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Buying a home remotely is a great way to secure your next home. Nevertheless, if you are new to the process, you likely have some questions. Thus, here is a quick overview of the virtual home buying process.
There is no denying that people have had to learn to adjust to the new normal this past year. Moreover, every industry has been impacted, and this includes the real estate sector, which has led many people to buy and sell homes online in order to observe health and safety guidelines.
Buying a home virtually, in fact, has allowed many people to move forward with their lives during these unprecedented times. That said, understanding the process is a must.
In order to assist you, then, with buying real estate virtually, here are a few tips that everyone should keep in mind.
Right now is the perfect time to purchase a home remotely. Not only do virtual tours and online lending make the entire process easier, but purchasing a home online keeps everyone safe. Thus, buying remotely makes more sense.
You should rarely navigate the home buying process alone. Consequently, the help of a local real estate agent and reputable online mortgage company is crucial to ensure the entire process goes off without a hitch.
Of course, everyone wants to take a close look at a home before deciding to buy it. Even though it is challenging to schedule live tours, virtual tours can still be helpful. With virtual real estate software, it is possible to take a virtual walking tour of the home. Furthermore, if tours have been recorded using drones, then a virtual tour might provide everyone with a new perspective on a potential home.
It is important for everyone to make sure they ask the right questions. Even if someone is not going on a tour of a home in person, it is still important to ask the same questions. For example, ask about the age of the roof, the age of the HVAC system, and other pertinent questions to the property. This will help everyone make sure they understand exactly what they are buying.
Since you are likely buying locally, you can always drive by the property if you need an in-person view of your potential home. Try going by the neighborhood at different times of the day so that you can get a feel for it. Of course, if you live too far away from the house to do a quick drive by, that is okay. You should be able to rely on photos and 3D tours of the home and neighborhood. In this particular instance, a real estate agent can bridge the gap and provide you with much needed advice. This is why finding an agent you can trust matters. Ideally, you want someone who will go above and beyond to ensure that you are buying a home that meets your overall needs and budget.
That said, you should also utilize Google Maps to virtually walk down the street, look for nearby schools, as well as any other potential issues that might deter you from buying a particular home. It is highly recommended that your agent, if possible, do a video chat walkthrough as well. This is yet another way to get a better feel for the house than a 3D tour online. Ultimately, your real estate agent should want to help you buy a home, and the right agent will be more than happy to be of more assistance when you cannot see a house in person, so do not be afraid to ask them for additional help.
Along those same lines, it is important to think about items that cannot be seen virtually. For example, it might be difficult to judge noise levels outside of the home from a virtual tour. It might also be challenging to figure out other important aspects of the home, so make sure all key items and topics are discussed, as well.
Even if people cannot see a property in person, the real estate market can still be relatively active. Therefore, anyone who is looking to buy a house in this market has to make sure they stay on top of their information. This will help them remain competitive when they are trying to buy the perfect house for their needs.
Even before the pandemic, the home buying experience became increasingly digital. Potential homebuyers search for houses online. Real estate agents create online portals filled with homes that meet buyers’ criteria. And homebuyers are gladly comparing mortgage rates online and embracing online lenders/lending. Thus, the online purchasing or mortgage process is familiar and pretty straightforward for most. So, even a first-time homebuyer can look for a reputable lender online and submit their mortgage application, if they have not already.
Typically, securing financing before home shopping, even virtually, will help you narrow down your options, verify your financial situation, and know what you can afford. Moreover, doing so means you can be pre-approved and thus a more competitive homebuyer. Therefore, once you have found a lender to work with, the actual mortgage process begins.
After finding your lender and the home of your dreams online, now it is time to make an offer. If accepted, you can start shopping for homeowners’ insurance, order a home inspection, and do your due diligence.
So, once a home is under contract, you will still need to complete crucial steps of the home buying process, such as reviewing title documents and deed restrictions, plus conducting all the necessary inspections, and so on. Then and only then are you ready to close remotely.
Here, you will be able to electronic-sign your documents system and get ready to move into your new home.
Ultimately, the online home buying process is the same as in person. In fact, the only real difference is that you will depend on your real estate agent and mortgage lender to find the right home, more than ever before. Thus, one of the best things you can do when buying real estate virtually or buying a home virtually is to find the right real estate agent and lender ahead of time.
If you need the assistance of a seasoned mortgage professional, Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have mortgage-related questions.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.