Buying and Selling Homes Online

Buying and selling homes online is not a new concept. It’s been thought of ever since buying and selling things online became mainstream. The disadvantages though are obvious. It’s always better to personally be present when purchasing a large investment such as a home, and there are still trust issues with funds and documents changing hands. But times have changed and due to certain circumstances, doing everything online has become more of a necessity.

Changes in Buying and selling homes with Covid

The COVID-19 pandemic has left a huge mark on the way people do things, thanks to lockdowns, travel restrictions, and limited social interactions, all of which affect personal transactions such as purchasing real estate. There now has to be as little personal interaction between all parties as much as possible and due to travel restrictions, there’s the matter of convenience. The solution then is to move most, if not all the transactional parts of the real estate industry online.

Thanks to higher bandwidths and better technology, the movement of all elements of the real-estate business online have been made possible. Now everything can be done online. COVID-19 notwithstanding, it’s normally done when purchasing property abroad such as in Italy, Greece, Croatia, and Norway. Buying and selling homes online has made some improvements.

That big issue earlier regarding being up close and personal to see the property can easily be done through video, by drone even. The entirety of the property and its condition can be seen in real-time. Property tours can be scheduled and done via Zoom, Messenger, Teams, or Skype. Discussions about the property can be done the same way. It can be done simultaneously between the buyer, the seller, and the agents.

With regards to documents, they can easily be sent, viewed, and reviewed via instant messaging and email and even be discussed in-depth using meeting apps like Zoom, Slack, and Teams. Digital signatures on softcopy documents are now widely accepted thanks to the E-sign Act of 2000. Deals can be opened and closed through electronic signatures and documents. Hardcopies can always follow later.

The changing of hands when it comes to payment no longer has to be physical. It’s been done for a long time anyway. Payments have been done by wire transfer and are now online. Confirmations/receipts of the transfer are sent to all parties involved, so there’s little need to worry so long as all parties have secured, and clean systems. There are other payment methods available including cryptocurrency transfers in territories where they’re allowed by law.

With technicalities out of the way, a major key in successful online real-estate transactions is finding the right real estate agent. Most of them are also online now and a quick search of the property you need will net you real-estate agents that have jurisdiction of the area. The following should be considered when looking for an online real estate agent.

Experience is the Key

Experience is a good consideration. If they’ve been in business for a long time and have handled plenty of online transactions. The agent should have high availability as many considerations can suddenly crop up and will need attention and, in case things come up, the buyer should be allowed to cancel the transaction within a reasonable due diligence period and a reasonable due diligence fee.

And with that, purchasing property online should no longer be an intimidating process. The positive effect of the current pandemic is that it pushed the convenience of purchasing everything remotely much easier. And while the personal touch is always good to have when it comes to buying property, it’s no longer necessary.

To search homes for sale in Miami, or homes for sale in Broward, or homes for sale in Palm Beach, please visit our real estate online marketplace for additional information you can also contact RealStoria sales team.

Compare Listings