How to buy a house Remotely in COVID-19
A few months ago, a storyline about buying a house without ever actually seeing it would be unbelievable. The tale of a ghastly pandemic that disrupts nearly every aspect of our routine life and forces people to buy houses remotely would seem more like a strange dream or dystopian real-estate fiction.
But here we are finding ways to keep moving forward, from Old Normal to New Normal.
As we are getting habitual to our new reality (guided by the WHO and CDC), you might be surprised to learn that buying a home online is a process that was well established in the Old Normal. Buying a home remotely is a simple process; so don’t let the fear of the unknown dampen your excitement!
The remote buying process is easier than you may think. With this buying guide, lets walk you through the whole routine.
1.Find the right Agent: You will depend on your real estate agent to handle the complete home-buying process. It is very important for you to take the time and make the effort to find a good fit.
When you choose an agent, make sure they are familiar with the city and community. Get someone who knows what it’s like to live there.
Another point to keep in mind is to select the one who knows the process inside and out. The icing on the cake working with an agent is that they will give you access to the real estate agency portal. Pinnacle is one of the most trustworthy source on the housing market data available online. This will be a great help for you when you get serious about the next step: house hunting online.
2. Start Browsing: Browsing house online is definitely part of the Old Normal that we are all used to, but if you are a serious shopper you will focus your attention and proceed methodically.
Make a house-hunting checklist and learn about how to shop for a house online.
Keep in mind that looks can be deceiving. So don’t get caught up with a house that looks picture perfect.
The layout, location, landmarks, and amenities may be exactly what you want. So before you e-sign on the dotted line, arrange a virtual tour with your trusted agent.
In a virtual tour, your agent will walk through the house with you on a video call. You can ask your agent to turn on lights, look inside closets, open doors, and show close-up of any details in the house that you care to see.
Also, ask your agent to deliver feedback on the neighbors, sounds, and temperature in the house.
3. Make the offer: Till now, in your remote home buying journey, your agent has been your best guide. But from now, your agent is your representative. It’s time to get all your paperwork in order and hand over the reins to seller/ builder.
It is preferable to hire an independent engineer to check the quality of the property and interior on the buyer’s behalf. Though it is an extra cost, it is well worth spending that extra money during the buying process for the peace of mind.
These negotiations happen between your agent and the seller’s agent and don’t require anything that can’t be done by phone or email. Therefore, COVID-19 can't put the breaks on this part of the deal.
So sit back, relax, and let your real estate agent work their magic.
4. Inspection: Due to COVID-19, there is simply no way to do an in person inspection. So, if you are buying a home where real estate is considered a non-essential service, there is just no way around. You’re going to have to wait or go for a virtual inspection.
5. Appraisal: An appraisal can be done without anyone stepping foot in the home. There are so many things that can help you to determine the worth of the house, by comparing the home information collected online, reliable sources and driveby as well as checking the house values through the registrar’s office that has a lot of information available with the new digital technologies to calculate an exact figure. This has become the part of the “New Normalâ€.
6.Title Review: A title review stands for an examination of property boundaries and ownership history. It’s a legal comb, looking for any missed crosses. It’s almost always done online, so the current pandemic restrictions do not have a big effect on this part of the process.
If you’re feeling shaky about buying a home remotely and want a little more assurance, talk to your agent or you can also concern your lawyer/advocate. Your bank while doing the mortgage valuation can also find this. The benefit is now you have three sets of people helping you to evaluate to your purchase.
In most of the ways, the process is the same as purchasing a house in person, but you will require more support from your real estate team. Finding the right agent is one of the most essential steps in buying in-person as well as remotely.
If you have questions about how to buy a house remotely, get in touch with Pinnacle Properties today. Our Team has always been tech-savvy, using digital tools to assist you in the buying and selling process. We can help you with your home buying journey without leaving the comfort of your house.
Article written by Neha Khanna