Buying Out Of State Homes Online Sight-Unseen Purchases

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This ARTICLE On Buying Out Of State Homes Online Sight-Unseen Purchases Was PUBLISHED On July 27th, 2020
The concept of Buying Out Of State Homes Online sight-unseen is nothing new.
  • As a prior real estate investor, most of the investment homes I purchased to flip and/or to rent were sight-unseen
  • Many professional real estate investors with working relationships with realtors have the realtor inspect the property and put in an offer
  • Some realtors will purchase homes for their investors sight-unseen if they trust the sellers and/or seller’s realtors
  • However, it is different from owner-occupant homes
  • You can still buy a home out of state sight unseen
  • However, proper due diligence should be practiced
  • Photos can be deceiving
  • However, videos cannot be deceiving
  • With state of the art technology and virtual open houses, more homebuyers are buying out of state homes online sight-unseen
  • Real estate analysts and economists believe more online home shopping sight unseen will become more popular
  • It will be similar shopping for a car online in a different state

In this article, we will discuss and cover Buying Out Of State Homes Online Sight-Unseen Purchases.

Buying Out Of State Homes Online In A Virtual World

Modern technology and the current virtual world makes it possible to buying out of state homes online.
  • This holds true for members of the U.S. military in deployment
  • Active-duty soldiers in need to shop for a home so their home is ready when they return can now shop for a home and not wait until they return to the U.S.
  • Retired homebuyers looking to retire out of state do not have to visit each state and shop for a home in person
  • They can shop online and have the option to explore homes in various states
  • If a certain home strikes them, they can ask for more photos and/or videos
  • If a home is the perfect home and has multiple offers, they can negotiate online and purchase the home without seeing it
  • Technology in the housing industry is making it easier for homebuyers to shop for homes online
  • Homebuyers can hire real estate agents and loan officers online
  • It is easy to research the reputation of real estate agents and loan officers through websites like Realtor.com, Zillow.com, Yelp, YouTube.com, and other online professional review sites
The virtual home buying process is becoming more popular than ever before.
How The Virtual Online Home Buying Process Works
Buying a home without physically visiting the property is not too different than buying a home in person.
  • Buyers buying a home virtually will tour homes remotely
  • Homebuyers can enter into a home purchase contract, obtain a mortgage, get a home inspection, go through the mortgage process, and close on your home remotely
  • Due to high-tech technology, video conferencing, and online e-signatures, the entire home buying and mortgage process can be done remotely
  • Homebuyers can tour homes remotely around their schedule versus making an appointment and visiting the property

Remote home buying enables a lot of time savings for homebuyers. This holds true if the property is in another state.

What Experts Say About Buying Out Of State Homes Online

Jammi Cash of Gustan Cho Associates and is a licensed mortgage loan originator licensed in multiple states. Most of Jammi Cash’s clients are virtual remote online home buyers.

Jammi Cash said the following about virtual home shopping:

If you can’t view properties in-person, virtual home tours are the next best thing. Similar to Google Street View, they allow you to navigate through a home by clicking on arrows that guide you into the areas you want to see. With a 360-degree view, they can give a far better sense of a home’s space than photos alone. If you can’t physically attend an open house, you don’t have to miss out on the experience. Real estate agents have started live streaming open houses on platforms like Facebook Live and Zoom. Buyers can tune in at any time during the open house and ask their questions using the live chat feature. Instead of meeting the sellers in-person to sign all of the closing documents, digital home closings or also known as e-closings allow you to complete your real estate transaction remotely. Since many closing documents need to be notarized, you’ll usually video chat with a notary while you sign the paperwork. DocuSign is a type of document signing software that’s often used in digital home closings. It allows you to sign real estate documents — like purchase agreements and closing disclosures — electronically. Your real estate agent will email you a secure link to a portal where you can sign any required documents. All you’ll need to do is open it, type your name in the open spaces, and click finish. Super simple! Face-to-face interaction is also not required for an appraisal. Instead of going inside each home, appraisers are now allowed to conduct “drive-by appraisals.” With a drive-by appraisal, the appraiser surveys the neighborhood and exterior of the property from a public roadway. They can also perform desktop appraisals, which involve looking at public records, comparable home sales, photos of the property, and other online data to determine the home’s value.

Importance Of Home Inspections

Home inspections are not required by lenders.
  • However, it is highly recommended all homebuyers invest in getting a home inspection
  • Homebuyers who are purchasing a home out of state sight unseen should definitely hire an experienced reputable home inspector
These days, most home inspectors can send you a full easy to read home inspection report with photos and videos of the subject property.

The Future Of Remote Virtual Online Home Closings 

Virtual online digital home closings are becoming more and more popular. Whoever thought that people can purchase cars online. Now, a large percentage of auto buyers purchase their cars online. This holds true on used cars. The whole auto buying process is virtual and online. This even holds true with applying for an auto loan. The home buying and mortgage process is turning more digital. The remote home buying and mortgage process is making the home buying process much easier and more convenient. Not too long ago, most mortgage borrowers needed to visit a brick and mortar office of the lender to complete and turn in mortgage documents. Now, most lenders are online lenders and the entire mortgage process is virtual and online.

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