Buying property can be nerve-wracking even in the easiest of circumstances. It is a big investment for most people. You want to make sure you have looked at the situation from all possible angles before making the final decision. However, deciding to buy a house remotely requires being even more careful with every aspect of the buy than usual. People mostly do it this way out of necessity. Thankfully, the real estate market has recognized the growing need for this kind of purchase and made it as easy as possible. Before you decide to go down this route, make sure you read a step by step guide to buying a house remotely.
Why do people buy property remotely?
When you’re buying your first home, you will probably want an all-hands-on-deck approach. When it comes to buying houses remotely, most people do it when it’s their second property. This usually means they are looking for a vacation home or something similar. In these cases, people choose to make the purchase remotely because they usually do not live near the place they want to buy. It could be that they live out of state. Alternately, they could simply not have the time to be physically present at all stages of the purchase. Another reason why people might be opting for this is when parents are buying a house for their child. In this case, they are also often residing out of state. It could also be that their son or daughter have made the choice and the parents are buying the house and handling the paperwork remotely.
Caption: Most people who decide to buy a house remotely are purchasing their second property.
Alt. text: A key in a door.
How to buy a house remotely
Choose the right real estate agent
Choosing the right real estate agent is quite possibly the most important part of knowing how to buy a house remotely. The real estate agent will pretty much be handling all of the aspects of the purchase for you. It is vital to be able to fully trust and lean on this person. You should definitely consider doing interviews in order to find the right fit for you. Another thing that can be helpful in choosing the right person is asking for references from their former clients. These will help you understand what it would be like to work closely with the agent and if all of your needs would be taken care of.
Caption: The importance of choosing the right real estate agent cannot be overstated.
Alt. text: Two people shaking hands with a house in the background.
It is important to make sure that the real estate agent is fully familiar with this process. They should be able to provide you with a step by step guide to buying a house remotely. It is also vital to make sure that your schedules can match up and that they will be available to you when you need them.
Know yourself
Once you’ve found the agent, you should ensure that you have shared everything that you are looking for in a property with them. It would be clever to have a clear idea of what you want even before you hire an agent. Your particular wishes can also affect your choice of the real estate agent. They should have a full understanding of your vision. Be careful, however, not to go overboard with the details. Think of things like size, location, and house style that will help your agent narrow down the offer. You should also make sure you share what your deal breakers are.
Casing the property
Even though purchasing your house remotely often implies making the purchase without ever physically stepping onto the property, it might be a good idea to find a couple of days to travel to your potential new home and see it for yourself. If this is absolutely out of the question for you, you will have to put extra care into choosing your real estate agent and fully trust them. Some agencies offer 3D tours on their websites.
Another option for not getting blind-sided is renting the place beforehand – if this is at all possible. Even if it is just for a limited time, it will certainly go a long way in helping you know what you’re getting yourself into. You can relocate with ease from NC to any other state or the other way around by finding the right movers.
Due diligence
Once you have picked out your property, you will have time to review all of the necessary documentation. This is also the time to conduct any inspections and organize the finances. In many states, such as North Carolina, there is an official due diligence period. During this time, you can take any necessary actions that would bring you closer to making a decision. This period usually lasts anywhere between two weeks to a full month. There is a non-refundable due diligence fee which the buyer pays for at least temporarily taking the house off the market. Another thing you can do during this period if you have definitely already decided to go through with the purchase is to organize your move. Moving companies like movingkingsnc.com will help organize your move remotely too.
Caption: Even though most aspects of remote buying can be taken care of electronically, you will have to actually sign literal documents as well.
Alt. text: A person signing papers.
Make an offer and close the deal
Once you made your decision, it is time to make an offer and move onto the closing. This is the final piece of a step by step guide to buying a house remotely. Technology has advanced enough that it has made closing the deal not only possible but also fairly easy. Your real estate agent will send you the contract in full. You will be able to sign them using an electronic signature system. You will also have to receive and sign physical copies of the contract. The agent does everything for you, and the final piece of the puzzle is wiring the funds.
Sophie Chase is a writer from North Carolina specializing in real estate and finances.