5,286,686
It's not whether an out of state buyer can buy a home in another state...it's what they can get approved for in a loan. In most cases unless you have huge assets, it's not easy to get approved for a loan without a source of income.
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Olga Simoncelli
New Fairfield, CT
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Sandy Padula & Norm Pa...
, CA
-
Jeannie Steele
Townsend, MT
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Jeff Pearl
Lovettsville, VA
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Marco Giancola
Miami Beach, FL
5,774,095
Of course they can. The bank cannot tell you what to do with your funds. There is more to the story here. A
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Nina Hollander, Broker
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
225,576
Anyone can buy a house in any state if they have cash. If they are financing it, they need proof that they can repay the loan with income. That income can be from any state as long as it is steady continuous income. As far as the withdrawing funds, you need more information on that. I'm guessing, but it could be that funds are in an IRA or 401K and they are younger than 59 1/2
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
2,310,110
Something about this scenario sounds bogus. Banks don't control how funds are used or when and for what they can be withdrawn... unless they feel there is fraud involved.
As far as qualifying for a loan, that's another story. They will need to prove they can repay the loan and that most likely will require verification of income from jobs... or some other source of ongoing income.
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
2,704,237
Can't withdraw their savings? You mean without an "interest penalty" on a CD or something?
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Debe Maxwell, CRS
Charlotte, NC
-
Hella M. Rothwell, Bro...
Carmel by the Sea, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
6,660,354
Why not?
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
5,155,149
The issue is one of being able to get approved for a loan. I don't get how the bank can tell them they cannot withdraw their savings - sounds screwy to me.
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
602,025
It has nothing to do with where they live. The lender wants to know that they can make their payments. If they are leaving their jobs, the lender wants to know that they have new employment lined up to support their mortgage payment. If they are changing careers then the lender may require them to work their new career for a couple years before loaning the funds.
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
613,494
Stop showing them properties!!!
1. They cannot borrow money to buy a house without first having a bonafied source of income.
2. A bank cannot dictate what anyone does with THEIR OWN MONEY.
3. The "story" does not make sense. I bet no one verified it.
4. These people are not buyers.
Eve
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Thomas J. Nelson, REAL...
La Jolla, CA
5,458,048
Yes they can buy a house out of state. Why would a bank control their use of funds? You are missing something here!
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Thomas J. Nelson, REAL...
La Jolla, CA
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Eve Alexander
Tampa, FL
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Tony and Suzanne Marri...
Scottsdale, AZ
2,245,597
Switch Lenders !!!!!!!!!! Thousands of OUT of STATE buy VACATION Homes at the SC Beaches every year !!!!!
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
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Michael J. Perry
Lancaster, PA
1,613,768
I sell to out of state and out of USA buyers often; see Nina Hollander and Jeff Dowler 's answer, among others.
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Nina Hollander, Broker
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
1,749,377
As Nina Hollander wrote
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
3,416,322
Nearly every bank will require them to have a job in SC before giving a mortgage. I just had a referal, moving to NH for work. He is staying with the company just moving states, the wife was starting a new job, they required the cosing to be after receiving 4 paychecks in NH then they closed on week 5
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
544,114
If they have cash they can. If they need a mortgage, the lender can make their own underwriting decision.
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
3,074,289
Wayne Martin nailed this one!
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
8,122,568
Refer them to your trusted local mortgage loan officer for pre-approval.
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Thomas J. Nelson, REAL...
La Jolla, CA
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Jeannie Steele
Townsend, MT
1,713,581
The lender answered your question.
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
846,575
Morning- Nina Hollander beat me to it!
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
35,794
Of course, people buy homes all the time from out of state.
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Debe Maxwell, CRS
Charlotte, NC
1,535,114
I've never heard of any restrictions on out of state buyers. Most buyers who I've been showing my listings to are relos from out of state.
As to the in house lender, get a second opinion. In house lenders make me cringe.
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Debe Maxwell, CRS
Charlotte, NC
1,646,371
It does not matter where they are from, out of state or out of country. If they are willing, able, and ready ~ they can buy a house. As for rent or buy~ why would you give such suggestion if they clearly indicated that they want to buy?
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Debe Maxwell, CRS
Charlotte, NC
424,263
I believe your facts are confused. No bank can tell you you can't withdrawal checking or savings account funds. A CD may have a penalty for early withdrawal. An IRA you may have to show hardship and pay Income taxes. I'm guessing the funds are in a retirement account of some type... not a bank
They may be able to get a mortgage - you do not provide enough details. Before they rent have a better mortgage banker look at their income and debts to see if they could buy later- your in house lender sounds not helpful
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Debe Maxwell, CRS
Charlotte, NC
3,654,438
There is more to this story. If it were AZ I would insist on them being qualified and using our AAR form - which is required to be attached to and part of the AAA contract for sale. Call your broker and discuss this with her/him. They will guide you.
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Debe Maxwell, CRS
Charlotte, NC
5,584,328
I guess you have your answer already....
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Debe Maxwell, CRS
Charlotte, NC
673,321
Anonymous poster, sigh...if you find a noncash Buyer who is able to get a loan in any state without employment income, please come back and provide the lender contact info. it "sounds" like their "savings" is in a 401(k) or similar retirment based account with restrictions on withdrawal, funds in a typical bank savings account cannot be restricted on withdrawal based on use unless tied to a "trust" or other legal restrictions. Provide more relevant detail and you will likely get better responses, and many here (including myself) typically ignore anonymous posts.
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Debe Maxwell, CRS
Charlotte, NC
5,094,006
I don't get the question. Out of country buyers can buy real estate.
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Debe Maxwell, CRS
Charlotte, NC
3,421,071
There is not enough details behind the curtain to answer this. On the surface it feels like there is much more here than meets the eye. We cannot say whether or not they can buy. If they need a loan then only a lender can answer that after they have been fully vetted to make their purchase.
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Debe Maxwell, CRS
Charlotte, NC
4,800,282
Something is fishy when the bank does not allow them to withdraw their savings.
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Thomas J. Nelson, REAL...
La Jolla, CA
1,466,257
Red Flag: Their bank will not allow them to withdraw their savings. . . .
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Thomas J. Nelson, REAL...
La Jolla, CA
5,984,042
5,175,260
Anyone can buy a house if they have funds. Not sure about the bank saying about withdrawing money.
55,673
Everyone who wants to do a mortgage must Qualify based on Credit,Down Money and INCOME. Now with that in mind, I do "SECOND homes everyday, as I live near a beach community, and many of my borrowers are from out of State. Out of State in never an issue with FANNIE,FREDDIE, but INCOME is! If they are retiring, find out if they have Social Security and or Pension Income. They can print the SSI Awards letter right of the computer,and Pension can be verified by bank statements. If not, if they want a mortgage they are out of luck....
4,322,035
5,251,547
They absolutely can! You are not hearing the whole story. Have a local lender contact them to get a preapproval and get the whole story!
3,986,473
5,473,581
920,113
Something souns a little fishy here... regarding the bank holding their money hostage. Out of state buyers can purchase if they have the means, i.e. cash or good credit for a mortgage.
3,988,138
They can lower their price range and buy what their cash will allow them to buy outright. Lenders don't want to give loans if there is not an income source for the buyers that will substantiate the loan. They may need to rent awhile or lease purchase.