Sometimes you need to buy property in an area you don't know, and without the luxury of being present. Usually this is the case if you need to relocate to a new far away state, or if you invest in out of state property. You can still have a smooth successful home sale - just follow our quick guide!
5 STEPS TO BUYING A HOME VIRTUALLY!
1. Find the right local real estate agent.
Getting this first step right will be absolute key to getting the rest of the transaction closed smoothly. This person will be your boots on the ground. You will want someone with plenty of experience in closing real estate sales and they should also be intimately familiar with the location you wish to move to or invest in. A prior history of closing virtual sales is helpful, and electronic signing software and tech savviness is a must. You will also want an excellent verbal and written communicator and someone with plenty of local connections.
2. Get your financing in order.
If you have not already, now is the time to talk to a local lender (unless you plan to pay cash). Your Realtor will have references for trusted local lenders.
3. Start shopping.
Assuming you can't view homes yourself, your real estate agent can view homes on your behalf. They will provide feedback, take photos and video or even do a video tour with you. They will research the history of the property and identify any possible property condition issues, and run a market analysis to reveal the true value of the property .
3. Write an offer.
Once you've identified the ideal property, it's time to write an offer. Your Realtor will guide you through the process and documents and prepare paperwork for you to sign electronically. The sellers will want a written offer along with signed disclosures (if available) and proof of funds or preapproval letter from a lender. Contract negotiations will follow, and hopefully a mutual agreement is reached!
4.Time for inspections!
Once your offer is accepted, you will want to get the property fully inspected. Once again, your real estate agent will have inspectors to refer and may attend the inspection on your behalf, if you are unable. A written report will follow. Should the report reveal property condition issues, renegotiation for repairs or credits will follow. Over the next few weeks mortgage processing will continue, and an appraisal will be ordered, and unless there are further problems, the loan will clear and the sale will be ready to close.
You don't even have to come to closing, if you are unable to. Documents can be signed remotely in advance of closing, and/or a POA can be granted to another party to sign on your behalf. Arrangements for key delivery will be made, or your Realtor can simply place a set in a new lockbox at the door for you.
Congratulations on your virtual home purchase! If you are moving in, your Realtor can help you coordinate services for you. If you are renting the property, your Realtor can help with that as well!
The key to an easy out of state home sale is always your choice of Realtor! Choose wisely!
Last Updated on April 29, 2022 by Minna Reid