Today, online shopping has become a lifestyle especially during and after the pandemic years. Even when you are dreaming of buying something yet you don’t have time to afford, online shopping becomes the only one solution to consider. However, what about buying a house? Can you buy it online?
In some circumstances, purchasing a home online makes lots of sense. But if you wonder how to buy a house online, here we have the easy ways on how to buy a house online you can learn and apply just from the comfort of your residence now.
There are lots of benefits offered by the idea of buying a home online. As everyone can access the internet from anywhere else including from a bedroom while someone is taking a rest, buying a home become easier, simpler and quicker.
In this guidance, let’s go through the basic steps of purchasing a home online.
Where To Look For Your Online House
Internet has significantly changed people’s way of life including the way of purchasing homes. Believe it or not, people can buy a house simply online without relying on real estate agents, for-sale signs and newspaper adds to check if there is any sale for home. Now, a full virtual tour of home is available to access from the comfort of your office or even bedroom.
Now let’s explore the homes in a different part of countries around the world and get your desired type. Yes, below are the list of websites where you can start searching.
Zillow is one of the most trusted real estate database websites you can search through the internet. It comes with a vast amount of information and allows you to see and compare homes. It provides ZIP code or city that you can use to go searching, set the parameters on the house types you want to check out and view photos uploaded by the seller.
Many homes also offer “Virtual tours” that give a 360-degree view of the home interior. In this regards, the database provided by this website can predict that you can pay in property taxes as well as interest on your loan, encouraging you to quickly decide whether you will be able to afford a special property.
This way, Zillow is available as an app.
Trulia is also one of the best sites to search for real estate database list that allows you to shop homes online. This site comes with the home list based on the categories of price, ZIP code, square footage and more. However, this website also offers a number or unique search features that might be very useful such as:
- Foreclosure type
There are many different types of foreclosure. The way that a house is listed into the foreclosure influences its condition which is the most important aspect in purchasing home online. Search for your desired home by sorting homes provided by the real estate company. Trulia is noticing them on default.
- Listing Type
With Trulia, it is possible to search for homes based on the length of time the homes have been in the market and the current price reductions.
You can search for homes in Trulia using a keyword. For example, type a keyword “Modern” in the home description if you are looking for a home with modern design.
Like Zillow, Trulia is also available as an app.
Realtor is a real estate listing website that helps people to buy and sell houses. The website helps people to find houses that are in the area they want to live in and will also help them to prepare for a sale by giving them advice on what to do to improve their home. It also helps people to find the best deals on houses in their area and provides information on local houses for sale.
Rocket Homes has the most unique feature named Home Information section. The ratings can be found near the schools and public data sections available about living in neighborhood in the area. In the world of property, Rocket Homes is quite popular. It is also available as an app.
How To Buy A House Online
Now that you have known what the most popular websites to search homes are, the next thing to take into actions is the easy step on how to buy a house online. Here they are:
Gain A Mortgage Pre-Approval
The primary steps to purchase a home online is to find a lender who can give you an opportunity to propose a loan. If you tend to choose an online lender, don’t forget to look for one that leads you to submit the documents and sign the agreement online.
A mortgage pre-approval is a letter that the lender tells you about the amount of money you can wish to get for a loan. Preapproval is prominent as they provide rough idea of how much you can afford to pay for a home.
These letters also tell both the sellers and the real estate agents at which you can seriously buy a home. This way, the preapproval letter will be an important assets because you are basically looking for sellers and agents that want to work with you over the internet.
In this step, you will usually be required to submit some financial documents. Speed up the process by including the 2 months of bank statements, last two W-2s and two most recent pay stubs.
Find A Real Estate Agent
The second step on how to buy a house online easily is to find a real estate agent. This agent is absolutely essential for online home buyers. Real estate agents are the housing market professionals specializing in different area.
Your real estate agent will help you learn the neighborhoods, property taxes, school ratings and etc. which are all different one to another.
In this regards, Rocket Homes agent is considered available in 50 countries and able to connect you to the agent and start shopping. This agent is rated 4.5 out of 5 stars, meaning that the agent is highly reputable for purchasing home online.
Buy Your Desired House
Once you find the proper agent that fits to your needs, you can start buying a house online. Start searching using an online listing website but you should ask your agent to input. Make a list of the ideal qualities you want in a home.
In this regards, you may want to consider the number of bedrooms, types of appliances, local property taxes, local school district ratings, home’s distance to public transportation or the availability of parking lot, the home’s entire condition and whether the home has spa, jacuzzi or pool.
Give your agent a list of your expectation from a home and ask if they have your desired properties. In this regards, many real estate agents provide access to sales data that is not published to the public. The agent will show you homes that don’t seem appearing on the websites like Trulia and Zillow. You can also ask your agent to visit and see the homes and documents based on the issues that the agent may find.
Purchasing home is not like purchasing clothes and pair of shoes. You cannot return a home you have already bought if it doesn’t fit you. Thus, never submit an offer for a house unless you are 100% willing to purchase it.
Submit An Offer Letter
Have you found a home you love already? If you have, then it is the time to submit an offer letter. This letter will ensure the seller that you want to buy his/her house. You can include other details on any repairs in the letter and any other businesses for closing costs you may need.
Though you can write the letter yourself, it would be wise to allow your real estate agent to manage it for you. Your agent must know the way to communicate with the seller, putting your interest first. They also know when to use the legal terminology to create contract binding. Work with your agent and submit your offer letter.
In the process, the seller is given three options. First, they can accept your offer without any changes of the sale’s term. Second, they can also decline your offer, therefore, you may need to submit a new offer to a different seller or property. Third, they can grant you with a counteroffer, meaning that you are offered with a new one. This way, it is your personal choice whether to negotiate, accept the offer or go ahead.
Note, negotiation on a home price can be very stressful and emotional. So you had better consult with your agent routinely to get advice on how to negotiate better.
Prepare to Close
The fifth step on how to buy a house online is to prepare to close. This is the step you must go through when you have made your decision on purchasing a house online. Also, your seller reaches an agreement.
Here are the things you may expect from the way you prepare to close:
An appraisal will be scheduled by your mortgage company. An appraisal is a professional prediction on how much your house is worth. Appraisals are considered prominent as they tell the mortgage company that they will not loan you more than your house is worth.
Your mortgage company will also accomplish underwriting your loan and validating your financial information. This will not completely involve you but the lender may need your information for documentation. So give your response to the inquiries as fast as possible to keep tracking on your track.
- Home Inspection
A home inspection is usually scheduled before you commit to closing. A home inspection is different from appraisals. This inspection will show you what’s going on your home and what you need to move on. Ask your agent to inspect the results through email and review them before closing.
Close On Your Loan
The last step you can easily perform to purchase a home online is to close on your loan and control your property. This way, you will receive a Closing Disclosure from your lender. It lists the final terms and condition of your loan. In this step, read the disclosure review and continue to closing.
Closing the loan online involves various process from lender to another. Some lenders may require you to sign documents over the internet and submit the identifying information through email. Talk to your lender specifically before closing. This is aimed to finalize the sale and get the keys.
Finally, you may feel that the ways on how to buy a house online may be hard to go through. Just make sure that you will find a lender that offers services mortgage loans over the internet. Then, apply for a loan through your lender and get the preapproval. Afterwards, find the reliable real estate agent and start purchasing the home either online or through your agent.
However, you need to be 100% sure to buy a home before finally make an offer. The real estate agent will help you plan a solid offer letter and negotiate with the seller. Overall, follow the particular instruction formulated by your lender to remotely close.