Buying/Selling out of State properties..any Advice? - Posted by D.

Posted by Dave T on June 20, 1999 at 19:30:36:

Yes, you can buy and sell out-of-state property without leaving home. Contract signing and settlement can be handled via Fax and Fed-Ex.

As a practical matter though, would you WANT to buy a property sight unseen? How would you know what the neighborhood looked like, or what the true condition of the property is unless you see it in person? If a property has been listed several times without a sale, what do the locals who have seen the property know that you don’t?

If you visit the area, see the property and want to buy, then you can do everything else through the mail from the comfort of your own home.

Buying/Selling out of State properties…any Advice? - Posted by D.

Posted by D. on June 20, 1999 at 12:21:11:

I was wondering if anyone had bought/sold properties out of State,what their experiences were with it,how did they go about it? Can it be done without actually travelling back and forth (a problem for me at this time) and if so,I would love to hear how!
I have numerous properties I am interested in buying in another State (Oklahoma) all listed with a Real Estate Agency (2 of my relatives are involved with the agency,though I do not know them well,so that may not make a difference!) and some of them have been listed over and over,some for 7-8 months,some even a year or so,so I KNOW the sellers are motivated…how do I go about approaching this through the Real Estate Agent…? I want to deal honestly with them,since we are related especially,and I know it is their job and they make their living that way…
I am interested in properties in Oklahoma,because I intend to move there eventually,as it is where my Fathers family is from and I have tons of relatives there! :wink:
ANY advice is greatly

Re: Buying/Selling out of State properties…any Advice? - Posted by Dick Schmidt

Posted by Dick Schmidt on June 21, 1999 at 02:31:13:

I’ve bought several properties out of state and have been quite pleased so far. And yes, I bought sight unseen. I figured that if I made a visit, all I’d do is ask the agent “how’s this neighborhood?” or “do you think this will be a good renter?” Now if I moved back there I could learn to answer my own questions, but since we’re talking a short visit, you’re going to take the agent’s word for it anyway, why not do it on the phone? I look at a few pictures, but I buy on the numbers, not on the looks. My criteria is low down and positive cash flow from day one. The only trick is finding an agent you trust. I work through an established network of buyers and the agents have a track record, but if you can’t do that, you need to investigate the agent just like you would at home. Ask for references, especially out of state clients and get on the phone. Also, you’re going to need property management, so when you interview managers, ask about agents as well. Of course, ask agents about managers too. In the end, buy on the numbers.