Buying a House Remotely – A Detailed Guide
Buying a house remotely is becoming an increasingly popular way to purchase properties. And if you’re one of the many people who are considering this option, then this article will provide you with all of the information and advice you need to make your decision.
We’ll start by exploring some pros and cons of buying a home remotely before moving on to talk about what it’s like for a buyer when they end up purchasing through the internet. Finally, we’ll finish off by looking at how remote buyers can find their perfect home. So, let’s get started!
The Pros of Buying a House Remotely
There are several reasons why buying a house remotely can be a good option. Here are some of the key benefits:
You have access to a much wider range of properties
When you’re looking to buy a house remotely, you have access to a much wider range of properties than you would if you were looking locally. This is because sellers looking to sell their homes remotely will list their property on websites specific to this type of sale, as well as on general property websites.
You can avoid the stress of moving
One of the main drawbacks of moving is the stress that it can cause. And, if you’re buying a house remotely, you can avoid this stress altogether. This is because you don’t have to worry about finding a new home in a new area or packing up all of your belongings and transporting them to your new location.
You can save money
Another advantage of buying a house remotely is that you can often save money. This is because you don’t have to pay for things like moving costs or estate agent fees.
You can take your time making a decision
When you’re buying a house locally, you often have to make a decision very quickly, as there are usually many other people looking at the same properties. However, when you’re buying a house remotely, you can take your time to make sure that you find the right property for you.
Also See: How to Prepare Your House for Listing | What is Pocket Listing?
The Cons of Buying a House Remotely
Although there are many advantages to buying a house remotely, there are also some drawbacks that you need to be aware of. Here are some of the main ones:
You can’t see the property in person
One of the most significant disadvantages of buying a house remotely is that you can’t see the property in person. This means that you have to rely on photos and videos that have been uploaded by the seller, which can sometimes be misleading.
You can’t meet the seller or the neighbors
Another disadvantage of buying a house remotely is that you can’t meet the seller or the neighbors. This means that you can’t ask them any questions about the property, and you can’t get any feedback about what it’s like to live in the area.
There’s no guarantee that the property will be as described
When you’re buying a house remotely, there’s no guarantee that the property will be as described. This is because the photos and videos used to advertise the property can often be misleading.
It can be challenging to get funding
Another disadvantage of buying a house remotely is that it can be challenging to get funding. This is because most banks and lenders aren’t familiar with this type of purchase, so they may not be willing to give you a loan.
The Process of Buying a House Remotely
When you’re buying a house remotely, the process is a bit different from buying a home locally. Here are the main steps:
Find a Local Agent
Your real estate agent is your most important contact when buying a property remotely. It’s critical to do so since you’ll be relying on someone who knows the local market inside and out and can act as your tour guide through not just home browsing and virtual showings but also inspections and closings. Because you will rely on your real estate agent to handle nearly the whole home-purchase process, you must take the time and make an effort to find someone who is a good fit for you.
There are many ways to find a good real estate agent. You can ask a friend or family member who lives in the area you are moving to. If you don’t have anyone like that, you can look online for a real estate agent search platform. Look at reviews of different agents before you choose one. Make sure to talk to more than one agent before you decide.
It’s also important to inquire about their professional experience and how often they have completed the process remotely. Agents who frequently deal with remote consumers are more likely to understand how it works, negotiate successfully, and locate suitable homes for purchasers.
Most real estate agents work odd or part-time hours, which can be especially inconvenient for remote purchasers. Because your agent will function as your proxy, they must be accessible during regular business hours to deal with various home-purchasing activities, including home inspections. Hence, don’t forget to ask about their availability.
Figure Out Exactly What You Want
When purchasing a home, it’s critical to know exactly what you want—as well as what you don’t. However, when buying a property remotely, you’ll need to be even more specific in your must-haves and must-not since your real estate agent will have to act as your eyes throughout the hunting process.
When it comes to specifics like the number of bedrooms and bathrooms, be as detailed as possible about your preferences for location, amenities, and home condition. Make a list of your deal-breakers to avoid missing anything important. The more clearly you can express your requirements in a house, the easier it will be for your agent to ensure you find a home that’s perfect for you.
