out of state loans
- Thread starter autox_IHB
- Start date
tmare_IHB
New member
Do not buy a house right now. Your question indicates that you have a lot to learn about the process of buying a house and you need to educate yourself thoroughly before you attempt to make one of the biggest purchases you will ever make in your life. Just the thought of trying to buy a house when you live out of state implies that you are going to be trusting too many people with decisions about things you do not yet understand. Take your time, relax, rent for a while, figure it all out and then decide if you even want to buy because most of the smart people here have definitely decided that waiting a while longer is a smart move.
Thanks for the suggestions tmare, but I'm not planning to buy a house unseen, nor am I unfamiliar with the Southern California market or nuances. I grew up in So. Cal., all my friends and family are there and visit quite often. As far as the buying process goes, I've bought 2 houses in the past, as well as a couple of undeveloped lots here in Texas. Because of a family situation, I find that I must move back to So. Cal.
Part of the situation is that most Realtor and Redfin won't take you tour any homes without a pre-approval letter. It would be easier for me to get a pre-approval letter here in Texas then travel back to California to look at homes vs. doing all the paper work in California. Also if I find a home that I like, and feel that the deal is right, it would be easier to get a loan now versus waiting until after I move back and start the new job as I won't have a 2year unemployment history with the new job.
As far as the market is concern, after much research, I feel that if you can find a house at a historic avg price given inflation, which I feel is about 2000-2002 price level, then I don't think there's too much risk if you're going to stay for longer than 10 years.
My wife and I are very picky when it comes to homes, and we won't be jumping at the first one we see.
Part of the situation is that most Realtor and Redfin won't take you tour any homes without a pre-approval letter. It would be easier for me to get a pre-approval letter here in Texas then travel back to California to look at homes vs. doing all the paper work in California. Also if I find a home that I like, and feel that the deal is right, it would be easier to get a loan now versus waiting until after I move back and start the new job as I won't have a 2year unemployment history with the new job.
As far as the market is concern, after much research, I feel that if you can find a house at a historic avg price given inflation, which I feel is about 2000-2002 price level, then I don't think there's too much risk if you're going to stay for longer than 10 years.
My wife and I are very picky when it comes to homes, and we won't be jumping at the first one we see.
Geotpf_IHB
New member
I don't think it's hard to find a realtor who doesn't require a pre-approval letter. Pre-qualfied, maybe. I don't know if out-of-state banks would lend here. Why don't you get preapproved with a large, nationwide bank like BoA or Wells Fargo that has branches in both Texas and California? You don't neccesarily have to get the loan through them in the end.
tmare_IHB
New member
[quote author="autox" date=1255738074]Thanks for the suggestions tmare, but I'm not planning to buy a house unseen, nor am I unfamiliar with the Southern California market or nuances. I grew up in So. Cal., all my friends and family are there and visit quite often. As far as the buying process goes, I've bought 2 houses in the past, as well as a couple of undeveloped lots here in Texas. Because of a family situation, I find that I must move back to So. Cal.
Part of the situation is that most Realtor and Redfin won't take you tour any homes without a pre-approval letter. It would be easier for me to get a pre-approval letter here in Texas then travel back to California to look at homes vs. doing all the paper work in California. Also if I find a home that I like, and feel that the deal is right, it would be easier to get a loan now versus waiting until after I move back and start the new job as I won't have a 2year unemployment history with the new job.
As far as the market is concern, after much research, I feel that if you can find a house at a historic avg price given inflation, which I feel is about 2000-2002 price level, then I don't think there's too much risk if you're going to stay for longer than 10 years.
My wife and I are very picky when it comes to homes, and we won't be jumping at the first one we see.</blockquote>
If that is the case, then there is absolutely no reason why you can't get an out of state lender. Just because you get a pre-approval letter from an out of state bank, doesn't mean you have to use them, especially if it is a qualification for even getting to look at a home. It sounded more like you were trying to buy a home from an out of state location. In the current climate, if you are picky at all, good luck finding and getting an accepted offer on something you like, it's crazy out there.
