Back before the days of the Internet, FaceTime, and going live through social media apps, the only way for a potential home buyer to see a home for sale was to physically set up an in person walk-through. Thank goodness for the military family moving across the country with three months notice, this is no longer the case.
As technology advances, and buyers are forced to act quickly on home purchases due to hot real estate markets, gone are the days of strictly relying on in-person home visits to secure a house. According to NerdWallet, “almost two-thirds (63%) of homebuyers in 2020 made at least one offer on a property without visiting it first, according to a survey of 1,900 home buyers.”
Buying a home sight unseen can feel daunting and overwhelming. Whether you are a military family relocating and don’t have an option of doing an in-person viewing or you simply prefer the convenience of utilizing technology, here are four things to keep in mind before purchasing that home sight unseen.
Take Advantage of All Possible Technology Tools
Many people rely on listing photos from commercial sites like Zillow.com and Realtor.com to get a visualization of their next potential home. Don’t use the photos as the only visualization of the home. Be wary that these listing photos may be out of date. The photos may be edited, retouched, or shot with cameras that utilize wide-angle lenses that distort reality. If you plan to purchase a home sight unseen, be sure that you also follow up with the listing agent or real estate brokerage who holds the listing. Ask for a virtual 3D tour, a live walk-through using video technology like FaceTime or Skype. Sites like Google Earth can help give you a birds’ eye view of what surrounds the property on all sides, including a topographical look at the lay of the land. Neighborhood Scout, Best Places, Niche, and WalkScore can also help fill in details and create a better overall picture of the area and neighborhood as well.
Make Sure You Hire the Right Real Estate Agent
Aside from technology, your number one asset when purchasing a home sight unseen is a licensed real estate professional. He or she has a legal and ethical obligation to work on your behalf and shoot straight with you about the condition of the house. Establishing a good rapport and relationship with a real estate professional is key as they will be your liaison between the property itself and the sellers’ agent. A real estate pro can offer you clear insight on the surrounding area, schools, and quality of life, and provide an accurate and current perspective on market values. If the home you wanted to purchase falls through or is sold before you can gather all the necessary information, a realtor can help connect you to other available homes for sale in your desired area and price range.
Enlist an Unbiased, Extra Set of Eyes
If you have the time and resources, it isn’t a bad idea to enlist the help of a paid service to act as a liaison or stand-in for you prior to making an official offer on a house. Services like those provided by Millie Scouts (for military families) offer invaluable help for house and neighborhood reviews as well as property walk-throughs and photo shoots. Spending a little now could save you thousands if not hundreds of thousands later. Scouting services may give you insights on key aspects of the home condition that might just turn into points of negotiation on the home price offer. This does not stand in for an official inspection, but having additional information from an unbiased source could help you either seal the deal or help you to walk away from a big mistake.
Know Your Legal Rights
Finally, if you are planning to make an offer or purchase (or even rent) a home sight unseen it is vital that you know and understand your legal rights. By including contingencies in the contract, you may help to protect yourself and your investment if, perhaps, during the inspection, appraisal, or due diligence process new information and details about the home are uncovered. Don’t be afraid to ask around or research locally to find home inspectors and attorneys that specialize in sight unseen real estate transactions.
While buying a home sight unseen may become the norm in the future, know what resources are available to you to help you make the best financial decision.
Written By: Heather Walsh with journal.gomillie.com
