Thinking About Moving To Another State? (Part 1)
Many are moving to another state. Whether it’s family, a job transfer, retirement, taxes, or even just a fresh start, people are on the move!
Are you contemplating it?
What’s holding you back?
I’m sure the thought of packing up all your belongings and moving far, far away seems daunting and stressful but is it really?
Let’s go step by step and make your wishful thinking a reality…
Wait! I know what you’re thinking…this market is bananas right now! Houses are selling in a matter of days…sometimes even hours! So how in the world are you going to buy a house in another state!?
PLAN & PREPARE
In most any case planning ahead will always give you the best success possible. When you fail to plan, you plan to fail…so let’s get to planning!
What’s first???
Start looking at Zenlist, Realtor, or Zillow? Go look at houses while you in town? No, and no. I mean, by all means go look on the real estate sites and start falling in “like” with houses and get excited about your new adventure, but definitely, first and foremost…
FIND OUT WHAT YOUR BUYING POWER IS FIRST!!!
(go back to this article about what buying power is)
Your offer needs to be as strong as possible, especially in this market!!!
So who is ultimately going to tell you what your buying power is???
YOUR LENDER!
Please, please, please, talk to a LOCAL lender (yes, it’s in caps because I really feel this is important) in the area you plan on buying in. Get referrals and Google local lenders in that area. Call a few, explain what you are looking to do, and see who will be the best fit for you. Everyone in the real estate industry works a bit differently than everyone else, so finding the best fit is crucial, especially when dealing with an out of state move.
You and your lender will discuss what kind of budget you’re working with. Knowing your numbers, especially with homes selling above list price is key (haha!). The lender will also be able to let you know if you have enough funds to purchase without selling your current home first or if that needs to get added into the equation.
…if you’re buying with cash, forget the lender. However, you still need to know where you stand with the sale of your current house. Are you using the proceeds from your sale, or funds from investments and such?
If you’re looking for any local lenders in the Chicago/NW IL area (FL & WI too) be sure to reach out to my recommended lenders here.
Now go call some lenders!
Once you have your numbers, check back to see what step two is…
See you back here soon!!