Part of the situation is that most Realtor and Redfin won't take you tour any homes without a pre-approval letter. It would be easier for me to get a pre-approval letter here in Texas then travel back to California to look at homes vs. doing all the paper work in California. Also if I find a home that I like, and feel that the deal is right, it would be easier to get a loan now versus waiting until after I move back and start the new job as I won't have a 2year unemployment history with the new job.
As far as the market is concern, after much research, I feel that if you can find a house at a historic avg price given inflation, which I feel is about 2000-2002 price level, then I don't think there's too much risk if you're going to stay for longer than 10 years.
My wife and I are very picky when it comes to homes, and we won't be jumping at the first one we see.</blockquote>
If that is the case, then there is absolutely no reason why you can't get an out of state lender. Just because you get a pre-approval letter from an out of state bank, doesn't mean you have to use them, especially if it is a qualification for even getting to look at a home. It sounded more like you were trying to buy a home from an out of state location. In the current climate, if you are picky at all, good luck finding and getting an accepted offer on something you like, it's crazy out there.
IrvineRealtor_IHB
New member
[quote author="tmare" date=1255733200]Do not buy a house right now. Your question indicates that you have a lot to learn about the process of buying a house and you need to educate yourself thoroughly before you attempt to make one of the biggest purchases you will ever make in your life. Just the thought of trying to buy a house when you live out of state implies that you are going to be trusting too many people with decisions about things you do not yet understand. Take your time, relax, rent for a while, figure it all out and then decide if you even want to buy because most of the smart people here have definitely decided that waiting a while longer is a smart move.</blockquote>
tmare,
I don't know if I fit in the "smart people" category (by my chosen profession it may obviously be presumed otherwise), but I think it is dangerous to tell someone DO or DO NOT do something, especially based on an incomplete knowledge of their situation. Each case is different.
If anything, I find it a better service to someone to ask questions to help them gain clarification for themselves on what is a priority for their own circumstance, i.e. :
"Why is now the time to consider buying a home for you?"
"How long do you plan on staying in the area?"
"Which communities have you considered?"
"How stable do you consider your employment?"
"Are you considering a cash purchase or a leveraged investment?" "How much?"
"Have you considered renting?"
"What are your other priorities in living in the area?"
"3CWG or Detached Subjugated?"
etc.
One of the most offensive practices I see/hear is a broker telling a client, "<span style="color: blue;"><strong>If I were you, I would...</strong></span> (fill in the blank)" because at the end of the day, no matter what is said, the decision is up to the buyer based on their own circumstances, core beliefs, and values. The best I can do is help someone clarify for themselves. My opinion is irrelevant.
Hope this doesn't come across as bullish (it's not) or as bull$#!+ (that's up to you).
-IR2
P.S. <em>disclaimer - My family is waiting to buy our bigger place.</em>
tmare,
I don't know if I fit in the "smart people" category (by my chosen profession it may obviously be presumed otherwise), but I think it is dangerous to tell someone DO or DO NOT do something, especially based on an incomplete knowledge of their situation. Each case is different.
If anything, I find it a better service to someone to ask questions to help them gain clarification for themselves on what is a priority for their own circumstance, i.e. :
"Why is now the time to consider buying a home for you?"
"How long do you plan on staying in the area?"
"Which communities have you considered?"
"How stable do you consider your employment?"
"Are you considering a cash purchase or a leveraged investment?" "How much?"
"Have you considered renting?"
"What are your other priorities in living in the area?"
"3CWG or Detached Subjugated?"
etc.
One of the most offensive practices I see/hear is a broker telling a client, "<span style="color: blue;"><strong>If I were you, I would...</strong></span> (fill in the blank)" because at the end of the day, no matter what is said, the decision is up to the buyer based on their own circumstances, core beliefs, and values. The best I can do is help someone clarify for themselves. My opinion is irrelevant.
Hope this doesn't come across as bullish (it's not) or as bull$#!+ (that's up to you).
-IR2
P.S. <em>disclaimer - My family is waiting to buy our bigger place.</em>
Soylent Green Is People_IHB
New member
A sharp, responsive lender with nationwide lending capability is all you need. Location is immaterial.
What will be key is access by your Agent to an out of state LO. You have to consider time differences (East Coast v West Coast) and out of state LO's access to local professional service providers like appraisers.
