Is Buying Sight Unseen Risky or Not?
What is purchasing a home sight unseen?
It means the person buying the home has not properly toured the home. Typically a person buying a home sight unseen has viewed pictures and videos or taken a virtual tour of the site online.
Why would someone buy a home without seeing it in person first?
Well, when the market heats up and the homes for sale start to become a competition, buyers are occasionally inclined to make an offer or buy a home that they have not yet fully seen.
5 ways to reduce your risk when buying a home sight unseen:
Contact a professional. If you are unable to be physically present, hiring someone to view the property on your behalf gives you additional help needed in the process of buying a home.
Don't be fooled by photography. Photos can be edited to look better than they truly are. Watching a facebook live or viewing videos of the home is a much better way to see the home's true potential. Ask for a video of the home.
Do your research. There are so many tools on the internet you can use to understand more about the area you are thinking of investing in.
Be prepared. Before making an offer, get pre-approved for a mortgage so you can act fast when the time is right. Having a pre approval gives sellers more confidence in the buyer.
Include contingencies. Including contingencies in a contract will help protect you, the buyer, from details found later on in the process.
The bottom line
When buying a home sight unseen you miss out on getting the true feel for the neighborhood and property. Without actually going to the property you don't know if the neighborhood is right for you or your family. Although pictures and videos can arouse emotions, nothing is better than truly being present at the sight. Buying a home sight unseen potentially gives you a better chance of competing with other buyers and could help someone with a busy schedule.