I want to buy a property in Minnesota but I don't live there. How do I go about buying a seasonal home?

Asked by Desiree Middleton , Long Beach, CA Sun Aug 21, 2011

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Aaron Dickin…, Agent, Champlin, MN
Sun Aug 21, 2011
While all your documents (purchase agreement and closing) can be signed remotely, you will most certainly want to see some of these houses in person before making a decision.

Due to the dramatic changes in financing rules, getting pre-approved for a loan should probably be your first step - this ensures that you don't spin your wheels looking at homes and come to find out you can't get a loan for it.

Using an agent with local experience is important - you want someone who is detailed and honest and comfortable working with people from out of town.

Interviewing a couple agents would be beneficial - each agent, even in the same brokerage, offers dramatically different skills and experience.

Good luck to you!
1 vote
Steve Vennem…, Agent, Pine Springs, MN
Tue Apr 24, 2012
You need to find an experienced realtor who can help you find a home. Usually you can get emails daily with updates of new listings. What area are you planning on living in? You can buy a home with out bing in Minnesota you may have to give power of Attorney to someone? http://www.mnhomescontractfordeed.com
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Ariadne, Home Owner, Moorhead, MN
Mon Sep 12, 2011
We have a nice home for sale just across the river from Fargo North Dakota in Moorhead MN.

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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Mon Aug 22, 2011
Since you aren't planning on living there as your primary residence, and if you are using mortgage financing, then you certainly want to talk with a loan officer regarding getting pre-approved to purchase the home as a rental property (if you intend to put renters in there) or as a 2nd/vacation home (if you plan on using it as a vacation home). You'll have to qualify for the new mortgage payment while including your current housing expense in the debt to income ratio calculation. If you will utilizing the home as a vacation home, then the same interest rate terms that are available for primary residences will be available for the property you are buying. If it's a rental property, there would be slightly (about .375%) higher interest rates. If you'd like help with that, I am here in SoCal where you are at but I also am able to do loans in Minnesota.

Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
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Dee Ryan, Agent, Maplewood, MN
Sun Aug 21, 2011
You first what to find out how much you can comfortably afford. Being pre-approved is half the battle.

Decide on the areas you would liketo be in and come up with a wish list of what you would like in the property, and how you are going to use the property (rental, main living space, etc).

Interview at least three agents who know the areas you would like to be in and around. Generally, you would look for key items - an agent who you are comfortable with, someone who works with out of state buyers, and someone who will preview properties with an experience eye.

Once you have a few properties in mind, visit the properties. Once you choose, the agent will coordinate all the details with the title and mortgage companies. Papers generally can be signed wherever you live.

Long Beach is a beautiful area and I think you will find MN just as comfortable and well worth your time and investment.
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Patrick Howa…, Agent, Edina, MN
Sun Aug 21, 2011

The process of buying a seasonal home while living in another state will be very similar to buying a primary residence, only from a distance. Fortunately technology is on your side. Look for a realtor that uses things like electronic signatures to make things go much smoother rather than the old way of faxing documents back and forth.

Let me know if I can be of assistance.
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Shawn Korby, Agent, Roseville, MN
Sun Aug 21, 2011
sorry for all the typos. Using a mobile device. Shawn. 651-468-9099
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Shawn Korby, Agent, Roseville, MN
Sun Aug 21, 2011
you just need to have an agent work with you to help with ALL the details. too much to cover in this post, but with a phone call, I could help you to get started. Meanwhile, if ou just wnt to searh, use my blogsite, its an easy to use search tool.
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Steven Ford, Agent, Memphis, TN
Sun Aug 21, 2011
First, target the area you want. Second, consult a Realtor in your home town about finding you a good realtor in the target area. Third, investigate what will be required to get financed on a second home (usually the down payment is larger and the interest rate might not be as low as a primary residence). Fourth, contact the Realtor(s) and interview them on the phone to get a sense of what they are about. Establish email contact so you can provide the Realtor with pertinent information about EXACTLY what you are looking for.

Lastly, make a visit and view some property...make sure the Realtor is staying with your program and showing you houses you are really interested in.

Enjoy the experience and good luck.
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