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Would you buy a home sight unseen? Many people are these days, especially during the pandemic. Because we are in such a fast moving Seller's market at the moment, many home buyers are having to move quickly. Some buyers who aren't able to get through a home prior to the offer date or who want to try to secure a home before anyone else can get through it are buying the home sight unseen. They have looked at the photos and virtual tour online and feel comfortable purchasing without seeing the home in person. This can be a good strategy in a competitive real estate market, but it can also come with some risks. Here's what you should know before making an offer.
Some pros of buying sight unseen are: That You can beat the crowd. In this tough seller’s market, offers usually come in fast and furious as soon as a listing appears so skipping a tour is one way to get your offer in as soon as possible, and sometimes it’s the only way to stay in the running. Also, if you don’t have the time to make it to multiple showings every week, you probably miss out on many homes that look promising. When you bypass all the hours of driving and looking, suddenly a lot more options are on the table. Although it can be a good strategy, it can come with some risks as well so how can you feel more secure in your purchase? You can have your realtor go through the home with you on video. First of all, having someone go through for you in person can be a big benefit because I can't tell you how many times I have gone through a home with a client on video and the home showed very differently in person than it looked in the pictures and video and then the client walked away, so if you are able to have someone go in person than I would definitely recommend you do. The next thing is that you should have a full home inspection done on the home. You do not have to be present for the inspection if you can not make it, but having a professional inspector inspect the home for you and send you a report can save you a lot of headache down the line if it turns out there is a problem with the home.
Now for the cons: Some sellers may not accept your offer knowing that you have not seen the home in person. They may worry that you will find something that you don't like when you do eventually make it out to see the home and may not close on the home when it comes to closing day. You may also have to accept that there are small things that you were unaware of or do not like when you move into the home since you did not get to see the home in person prior to purchasing. You just have to go into the process knowing there will be surprises—but that’s just part of the experience of buying and owning a house. Do your best to rule out the big bad surprises, and be prepared to weather a few smaller ones.
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