So the answer is resoundingly "YES", there are ways to buy a house in another state when you own a primary residence somewhere else. You will still find that paying cash and closing with in 2 weeks will yield you a better price and make your offer more competitive than others on a desirable property. The banks are listing their inventory that they have been holding, so you can find some "good deals".
There is no shortage of good mortgage originators here in Charlotte metro. You will need a pre-approval letter to bid on a house in most cases any way. If your loan is contingent on your house selling in MA, then your house needs to be on the market. I would be happy to recommend a realtor in your area if you do not have one.
Wishing you a great move,
Other clients who have relocated to the Greater Charlotte NC area (which includes Lake Wylie, York and Lancaster Counties in SC), were able to get a conditional pre-qualification letter that confirmed that IF/when their house sold, they could go through the loan process and as long as everything they originally disclosed was still accurate, they could get a loan.
Another typical condition is that the borrower has to have a steady income source or, if they are going to be working here, they need to provide an accepted employment offer with a start date that is earlier than the date of closing. Just before closing, the lender will verify with your new HR dept that the you are actually working here. You would not want to actually make application for the loan unless you were comfortable that you could qualify for two loans and that you would go through with the closing even if your MA home did not sell, and then only after you had a specific property selected and under contract. Doing it this way, you would probably need a 20% down payment.
If you wait until your MA home is under contract, you should be able to qualify for a loan with 3.5% or 5% down as a personal residence - as long as you meet the basic criteria in the below Trulia Real Estate Blog..
Generally, the best thing to do is to monitor the market to see what homes are available that you like and that are in your price range, then list your home in MA and when you know it is going under contract, come down and see inside your favorite homes here. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
Best success with your move!
Kathleen Turner, ABR, CRS, ePro
Keller Williams Realty
It is very difficult in this current economy to get a seller to allow you to buy a home based upon your projected sale in another state. New home builders may work with you to do so but will expect a reasonable deposit before you can secure one of their homes.
If you are moving to the Piedmont Region of the Carolinas, whether in the Charlotte Region or the adjoining area, including the northern portions of South Carolina, I would love to assist you. I have a list of lenders I work with here who can answer your questions and give you the best strategies for being positioned to make the move.
Let me know if you would like to receive a "Welcome to the Carolinas!" package from me with some great local maps and directions.
Blessings upon you...
Yes you can. The first step would be to talk to a mortgage broker and get pre-approved or pre-qualified. Feel free to email or call me. Where from MA are you from, I grew up in MA.
Giving Tree Realty
If you're moving to the Chapel Hill/ Durham/Raleigh area let me know through my profile here on Trulia and I'll supply you with a few excellent local lenders whom you could speak with.
I would love to help you with your application. I have also provided you a link so that you can apply on line if you like! It's easy!
Debbie Arriero, ABR, CRS,
Arriero Realty, Inc.
Please email or call me for specific questions or if you'd like help with your relocation, I'd love to help with your move!
BUYING A HOME
Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.
The Mortgage Professional will give you a conditional approval letter to take to the realtor.
Once the realtor has found your home you should get it inspected to determine if itâ€™s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.
Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.
Youâ€™re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.
DURING THIS PERIOD DO NOT TAKE ON ANY ADDITIONAL DEBT UNTIL THE LOAN IS CLOSED AS YOU WILL BE DENIED THE LOAN.
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Bank of England is partners with every major investor on Wall Street; allowing us to provide the best rates and terms on all mortgages.
We are approved by the Better Business Bureau and Bank of England /ENG Lending is the only mortgage bank among its competitors that is owned by a FDIC insured bank and did not need government bailout to remain solvent.
Bank of England loan officers don't simply facilitate the loan process; they act as "financial advisors," helping clients assess their finances on a larger scale. Whether you're self-employed and need a low-doc mortgage loan, or you're searching for the best rates on a jumbo home loan, your loan officer is here to find your perfect solution.
Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
Let ENG's experienced Mortgage Bankers help you find a solution for your financial needs. My name is Lowell contact me at (972) 646-2411 so we can discuss your situation in private. Benefit from my 21 years of experience answering the most common mortgage questions.
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