Homebuying power has increased by 21%. Meanwhile, 42% of buyers search online before contacting an agent. If you plan on learning how to buy property sight unseen, you need to gather the right resources.
Otherwise, you might struggle to find and buy the home of your dreams. You might find the process is more stressful than it is worth as well.
Here are a few tips that can help you purchase sight unseen. With these tips, you can find the perfect home without in-person tours or long trips. Discover your new dream home with these tips today!
Know What You Want
Before you hire a real estate agent, make sure you know exactly what you want. You will have an easier time finding an agent who can accomplish your goals.
First, make a list of your must-haves or must-not-haves.
For example, you might want to specify the number of bedrooms and bathrooms. Maybe you want a home that is move-in-ready versus a fixer-upper. Perhaps you are more concerned about the location, amenities, and nearby attractions.
Make a list of your priorities and deal breakers. Consider which areas you can compromise on, too.
Outlining your needs and expectations can help your real estate agent. You will not have to waste time looking at properties online that fail to align with your goals. Instead, your agent can find properties that meet your specifications.
You can purchase sight unseen knowing the property meets your expectations.
Find a Local Agent
About 75% of homebuyers choose the first agent they interview. Meanwhile, 41% choose an agent based on a personal recommendation.
Another 52% say the main purpose of hiring is to find their desired property.
Do not rush to hire the first real estate agent you find online. Instead, do your due diligence first. Otherwise, the agent you hire might fail to meet your goals and needs.
Your real estate agent will act as your boots on the ground. They will help you learn how to buy property without in-person tours. Without their help, however, you might struggle.
Start searching for the right real estate agent by gathering personal referrals. Do you know anyone who lives in the area? Talk to them first.
They could point you toward the best real estate agents in town.
Try to focus on finding agents who use innovative technologies. For example, they can send you a VR walkthrough or augmented reality tour. Taking a 3D virtual tour of each property can help you explore listings without traveling.
If the agent does not utilize cutting-edge technology to help their clients, keep searching.
Next, look into the agent's experience. Choose a real estate agent with years of experience in the local market. They will have an easier time helping you understand the area and market trends.
Interview at least three different agents on your list. Make sure they have experience helping clients long-distance.
Here are a few questions you can ask before hiring an agent.
Make sure their communication style aligns with yours, too. You will need to communicate for this to work. If they keep you in the dark, you will not find your dream home.
Understand the Market
Ask your real estate agent about the local market. For example, what unique market factors should you consider during your search? Understanding the local market can help you purchase sight unseen.
First, determine if it is a buyer's market or seller's market. Remember, buying power has increased. However, trends can vary based on where you are buying.
In a buyer's market, more homes are for sale. You will have a competitive edge as you learn how to buy property without touring.
Understanding the market can help you determine the best process moving forward.
Make a List
Talk to your agent about listings that meet your list of needs and expectations.
You can also explore online listing platforms or social media on your own. Begin creating a list of properties that align with your preferences.
Look for 3D Tours
Once you have a list of properties to tour, start exploring with a real-time home walkthrough or 3D virtual tour.
Over 60% of marketers have increased their video marketing. In fact, 82% of consumer website traffic is generated through video content. As a result, more real estate agents are using cutting-edge technology to appeal to buyers.
Your agent can schedule a real-time home walkthrough for you. Though you cannot explore in person, you can still use a walkthrough to explore the property. During your VR walkthrough, make sure to ask your agent questions.
They can fill in any gaps that the VR walkthrough might not help with.
You will need to rely heavily on your agent during real-time walkthroughs. Make sure you have chosen someone who knows how to communicate remotely.
Otherwise, look for listings that offer a 3D virtual tour or augmented reality tour. You can explore each listing on your own at your own pace.
Write down any questions you have about the property. Then, ask your agent to explore the property in person.
Using innovative technology like a 3D virtual tour is an effective way to learn how to buy property remotely; however, there are certain limitations to consider. Understanding the limitations can help you ask your agent the right questions.
First, ask about each room's dimensions and size.
Since you are not standing in the room yourself, it might seem smaller or larger than it really is during a real-time home walkthrough. Lighting can impact the room's appearance, too.
Ask your agent for a copy of the floor plan.
Consider your furnishings as well. Will your tables, beds, and other items fit within each room?
Ask to see each listing in the morning and evening as well. You might notice differences based on the natural lighting.
While your agent is at the property, ask about sounds and smells they are noticing. For example, is there construction nearby? Perhaps they hear heavy traffic as well?
Use your agent to gather the information you cannot access from the augmented reality tour.
Make an Offer
Once you have found your dream home, it is time to get started on all the paperwork involved.
Talk to your agent about making an offer. They can also help you adjust your offer as needed. You can complete this entire process virtually.
Your agent and the seller's agent can handle this process for you.
Remember, it is important to find an agent you can trust. They can help simplify the process to ensure you purchase sight unseen without complications. Their experience and expertise can ensure a seamless purchase.
An experienced agent will know how to bid with the local market in mind. They will also gather insights about the seller's urgency or motivations.
Schedule an Inspection
While it is not required to schedule a home inspection, it can help provide peace of mind (especially when buying remotely).
An inspection can help you discover any hidden secrets about the property. You can pinpoint potential issues for the buyer to address before closing.
If you are not present during the closing process, call a home inspection company right away.
Talk to your real estate agent. They can provide you with a list of home inspectors they trust. Then, have them attend the inspection while you are on video chat.
Your inspector and agent can work together on your behalf. With their help, you can avoid unwelcome surprises after closing.
If there are a number of concerns, have your agent negotiate with the seller's agent. The seller might decide to make the necessary updates. Otherwise, they might reduce their asking price, allowing you to pay for the updates yourself.
Appraise and Close
After the inspection and post-inspection negotiations are complete, you can start the appraisal process.
The buyer and buyer's real estate agent do not need to remain present for the appraisal. You should not experience any stress or issues completing this process remotely.
Digital signatures are now valid as physical signatures. You can virtually sign your closing documents without concern. They will carry just as much weight and legitimacy as they would if you were there in person.
Closings are almost always completed online now, too.
You can use video chats, e-signatures, and wire transfers to complete the entire process. With the right agent and tools, it should feel seamless and stress-free.
How to Buy Property Remotely: Find Your New Home Today
Learning how to buy property remotely should not feel like a time-consuming, stress-filled process. The latest innovations in the real estate industry can allow you to purchase sight unseen. With the right agent and tools, you can find the home of your dreams.
You can search for listings and take a 3D virtual from the comfort of your current home. Once you find the perfect property, you can schedule an inspection and begin the closing process.
Find the home of your dreams with these tips today.
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