Understand The Market
When it comes to market information, your agent is the go-to person. That being said, there are several unique market variables that you’ll need to understand to be competitive when buying a home remotely. In addition to the basics like median prices and average days on the market, you’ll also need to be aware of things like what neighborhoods are in demand and which ones have seen a recent price increase. Your real estate agent must keep you updated on market trends so that you can make an informed offer when the time comes.
Another thing to consider is whether it’s a buyer’s market or a seller’s market. There are more houses for sale in a seller’s market than potential buyers looking to buy, giving you an edge over the competition that may come in useful with a remote purchase, such as extra time to research property before deciding whether or not you want to make an offer. Conversely, there are more buyers in a buyer’s market than houses for sale, so you’ll need to be prepared to make a quick decision and potentially pay over the asking price.
Knowing what market you’re working with will set the pace and expectations for the process and assist you in deciding your finest next move as you go from stage to stage.
Also See: Tips for Buying a Home in a Seller’s Market
Online listing platforms, such as Realtor.com and Zillow, and social networking simplify searching for houses remotely. Just use a combination of your research and your agent’s study to identify properties that you’re interested in and evaluate listings carefully to determine what’s worth pursuing. There are now many options for inspecting properties, including online-only walkthroughs and live streaming of open houses.
It’s important to remember that, while you may be able to see a lot of pictures and videos online, there is no substitute for an in-person visit. If you find a house that you’re interested in, always try to schedule a viewing with your agent as soon as possible.
Attend a Virtual Showing
Once you’ve found a house you like, have your agent set up a showing. While you won’t be able to come in person, a video chat with your agent will allow you to see the property up close and get any questions answered. You’ll need to put a lot of faith in your agent’s judgment at this point because seeing a home in person is key to making an informed offer.
If you’ve chosen someone with whom you get along well and communicate, and you’ve given them a list of your must-haves and deal-breakers, then you should feel confident that they can help you decide whether a certain property meets your criteria.
Make an Offer
When you find a house that you want, it’s time to make an offer. This is where your knowledge of the market will come in handy, as you’ll need to make an informed decision about how much to offer. Steps such as making an offer, modifying an offer, and accepting a bid may all be completed remotely by your agent and the seller’s agent. And once again, you’ll need to rely on your agent’s knowledge because not only will they know how to compete in the local market, but they’ll also understand the seller’s goals and urgency—both of which will be important to get your offer accepted.
If you’re making an offer on a property that’s not yet been built, you’ll also need to factor in the time it will take for the home to be constructed and closed. Generally, buying a newly-constructed home will take longer than buying an existing one, so keep this in mind when making your offer.
Schedule a Home Inspection
Once your offer has been accepted, it’s time to schedule a home inspection. This is an important step, as it will allow you to find out any problems with the property so that you can either negotiate for the seller to fix them or factor them into your offer price.
A home inspection can be done remotely, but it’s generally a good idea to have someone come in person so that they can get a closer look. Many home inspection companies now offer online reporting, which can help get a general overview of the property before you make an offer.
See also: Questions to Ask a Home Inspector Before, During, and After a Home Inspection
Close on the House
Once all of the inspections are complete, and any necessary repairs have been made, it’s time to close on the house. This process can also be done remotely, and your agent will be responsible for handling all of the paperwork and ensuring that everything goes smoothly.
Closing on the house can take anywhere from a few days to a few weeks, so it’s important to keep this in mind when you’re making an offer. You don’t want to be too rushed or too slow in getting the process done, so talk to your agent and ask them for their advice on what’s best for you.
Now that you know what’s involved in buying a house remotely, it’s time to get started on your search. Keep in mind that this process will require a lot of trust in your agent, so be sure to choose someone you feel comfortable with and who understands your needs.
By following the steps we’ve outlined above, you’ll be able to find and purchase the perfect home for you and your family—no matter where they are in the world.
Frequently Asked Questions
Can you buy a home without seeing it in person?
It is possible to buy a home without seeing it in person, but it’s always advisable to visit the property before making an offer. This will give you a chance to assess the condition of the home and make sure that it meets your needs and budget.
Can you buy a house online?
It is possible to buy a house online, but you’ll need to do your research first to make sure that you’re getting a good deal. There are many scams and unsuitable properties out there, so it’s important to be careful when making your purchase.
Also Read: How Long Does it Take to Buy a House