Buying a House Online
Tuesday Dec 26th, 2017Share
When will it become a real way of finding, negotiating and purchasing a home without leaving your home or office?
With today's technology it cannot be that far away.
All the required legal documents, aggreements of purchase and sale, amendments, waivers, extensions, all documents that previously had to be signed in person with a witness to the parties signature.
Now documents can be emailed and signed online without the signatures being witnessed. They don't even have to be printed. They can be emailed directly to the buyer's and seller's lawyers, lenders, (banks and mortgage brokers) and to the listing and selling brokerage. Deposits can be wired electonically.
The next step in the process will be not even having to go and see the actual property before putting in an offer and successfully negotiating the terms and price to the satisfaction of the buyer and the seller.
With the technology of Virtual Tours/Reality of the home, prospective buyers can see the house in the same detail as if they were actually at the home.
This is a benefit in so many ways. We can look at houses online, sift through the potential properties that fit our buying criteria, put in an offer to purchase on the one we want and buy it, without going to see it.
Normal conditions in a purchase of a home are a condition on the Buyer arranging satisfactory financing and a conditon on having a home inspection done, and the inspection results being satisfactory to the Buyer.
At this stage the Buyers would have the opportunity to actually visit the property, and either finalize the purchase or obtain a mutual release and move on to find a house that they want to purchase.
Buyer's will like it because of the time saving component and sellers will like it because they will not have 30 or 40 potential buyers coming to view their home thus eliminating the inconvience of leaving their home everytime there is a showing.
Agents? Well we will still have a roll in this, we will have to arrange for the presentation of the house, the coordinating of the Videographers, the docmentation and tracking of all the activities and being part of the home inspection. Our costs will be reduced and will be so will our fees. It is a win, win, win situation.
And I am not worried that people will just say we can use our lawyer to sell/buy a house. The lawyers I know have neither the time nor inclination to become sales people or marketing people. There could be a nice combination worked out with Real Estate Brokerages and Law Firms, but conflict of interest has to be avoided at all costs.
So do you see yourself buying your next home online?
Maybe I am just a dreamer?