I live in California and want to buy a vacation home in Miami, Florida. How do I do that?
I am wondering if there are any necessary steps to buying property out of your state of residence and if so what are those steps. Or is it the same as buying a home where you live?
One Response
Deepak
04 Sep 2010
Start by contacting a bank and gettting a preapproval letter. You’ll need that to make any offers. Better to figure out the financing before falling in love with a place or there is too much risk you will not be able to act in time.
Hire a good real estate agent and let them do the legwork. Get them to send you listings meeting your criteria. This can be automated. Research areas and buildings over the internet.
Ask the real estate agent if it is common to have bidding wars for the type of places you are looking at. If so, you can make offers first, then travel to view only if an offer is accepted. If not, you can take a trip and tour properties and make a decision.