Purchasing houses online has become very popular in today’s time. It has been standard practice in the real estate market for the seller to skip the home closing process by pre-signing the paperwork.
The sale proceeds too, are wired directly into the bank account. However, now the entire process is done online, both by the buyers as well as the sellers.
Buying a house online gives you the liberty to choose from a variety of houses, without making trips from your current town of residence to another.
That is why Real Estate Agent in San Antonio will walk you through some of the basic steps of buying a house online –
Let us look at the process you need to go through when you are buying a house from a distance –
Get your mortgage approved:
The initial step of buying a house online is to get a mortgage and find a lender who can qualify you for a loan. If you are searching for a lender online, search for the one that allows you to submit the documents and sign the agreements over the internet.
A mortgage pre approval letter is a letter from the lender which will tell you how much money you can expect to get the loan. This letter will show the real estate agents and home sellers that you are serious about purchasing the house.
It will be a crucial asset for you when you look for sellers and agents who will willingly work with you online.
Documents required –
- Last two W-2s.
- Two recent pay stubs
- 2 months of bank statements
Finding a quality real estate agent in San Antonio:
A quality real estate agent is a must for online home buyers. They are housing market professionals who are specialized in different areas of real estate.
Your San Antonio real estate agent will guide you in the different walks of the home buying process and also instruct you on the mistakes to avoid in buying the house, especially when the market is hot.
They help you learn about the different neighborhoods, school ratings, and taxes, and so on. Your real estate agent will tour the homes on your behalf, thus becoming your eyes and ears on the ground.
Start your home shopping :
Once you have linked up with your trusted real estate agent, you can start shopping for homes. Begin your research with an online listing website. You should also ask your real estate agent for their input. When buying homes online, prepare a list of all the ideal qualities that you are searching for in a house.
Consider the following pointers:
- Number of bedrooms
- Local school’s district ratings
- Appliances are available in the house
- Local property taxes
- Whether the home is equipped with a Jacuzzi, spa, or a pool
- The distance of the home to public transportation
- Overall condition of the home
You can give this list to your real estate agent and they can search for the homes that match up to your criteria. Real estate agents have access to sales data that is not generally available to the public. This way they can show you homes that are unique enough and match up to your needs.
Home buying is not your regular shopping. One wrong purchase will cost you millions. Therefore, do not sign an offer for a home unless and until you are not sure of it.
Submit the offer letter:
Now that you have found the house that you want to call home, it is time to submit the offer letter. This indicates to the seller that you want to buy their home and what all conditions you will agree to the sale. You can add up the details of the necessary repairs that you wish to make to the property. Generally, you can write the offer letter on your own.
But, it is wise to let the real estate agent do that job on your behalf. Real estate agents are experienced at putting your interests first. They also know when the legal terminology will be used to bind the contract. Prepare an offer letter with your real estate agent that fits your needs and submit them accordingly.
The seller can now have three options – accept the offer, reject the offer, and give you a counteroffer.
Negotiating the home price is a very stressful and emotional process. You should consult with your real estate agent to assist you and guide you through the negotiation process.
Prepare to close:
It is now time to close the deal once you and your seller have reached a certain agreement. Following are the things you can expect –
- Appraisals:
Your mortgage companies will be assisting you in scheduling the appraisals. It is a professional estimate value of your home. Appraisals are very important as they tell the mortgage company that they are not loaning you more money than your home is worth.
- Underwriting:
Your mortgage company will verify your financial information and also finish the underwriting of your loan. This will not generally involve you. But your lender will occasionally contact you for additional information or documents. To keep closing your track, you must keep responding to these inquiries.
- Home Inspection:
Home inspection conduction is a must before closing the deal. It is not the same thing as appraisals. A home inspection will specifically tell you what you are getting into when you move in. you must ask your agent to forward the inspection results for review before closing.
Close the Loan:
The last things remaining to do are closing your loan and take control of the property. You will be sent a closing disclosure that will list the final terms of the loan. Review the disclosure and then proceed to close.
The online process generally varies from lender to lender. Some lenders allow you to sign the documents online and submit them through email. That is why you should consult with your lender before the closing to learn about what you will need to do before getting your keys.
The Bottom Line on Buying Home Online:
Buying a house remotely can be a good option for people buying their second homes, or parents who want to buy the house for their children. The process pretty much is the same as buying a house in person.
However, you will depend a lot more on your real estate agent In San Antonio to find the right home, attending home inspections, paperwork guidance, and attend the closing.
For that, you have the top real estate agent in San Antonio at your assistance that even has the experience of remote transactions.
