Are you one of the 1,000 people a day moving to Florida? Then you are probably trying to coordinate a trip here to look at properties. You are packing, excited to choose your new home and can’t wait to see all the houses your Realtor can show you. Then you arrive and there is nothing for sale in the area you would like to live in and…
…..the clock is ticking……
For you to return home to tie up loose ends to make the final move……… NOW WHAT!
If you find yourself in this situation you are going to want to read this post and/or watch the video above where I am going to provide 7 steps on purchasing remotely.
Yes… there is a way you can still get the house of your dreams in the area you want and not physically be here. I’m going to arm you with critical information to guarantee a smooth remote purchasing process. What information you need to prepare to find the right home and what the most important step is to make this successful.
Purchasing a home remotely sounds very scary but if you work with the right and skilled Realtor it will make the difference. Often times in finding the home you have been waiting for or, having to travel back and forth to Florida many times with incurring the costs of airfare….. hotels. Then gambling a home will come on the market while you are here.
Remote purchasing a home has become more and more popular.
I have done this for many years with great success. Then when the pandemic hit, purchasing a home remotely was actually the only way it could happen. As time has evolved and inventory declined, it is now basically the only way to find the right home if you don’t live in the area. This is because you just can’t bet on the fact there will be properties to see on your planned trip with the extremely low inventory we currently have.
Typically this process is best for those who are either purchasing a second home or investing because these types of buyers are savvy and understand the buying process. However, don’t worry if you’re purchasing your permanent you can still have great success too if you follow these 7 important steps:
1. This is the most important step and critical to your success is to use a top-notch Realtor.
This needs to happen before you even come down. Yes, its fine to hunt on Zillow and Realtor.com but to know the real scoop and all about the area get a professional, don’t house hunt alone. … You need to have trust in your Realtor that they will be your eyes, ears and nose when looking at properties. Having a competent Realtor will provide you all sorts of shortcuts and information to move this process along more productively and faster
Now there are some questions to ask the Realtor such as: Have they done this process before, do they understand how this works, are they technology savvy for remote sessions to view a home, are they an expert on the area. Most importantly you need to ask if this is their full time job. Your Realtor is going to be your boots on the ground and if they work another job they can’t give you their full attention. Plus …….once you are under contract there are going to be other tasks they will have to attend to on your behalf so being a full time Realtor is important.
2. Know what your must-haves are.
These are the items that you won’t compromise on such as # of bedrooms, bathrooms living in an HOA or having more property. Be specific but don’t be so detailed on type of interior as that is not a searchable field on MLS so you want to make it broad enough so you can see what pops up for you to review. Your Realtor will set you up on a housing search so you will know immediately what properties are coming on the market
3. Research the area on your own.
Look at everything on the internet to make sure the area you selected is a good fit. This is helpful so you really understand as much as you can about the little fun things or maybe negative things that could impact your buying decision
4. Decide on a budget (but be realistic!) don’t overleveraged …
This is best accomplished with the aid or a mortgage lender. A local lender is preferred and your Realtor can recommend who they know will get the job done. This is extremely important because all offers must be accompanied by a pre-approval letter or proof of funds if you are paying cash. Keep in mind most houses sell at or over list price.
5. Plan a visit with your Realtor to become intimately acquainted with the area.
This is one of the most important steps because if you love the area then selecting a home will be an easy decision. Make this a time that works for you and not based on a home you saw on the internet because typically that home will be gone when you arrive.
6. Narrow down the areas where you want to purchase a home and discuss with your Realtor.
Make sure expectations will be met when a new property comes on the market. Right now in our current market the minute a property comes on the market you need to be able to see it within the first 24 hours. Discuss the best way to contact you for a FaceTime showing or whatever other technology you use to give you a live video walking through the home as soon as possible.
7. Be ready to use technology!
First ………use Google Earth to look at the location before the scheduled appointment online with your Realtor. Is it too close to railroad tracks, airport or main road?
When viewing the home remotely, have your Realtor open all cabinets, have them explain the layout as they walk and everything that surrounds the home inside and out. An important question is does it smell or have anything hidden you can’t see by video. The Realtor should be pointing out the non-obvious for you to make a decision such as unfinished walls, wires sticking out, doors that don’t work etc. Most important be patient. If this isn’t the right house there will be others.
Key Takeaways for Remote Home Buying:
Everything can be done remotely after you have done an in-person visit to the area to narrow down the communities you are fond of.
Even after you have found the home and made an offer, do not be discouraged if you don’t get selected to purchase the house. We are in a multi-offer environment so you must put your best offer out first, don’t try to just negotiate and hope the seller comes back to you. That may not happen and then you have lost out. Even with the best offer, you may not get selected, who knows the seller may know the other buyer and they select that person or something very odd. You need to stick with it, have confidence in your Realtor to get the job done, and most importantly make sure you are ready to move forward when the right property comes on the market.
Closing can take place remotely too, that’s in another video. In fact, in most of my closings my clients are never there in person.
If you have questions for me, please write them below I’d be happy to get back to you and discuss how to make remote purchasing work for you.
