In today's chaotic world, purchasing a new home is probably one of those things you keep putting off due to the coronavirus pandemic. Even with everything going on, the real estate market is going strong.
Technology is enabling buyers and sellers to perform the majority of tasks without in-person interactions, fewer bidding wars mean that you can secure a home that would normally be out of your budget, and it's now easier than ever to make an all-cash offer on a property.
Rethinking the real estate transaction process
Now that many municipalities are placing limits on group gatherings, many sellers are now hosting virtual open houses to keep in-person showings limited to serious buyers that are likely to make an offer.
Attending a virtual open house during the coronavirus pandemic is extremely easy. The process begins when you request a real estate agent to find virtual open houses in your area through a multiple listing service (MLS). In addition to showing you which homes are for sale, you also can retrieve photos and details such as square footage and the features of each property.
Once you choose properties that you would like to learn more about, it is helpful to request a copy of the floorplan. This helps you to envision the property during the online showing. When you RSVP for the virtual showing, the host should provide you with information such as the type of web conferencing software you need to attend.
Google Meet, Zoom, and Facebook Live are a few of the most popular solutions as they are free for attendees.
During the virtual showing the seller's real estate agent will conduct a walkthrough of the home. Just like an in-person showing, buyers are provided the opportunity to ask questions and receive answers in real-time. If you do not have a chance to get all your questions answered, you can always follow up with the seller.
If you are still interested in a property after attending a virtual open house, you will still need to have an in-person visit, but you can arrange it so that there are no other attendees.
Reducing the time and stress when closing
After choosing the home you would like to purchase, you will need to make an offer. Although many buyers choose to secure a mortgage, you can increase the odds of a seller accepting your offer by making an all-cash purchase. In many cases, sellers will accept an all-cash offer over a larger offer that is financed, because banks are an additional hurdle in the homebuying process.
Even if the buyer is approved for a mortgage, the bank will still require a property appraisal. This adds weeks to the closing process and can even cause the sale to fall through if the lender feels the offer is too high.
You do not need to already own a home to get the benefits of an all-cash offer when closing. By using a service such as Cash Close by HomeLight, you can make an all-cash offer at closing, while still having the flexibility of a home loan.
If you already own a property, you can also use HomeLight Trade-In, to sell your home at a guaranteed price, in a timeframe that works for you. This ensures you secure your funds in a timely manner so you can purchase your new property.
