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Old 08-17-2009, 08:03 PM
 
11 posts, read 26,883 times
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We live in NJ now and are moving to Florida soon. Will be listing our house for sale in the next month. We have been told that we would be able to get pre approval in NJ and it can be used in FL. My husband is going to work for the same company down in FL as here in NJ but we are not sure of how much he will be making down there yet. Can his income up here be used to get a pre approval letter to use in Florida? I understand that a pre approval letter is only good for 3 months so its going to be hard to figure out when to get this done. Who knows how long its going to take to sell our house in NJ.

Any advice is much appreciated!
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Old 08-17-2009, 08:28 PM
 
Location: Barrington
53,292 posts, read 37,445,146 times
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Each state has different laws, contracts and closing customs.
Please use a local lender, not a NJ point of contact, even within the same lending institution.

Are you in a position to buy something in Florida without selling your current property?
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Old 08-17-2009, 08:59 PM
 
11 posts, read 26,883 times
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Quote:
Originally Posted by middle-aged mom View Post
Each state has different laws, contracts and closing customs.
Please use a local lender, not a NJ point of contact, even within the same lending institution.

Are you in a position to buy something in Florida without selling your current property?

Not really in a position to buy without selling our current home as the money from here will be our down payment in FL.

So we need to get pre approved with a lender in FL? When would that be done? Im not sure how to go about this, its our first home that we are selling and seems like it is going to be a confusing situation as to when everything needs to be done.

We just want to have all of our ducks in a row, hoping we will make things go as smoothly as possible from our end.
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Old 08-17-2009, 10:39 PM
 
Location: Miami
4 posts, read 8,894 times
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I would suggest you get yourself approved while you are selling your home. This move along with selling and buying will take patience and good timing. What part of FL are you moving to?
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Old 08-18-2009, 08:28 AM
 
11 posts, read 26,883 times
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Quote:
Originally Posted by Everlasting Foundations View Post
I would suggest you get yourself approved while you are selling your home. This move along with selling and buying will take patience and good timing. What part of FL are you moving to?

We are moving to St. Cloud..I am originally from Orlando, but St Cloud looks to be a really nice place to live and has really beautiful houses with some good deals right now!

So if we should do this while we are selling our home, I am assuming that it is ok to get pre approval while my husband is still working at his current job up here and it will not be a problem once we go down to FL?
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Old 08-18-2009, 09:06 AM
 
2,726 posts, read 4,596,675 times
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Quote:
Originally Posted by KrissyKris View Post
We are moving to St. Cloud..I am originally from Orlando, but St Cloud looks to be a really nice place to live and has really beautiful houses with some good deals right now!

So if we should do this while we are selling our home, I am assuming that it is ok to get pre approval while my husband is still working at his current job up here and it will not be a problem once we go down to FL?
"Real" pre-approval takes into account what you would be earning in FL, which you don't know yet. I don't know how you want to do that without knowing exactly how much income you would have. You may not want to hear this but here is what I would do: 1) sell your house 2) wait until you know how much your income would be in FL, 3) have a good feel about the area before jumping because you like a good deal on the market now. Florida homes are not going anywhere any time soon. Good luck.
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Old 08-18-2009, 09:23 AM
 
Location: Barrington
53,292 posts, read 37,445,146 times
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The pre-approval is meaningless until you know your Florida income and the lender can verify your income and assets.

While you can certainly look now and narrow down the neighborhoods you want to live in, it probably does not make much sense to make an offer until you at least have a contract on your current home. At that point, an offer contingent upon the close of your current home is how you will want to proceed.

Is husband's employer providing any sort of relocation package?
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Old 08-18-2009, 12:19 PM
 
11 posts, read 26,883 times
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Quote:
Originally Posted by middle-aged mom View Post
The pre-approval is meaningless until you know your Florida income and the lender can verify your income and assets.

While you can certainly look now and narrow down the neighborhoods you want to live in, it probably does not make much sense to make an offer until you at least have a contract on your current home. At that point, an offer contingent upon the close of your current home is how you will want to proceed.

Is husband's employer providing any sort of relocation package?
No, unfortuneatly no relocation package. They really dont even do transfers, but since he has been there for quite some time (17yrs) they are really trying to help out with making things happen.

We definitely would not make an offer until our home was under contract. The plan is as soon as we have a contract to jump on a plane down to florida and find a house we like. I get automatic MLS updates several times a day in my email from my agent in FL so I do know what is available at any give time. Its all a matter of hoping that something we love is available at that time. So many beautiful houses come on the market that we could see our self in only to go "pending" within a few days. The only good thing (for us) is that many of them are still falling thru. So chances are, we wont have a problem finding something we like.

I absolutely agree with a post above..Its going to take a lot of patience and very good timing. I am being positive about it and think things will be just fine because eveything happens for a reason!
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