How to Buy a Home Out of State

SUBSCRIBE

Dewayne:

Are you thinking about buying a property in another state? If so, what are the best practices?

Dewayne:

Welcome back to another episode of our series, 60 Lessons That We’ve Learned in 60 Years. Today, we’re going to talk about the lessons that buyers need to know when buying a property in another state.

Kirk:

So for instance, they vary sometimes not only state to state, but in our case, county to county. Like I’m thinking about title insurance. Title insurance in South Florida, the buyer pays it. Up here, the seller pays it. So it varies everywhere you go.

Dewayne:

Yeah. And if you’re not using a hyperlocal agent, they’re not going to know that. They’re not going to know the marketplace. So that advice comes to use the area or use the area expert.

Kirk:

The lender also because the lender is going to know the practices that are going on there.

Dewayne:

That’s true.

Kirk:

An account is familiar with what’s going on not only in the local tourist tax laws, but also what are the implications.

Dewayne:

Yeah. And all good points. And then just to elaborate a little bit more on using the local agent. We see agents trying to service clients outside of their marketplace. This is a huge disservice to the client. They don’t know the area. Real estate’s hyperlocal. You could be on one side of the street versus the other and prices vary. So even if that agent has access to the local MLS, which most times they don’t-

Kirk:

They don’t. Most of the time they don’t.

Dewayne:

And they’re trying to figure out, “Well, is this a good price or not?” They don’t have that knowledge.

Kirk:

No. No. And so they’re trying to wing it and make their nephew, niece, whoever they’re working with say, “Hey, I can do this. I can do this. I can save you the commission,” but in the end it’s a disservice.

Dewayne:

Correct.

Kirk:

So we have a recommendation.

Dewayne:

Yeah. So we network with the top 250 teams just like us, selling 300 homes per year throughout-

Kirk:

Or more. Or more. Yeah.

Dewayne:

Or more. Yeah. Correct. In the nation.

Kirk:

Mm-hmm (affirmative).

Dewayne:

So if you’re looking to buy out of state, reach out to us. We can make a recommendation to the hyperlocal expert in that area that you’re going.

Kirk:

Thanks for watching us. You can always comment. We’ll enjoy your comments a lot and we’ll respond. Next week, we’re going to talk about should you sell your current home before purchasing another home? Join us next week.

Dewayne:

If you’re enjoying our videos and our topics, subscribe to our YouTube channel or like our Facebook page for our weekly videos.

If you would like to see more from our “60 Lessons in 60 Years” web series, see below:

Meet the Team