Believe it or not , home buyers purchase real estate on-line. 
In Phoenix, Scottsdale, Peoria, Glendale and other popular retirement towns this is a growing practice as these are popular vacation home and retirement cities.
Many of these buyers are relocating to the Metro Phoenix area and want to purchase before they move.
The advantage to buying a home on-line is usually cost savings. Although, many buyers simply see a home they love and make purchase offers, so not to miss out.
In many cases, buying homes site unseen; except for the photos and virtual tour of the house beautifully staged by the listing broker.
Some companies, including the widely respected, RedFin have made this a profitable business model. Although, they do offer personal service, and very good personal service, the majority of the home buying (and selling) process is done on-line.
60 Minutes ‘s Lesley Stahl produced a story about Buying and Selling Real Estate on-line .
My brother’s wife’s family relocated from New Jersey to Fountain Hills, AZ finding and buying their home on-line. They are very pleased. (although, I did have the opportunity to preview and negotiate the Fountain Hills home on their behalf).
Generally, I recommend you consult a real estate agent as there are many aspects to home buying more than price; especially the contract terms and conditions.
However, if you are going to buy your next home on-line make sure you follow these tips.
- extended Close of escrow so that you have plenty of time to get the best available finance. You can always close early.
- Financing details must be in the contract so that if you do not get satisfactory finance you can cancel per finance contingency without breach -Terms of finance would include who pays for pay for loan costs (and appraisal)
- Choice of Escrow company. In Phoenix, the seller pays for Title Insurance and will often demand use of Title and escrow company of their choice. However, all items are negotiable and I prefer my buyers to have control of escrow to best protect earnest monies
- Inspection Period time frames including response times. Contingencies regarding this period are crucial.Inclusion of any other reports the buyer may need to determine the suitability of this particular property
- Buyer (and seller ) cancellation contingencies to allow for offer contract cancellation. Make sure you know these time frames and have them spelled out clearly.
- Cure Period Notices. In Arizona, virtually everything is ‘curable’ with a 3-day cure period. Arizona ‘Cure periods’ can be changed and negotiated to reduced. Make sure you know what these cure periods time-frames.
There is plenty more to understand and negotiate.
Be careful, there is more than earnest money at stake. Buyers and sellers can and do sue for breach of contract.
Make sure you know how to read and prepare offers for real estate that protect your best interest. Often, these -on-line contracts are prepared for and designed to protect those who write them; Themselves!
I urge you to contact a real estate agent to help you. Here are the names of experienced real estate professionals.
- Arizona – Candace Robinson
- Florida – John Elwell
- Texas – Jim Olenbush
- Nevada – Rae McKinney
____________________________________________________________________________
Copyright © 2008 By James Wexler, All Rights Reserved. *Be Careful when Buying Real Estate On-line*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs
