BE CAUTIOUS OF BUYING A HOME WITH SIGHT UNSEEN HERE IS WHY Briana Frazier There comes a time when the market heats up, and the bidding wars start, the potential buyers sometimes are tempted to make their investment on the home with the site unseen. Today, with the Coronavirus pandemic, and the stay at home orders, buyers are tempted to also make their first purchase without assessing the property themselves. Additionally, in a very competitive scenario where a home is listed and goes under contract in just a matter of hours, buying with the sight-unseen may be necessary. Another case is where maybe you have been forced to move across the country due to work, and you do not have time to tour the area before making a decision. All these are probable scenarios that might force a buyer’s hand to buy with sight unseen.
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hatever the reason, some risks are associated with buying a property without first seen it. Be that as it may, over the years, I have seen most buyers willing to take and overlook these risks. As a matter of fact, in a 2017 survey conducted by Redfin, at least 33% of people who bought or sold a home, or planned to do so made an offer without first seeing the property. Going by the trends from earlier years, this is true; people are willing to stake their bets on a property without first assessing it. With technology, photos, virtual tours and video conferencing, millennials are feeling much more comfortable making these decisions. Can a remote buying process go smoothly? Buying with the sight unseen reduces the emotional impact that is usually associated with the purchase of a home. That can be a good thing. Today, international buyers are much more inclined to buy the property with the sight unseen, and it is now becoming a trendy thing to do. For instance, there are plenty of properties that are relatively well priced in the blue-chip inner cities, and therefore, if a person is interstate, overseas or just does not have the time to tour the property, this might be the only way to buy. THE POWER IS NOW MAGAZINE | APRIL 2020