My .02c
Soylent Green Is People
What will be key is access by your Agent to an out of state LO. You have to consider time differences (East Coast v West Coast) and out of state LO's access to local professional service providers like appraisers.
My .02c
Soylent Green Is People
tmare_IHB
New member
[quote author="IrvineRealtor" date=1255740507][quote author="tmare" date=1255733200]Do not buy a house right now. Your question indicates that you have a lot to learn about the process of buying a house and you need to educate yourself thoroughly before you attempt to make one of the biggest purchases you will ever make in your life. Just the thought of trying to buy a house when you live out of state implies that you are going to be trusting too many people with decisions about things you do not yet understand. Take your time, relax, rent for a while, figure it all out and then decide if you even want to buy because most of the smart people here have definitely decided that waiting a while longer is a smart move.</blockquote>
tmare,
I don't know if I fit in the "smart people" category (by my chosen profession it may obviously be presumed otherwise), but I think it is dangerous to tell someone DO or DO NOT do something, especially based on an incomplete knowledge of their situation. Each case is different.
If anything, I find it a better service to someone to ask questions to help them gain clarification for themselves on what is a priority for their own circumstance, i.e. :
"Why is now the time to consider buying a home for you?"
"How long do you plan on staying in the area?"
"Which communities have you considered?"
"How stable do you consider your employment?"
"Are you considering a cash purchase or a leveraged investment?" "How much?"
"Have you considered renting?"
"What are your other priorities in living in the area?"
"3CWG or Detached Subjugated?"
etc.
One of the most offensive practices I see/hear is a broker telling a client, "<span style="color: blue;"><strong>If I were you, I would...</strong></span> (fill in the blank)" because at the end of the day, no matter what is said, the decision is up to the buyer based on their own circumstances, core beliefs, and values. The best I can do is help someone clarify for themselves. My opinion is irrelevant.
Hope this doesn't come across as bullish (it's not) or as bull$#!+ (that's up to you).
-IR2
P.S. <em>disclaimer - My family is waiting to buy our bigger place.</em></blockquote>
Yes, I misunderstood the intent of his question, it sounded to me like he/she really didn't understand financing in any way as there obviously should not be a reason why an out of state lender can't pre-approve him for a mortgage. It didn't sound like that was what he was asking for, but as it turns out, all he really needs is pre-approval. As for the rest, I would consider you one of the "very smart people" yet I also realize that your business depends on people choosing to buy now for whatever reason. I just really don't like it when people who don't understand the process of purchasing a home do it anyway.
tmare,
I don't know if I fit in the "smart people" category (by my chosen profession it may obviously be presumed otherwise), but I think it is dangerous to tell someone DO or DO NOT do something, especially based on an incomplete knowledge of their situation. Each case is different.
If anything, I find it a better service to someone to ask questions to help them gain clarification for themselves on what is a priority for their own circumstance, i.e. :
"Why is now the time to consider buying a home for you?"
"How long do you plan on staying in the area?"
"Which communities have you considered?"
"How stable do you consider your employment?"
"Are you considering a cash purchase or a leveraged investment?" "How much?"
"Have you considered renting?"
"What are your other priorities in living in the area?"
"3CWG or Detached Subjugated?"
etc.
One of the most offensive practices I see/hear is a broker telling a client, "<span style="color: blue;"><strong>If I were you, I would...</strong></span> (fill in the blank)" because at the end of the day, no matter what is said, the decision is up to the buyer based on their own circumstances, core beliefs, and values. The best I can do is help someone clarify for themselves. My opinion is irrelevant.
Hope this doesn't come across as bullish (it's not) or as bull$#!+ (that's up to you).
-IR2
P.S. <em>disclaimer - My family is waiting to buy our bigger place.</em></blockquote>
Yes, I misunderstood the intent of his question, it sounded to me like he/she really didn't understand financing in any way as there obviously should not be a reason why an out of state lender can't pre-approve him for a mortgage. It didn't sound like that was what he was asking for, but as it turns out, all he really needs is pre-approval. As for the rest, I would consider you one of the "very smart people" yet I also realize that your business depends on people choosing to buy now for whatever reason. I just really don't like it when people who don't understand the process of purchasing a home do it anyway.