest Realty Fredericksburg. She knows the importance of understanding her client’s needs, wants, and expectations in a transaction, and uses her experience to her client’s benefit.To learn more about Bonnie, visit her agent page.

Spread the love

Written by
Posted in Asheville, Charlottesville, Fredericksburg, Global Content, Greater Louisville, Greensboro, Greenville, Jackson, Lake Norman, Morganton, New River Valley, Raleigh-Durham, Richmond, Roanoke, Shenandoah Valley, Wilmington
Tags: , , , , ,
Comments closed

Comments are closed.
Nest Realty
  • Charlottesville
  • 1135 Rose Hill Drive, Suite 100
  • Charlottesville, VA 22903
  • 434.566.0121
  •  
  • Greene
  • 67 Deane Rd
  • Ruckersville, VA 22968
  • 434.322.3586
  •  
  • Mountain Area
  • 2788 Rockfish Valley Hwy
  • Nellysford, VA 22958
  • 434.361.2440
© Nest Realty Group 2024

Join our Newsletter

×