Remote home-buying: A guide
Long before the COVID-19 pandemic, remote home-buying has already been a rising trend in the real estate industry. From scouting for properties, signing paperwork, up to closing the deal — it just makes transactions faster for both buyers and sellers.
Are you ready for this remote journey? Let’s find out the necessary steps in buying a house online.
Choose a reliable real estate agent
The first and most important thing you need to do is find a reliable agent. He or she should be experienced and competent enough to handle the entire process and attend to your concerns. It would also be an industry-advantage if your broker is from a trusted real estate company.
To determine if the agent is a perfect fit, you can conduct online interviews or simply ask them questions related to their work background. Make sure to ask about their availability and working hours. For remote-buying, your schedules must be in-sync.
Explain your needs and requests
Next is to explain your preferences to your real estate agent. It will be helpful to create a detailed list of your needs and requests. Be open with your agent and communicate properly for the sake of finding the perfect house. But also remember to be realistic and prioritize important factors such as location, size, and value.
As soon as you see anything concerning, tell your agent right away.
Use your due diligence period wisely
If you already found your ideal home, it will be placed under a contract. You are given time to review title documents, financing matters, and carry out inspections. This is called the due diligence period. However, this process can vary per state.
Usually, the buyer will pay a non-refundable due diligence fee and place an earnest money deposit. Once the due diligence period is over and you decide to back out from the deal, all of your deposits and fees will also be forfeited.
Make the most out of this time to prepare the remaining documents and decide whether you will sign the contract or not.
Sign the contract remotely
Once the contract is settled, you can now close remotely. Don’t worry, using an electronic signature is as legal as signing the documents physically. This is made possible by the E-Sign Act of 2000. Then, you can either scan and send the documents via email or have them delivered through a trusted courier.
When it comes to making payments, countless platforms can wire funds in real-time.
Try remote home-buying now
Due to the increasing capacity of technology, almost everything can be done online. In real estate, virtual meetings and open houses help save resources. You can protect your safety and cut down on costs at the same time.
Having a trusted real agent will make remote home-buying easier for you. With Emmer Real Estate, you can secure your dream home anytime, anywhere. Our team of experienced brokers will guide you every step of the way.