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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

It's not whether an out of state buyer can buy a home in another'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.

Aug 14, 2017 03:51 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Of course they can. The bank cannot tell you what to do with your funds.  There is more to the story here.  A

Aug 14, 2017 07:04 AM
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

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

Aug 14, 2017 06:06 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

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  Banks don't control how funds are used or when and for what they can be withdrawn...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.

Aug 14, 2017 05:31 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

       Can't withdraw their savings?  You mean without an "interest penalty" on a CD or something?   

Aug 14, 2017 05:13 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Why not?

Aug 14, 2017 07:00 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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.

Aug 14, 2017 06:47 AM
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

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.

Aug 14, 2017 06:32 AM
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

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.




Aug 14, 2017 06:06 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Yes they can buy a house out of state. Why would a bank control their use of funds? You are missing something here!

Aug 14, 2017 05:04 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Switch Lenders !!!!!!!!!! Thousands of OUT of STATE buy VACATION Homes at the SC  Beaches every year !!!!!

Aug 14, 2017 04:53 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I sell to out of state and out of USA buyers often; see Nina Hollander and Jeff Dowler 's answer, among others.

Aug 14, 2017 07:23 AM
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

As Nina Hollander wrote

Aug 14, 2017 06:34 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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

Aug 14, 2017 06:19 AM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

If they have cash they can. If they need a mortgage, the lender can make their own underwriting decision.

Aug 14, 2017 05:20 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Wayne Martin nailed this one!

Aug 14, 2017 05:08 AM
Roy Kelley
Retired - Gaithersburg, MD

Refer them to your trusted local mortgage loan officer for pre-approval.

Aug 14, 2017 04:58 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The lender answered your question.

Aug 14, 2017 04:45 AM
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Morning- Nina Hollander beat me to it!

Aug 14, 2017 04:40 AM
Gary 'Banana' Houghtaling
Phoenix Property Shoppe - Phoenix, AZ
Phoenix Real Estate Agent

Of course, people buy homes all the time from out of state.

Aug 14, 2017 04:35 PM
Ryan Huggins - Thousand Oaks, CA - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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.

Aug 14, 2017 04:19 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

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?

Aug 14, 2017 10:38 AM
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

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

Aug 14, 2017 10:34 AM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ

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.

Aug 14, 2017 10:31 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I guess you have your answer already....

Aug 14, 2017 09:31 AM
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

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.

Aug 14, 2017 08:38 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker

I don't get the question.  Out of country buyers can buy real estate.

Aug 14, 2017 07:34 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

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. 

Aug 14, 2017 07:30 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Something is fishy when the bank does not allow them to withdraw their savings.

Aug 14, 2017 06:03 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Red Flag: Their bank will not allow them to withdraw their savings. . .  .

Aug 14, 2017 06:02 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

If this buyer has assets and income to support a loan.

Aug 16, 2017 10:13 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Anyone can buy a house if they have funds.  Not sure about the bank saying about withdrawing money.


Aug 16, 2017 08:24 AM
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

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....

Aug 15, 2017 10:24 AM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

As long as one has money or can get money from somewhere, why not?

Aug 14, 2017 09:57 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

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!

Aug 14, 2017 06:42 PM
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

I would hope so

Aug 14, 2017 06:29 PM
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

No, they will need to have jobs - it's as simple as that!

Aug 14, 2017 06:18 PM
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

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.

Aug 14, 2017 03:44 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

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.

Aug 14, 2017 08:17 AM