Buying a home remotely is more convenient than ever but it comes with its own set of challenges. Whether you’re moving across the country or investing from afar, knowing what to expect can save you time, energy and money. Here are eight things to know when buying a home remotely.
Work with a trusted REALTOR.
First and foremost, it’s important to work with a trusted Realtor®. Your Realtor® is your direct contact and will handle most of the paperwork, search for homes, explain real estate jargon to and communicate and negotiate on your behalf with sellers or the seller’s representatives.
Be sure to work with an experienced Realtor® who communicates clearly and consistently, coordinates calls, virtual meetings, and inspections, and ensures every step of your due diligence is handled smoothly.
Be clear on what you’re looking for.
When searching for a home from a different location and sending an agent out to find properties that are suitable for you, knowing what you want is essential. Begin your search with a list of home features and aesthetics suited to your wants and needs. This list can include layouts you like, home styles, neighborhood preferences, land wants, interior features and outdoor amenities.
Map out your timeframe.
Are you making your move soon, or do you have a considerable amount of time before moving? Be sure to consider your schedule and map out your timeframe. This will give your agent an idea of how quickly the real estate process needs to be done and allows them the opportunity to set up meetings with you and any other involved parties as needed.
Consider finances.
Understanding your finances is key when buying a home remotely. Without viewing property in person, it’s difficult to verify hidden costs, such as repairs, HOA fees or property taxes that could stretch your budget. Getting pre-approved for a mortgage, setting a clear price range and accounting for remote closing costs can help you make smarter decisions from a distance.
Research the local market.
Researching the local housing market is essential to understand what a fair price is, how competitive the area is and what types of properties are available. Without this knowledge, you may risk overpaying or selecting a neighborhood that doesn’t meet your needs. Market research also provides insight into future property value, rental potential and overall investment quality. Therefore, engaging a Realtor® to assist and guide this process is vital!
Check the title search and insurance.
One of the most important things to know when buying a home remotely is to have your agent check the title for that specific property or buy the title insurance. This will verify that the title is clear of any liens or encumbrances. Moreover, this check assures that the property is 100% owned by the seller.
Request a walk-through contingency.
Can’t visit the area beforehand? If you can’t see potential properties in person, request a walk-through contingency. This contingency will allow you to walk through the property in person to ensure the property meets all expectations.
Note: Sellers are not required to agree to this contingency and may request a higher price to comply.
Prepare for a virtual closing.
When you go to seal the deal, there may be a lot of lingo you don’t understand. Your Realtor® is here to help! Schedule a time to meet with your agent virtually to finalize your paperwork and have them walk you through any obstacles that may arise. This virtual process allows for electronic signatures and video meetings for identification verification.
Summary
Are you ready to make your move to the Auburn-Opelika area? Check out Ryan Roberts’s current listings and contact Ryan for all your real estate needs in the area. And to learn more about what to expect in the area or to discover moving tips and more, read our blogs.