The risk buyers face buying a house with a sight unseen, by Edwin Engelke.

The risk buyers face buying a house with a sight unseen

By Edwin Engelke

Purchasing of property sight unseen is mostly evident with folks who have probably lost on several offers. In the recent years, real estate is a seller market having many buyers some of them cash buyers and others skip contingencies for their offer to be accepted. In such a market, some people prefer to buy a home without physically visiting the property. Purchasing sight unseen has its own advantages and risks associated. Some of the dangers of buying a home sight unseen are;

MAKING SNAP DECISIONS

It is frequent for most people to give up after losing five to ten offers. However home buyers are encouraged to get preparing to losing up to a maximum of ten homes. Realtors emphasize on buying a home after visiting the place since pictures can make an unsuitable home appear really nice. Most home sellers emphasize on capturing on the better parts of a home omitting any possible defects. According to real estate developers if one intends to buy a property unseen, buyers should representatives to inspect the home such as friends and family member or even real estate professionals.

SKIPPING THE CONTINGENCY

Foregoing a home inspection is tempting to a buyer and is the reason some people buy their new home without having any inspection. The case becomes worse when the property in subject is bought sight unseen. Potential buyers might end up paying more money for repair costs associated with the home at a later stage. It is thus important to visit the home accompanied by a home inspection professional to identify any problem associated with the home and renegotiate home price with the seller if need be. At times home inspection may not be taken seriously if the prospective buyer is absent or omit some problems that if the buyer was

present would have seen since it is the buyer who knows what best fits him.

BUYERS DO NOT GET A SENSE OF LIGHTING

In videos one can tell whether a certain bulb works well or not. However it is important to note that selling agent tend to put out the better part of lighting and focus less on any problems. Buyers physically visiting the premises enjoy the viewing where the sun rises from and sets to which is not possible if assessing the home online.

IT IS DIFFICULT TO TELL THE SIZE AND HEIGHT OF A BUILDING

When assessing a home through pictures and videos the size and heights are told but in most tell one cannot tell how big or high a home is. Visiting a property enables one to completely see the dimensions of a home and also one can comfortable imagine himself in the home or even determine how the furniture will fit in the new home.Virtual tours at times mislead on the dimension also since seller want to sell off the property and perharps use the money for something else. Being physically present is essential to ensure the home is worth the home value as indicated by the seller.

VIRTUAL TOURS DO NOT CAPTURE FOUL SMELLS

It is obvious that one cannot detect bad odor I assessing the property on line. Bad smell is caused by problems with the septic system and presence of mold. It is worthwhile noting that repairs of such issues are very expensive and if not detected early, the buyer incurs additional costs. Bear in mind also that not all videos will show the actual condition of the attic and basements which is necessary on homes having them. A poorly built basement affects the structure of a home making a home value to go down.

VIRTUAL TOURS DO NOT CAPTURE SOUND

In most instances one cannot tell exactly where the home is located and the types of neighborhood. That is if the place is noisy or not. It is crucial for people really concerned about the neighborhood to be physically present so as to inspect the neighborhood and tell if it has the serenity as per his interest. Also they are able to know if the home is located in a high traffic area or not.

Buying a home sight unseen is considered as a blind process since a buyer is unable to detect presence of mold, structural problems and pest infestation since cameras do not show such occurrences. Such issues are either caused by neglect by the previous owners or deliberate destruction of the home so that the bank takes time to find a buyer or is sold for a lesser price and if online buyers are not careful thy fall in the trap of purchasing substandard homes.

Buying a home sight unseen is relatively a new process but the processes are more similar to physical purchase of a property. Scenarios that necessitate buying a home sight unseen require a buying to involve a highly qualified realtor agent. However the process does not require one but to avoid being frauded realtors come in and smoothen the home buying process and also makes sure that the home bought is in good quality and furthermore its home value is worth its price. The buyer then requests for pre approvals and makes offer on a property upon which after acceptance, they send people they know and trust to go and check the condition of the home. After the buyer us is satisfied he proceeds to the later processes of home ownership and finally the buyer is handed over the keys and becomes the new home owner.