According to Mark Roemer Oakland, the pandemic has changed many things. Online consumers for products and services have increased, remote working has become the new norm for the service sector and remote home-buying has also become more common. Let’s check out how you can buy a home remotely.
1. Find the right agent – The entire home-buying process would depend on your real estate agent and that’s why you need to take the time and effort to find a good one. Buying a home isn’t easy and comes with several complications. Instead of finding the real estate agent with the most impressive portfolio, search for one that has good credentials, and experience, and matches your personality. After you shortlist a few candidates based on several factors, including references, you can also interview them over the phone or via video to make your choice.
2. Ask about the experience – It’s always important to inquire about your agent’s experience and make sure that they have been in similar roles before. For instance, there are many reputable real estate agents in the industry. However, all of them haven’t handled the home-buying process for clients remotely. That’s why it’s important to search for agents who have considerable experience working with remote buyers and know how to solve hiccups that occur during such deals. The agent should have robust negotiating capability since you won’t be there to make the deal.
3. Make sure that your agent is available when needed – A lot of real estate agents work part-time hours and that can create difficulties for remote home buyers. Since you’re buying a home remotely, your agent is going to serve as your proxy and needs to be available during regular business hours for all kinds of tasks including home inspections. If your real estate agent has another job, it’s going to be very difficult for them to be available during the regular nine-to-five home inspection schedule.
4. Use the due diligence period wisely – When a home is under contract, you have a window to review deed restrictions, title documents, and other such paperwork. You also need to use that time to figure out financing options, conduct inspections, get bank appraisals and do more such necessary tasks before closing the deal. Some states have an official due diligence period while others don’t.
If the state you’re buying the home in doesn’t have an official due diligence period, you can sign a contract and pay the seller a token non-refundable due diligence amount and establish a due diligence period. Make sure the contract allows you to not go through with the deal for ‘any or no reason’. Finally, when it’s time to close the deal, you can use an electronic signature or get the documents mailed to you for signing and closing documents.
Mark Roemer Oakland suggests that you use the above-mentioned tips for buying a home so that you don’t get catfished or scammed. While buying a home remotely is very convenient, it comes with its own risks and requires a different approach to researching the real estate market.