Buying a House Out-of-State? How Many Realtors Will You Need?
Buying Moving
Lots of people face moving situations that are complicated or complex.
For instance, you may be moving out-of-state, but might have your eye on a few different cities for your landing pad. Or, you could be purchasing a vacation home on the coast, but only have your target area narrowed down to a general vicinity.
A good question to ask before you dive into the real estate market: If you’re purchasing property or moving out-of-state, how many realtors will you really need?
Buying a House Out-of-State: The Help You’ll Need to Get It Done
In general, you’ll need two realtors to help you out when you’re buying a house out-of-state. One can help you find the home you want, and the other will help the sale happen.
Your Buyer’s Agent
The first realtor is based in your old city or state. They’re the ones who will help you sell your old property. They can additionally help you look for properties in other locations. This person is also called a buyer’s agent.
The buyer’s agent specifically looks out for your best interests as a buyer and will help you to the best of their ability. This person is indispensable when you’re out there in the deep waters of the real estate market but aren’t quite sure how to swim.
The Listing Agent
The second realtor doesn’t come in until you’ve narrowed down your options and are ready to buy. This realtor is located in your destination state. They’re the ones responsible for the sale of the house you’re after.
You need this second realtor because your first realtor will usually only be licensed in one state. They can’t legally sell you any properties elsewhere.
In this scenario, your agent and the listing agent could work together, or co-broke, your sale in the other state.
How Does Co-Broking Work?
When your agent presents you, the buyer, directly to a listing agent, they’re doing some of the work of selling that property. That means that they’re entitled to a percentage of the commission for selling that home.
Just remember that this agreement has to be worked out carefully, in writing, to avoid legal issues. Your agent should know exactly what to do in order to get things right.
When Buying a House Out-of-State, Enlist the Right Help for an Easier Experience
You might be tempted to skip hiring a buyer’s agent when you’re moving out-of-state, especially if you’re not selling property. However, your agent can give you personalized help that will be indispensable for such a big, complicated move.
When all is said and done, you’ll be happily settled in your new location and no worse for wear. Plenty of people make big out-of-state or cross-country moves all the time. Get the help you need to do it – you’ll be thankful you did.
