SW Florida Real Estate

Absentee Real Estate Purchasing in Florida

Buying Real Estate Sight Unseen

For some folks buying something as simple as clothing online is intimidating. It’s just too much of a commitment without touching and feeling the fabric. They couldn’t possibly imagine a big ticket item like a car or jewelry and living with the consequences of a regretted decision.

It might make you wonder how people buy real estate sight unseen. Then again, maybe you didn’t know that there is a unique breed of real estate buyer who will actually purchase real estate sight unseen. And they’re not the flipper breed of real estate buyer, either.

With the advances in technology there is just so much a consumer can learn about online, and that includes real estate. They find the property online, research the community and neighborhood, check the clerk’s office or tax collectors site, snoop around the area on Google Earth and nose around on real estate valuation sites. The only thing missing from researching the purchase is having their feet on the ground for a personal tour.

Most of the clientele who purchase real estate sight unseen have been to Southwest Florida before. They’ve either lived here before or vacationed in the area. Often times they have a neighborhood or a specific floor plan in mind when they’re searching.

Remember back in 2004-2005 when buyers would purchase sight unseen just to get their mitts on any piece of property because the market was moving so fast? Well, it’s happening again but in a more orderly fashion.

The consumers who have been patiently watching the real estate market trying to gauge the time to get back in are on the move. They’re stumbling onto some fabulous opportunities, many of which sell quickly. Unfortunately, when a great opportunity presents itself they’re back north and they’re not able to take action unless they purchase sight unseen.

In the entry level price point, time is of the essence due to short supply and there isn’t time for someone to fly in and look at the property before placing an offer. Buyers are doing their own homework, calling their agent to preview the property in their absence and relying on the inspection process to insure the property is a sound value and in fair condition.

Buying real estate sight unseen isn’t for the faint of heart. If it’s a gamble you’re willing to take, there are a variety of ways to get a great deal, protect your interests and scoop up that great opportunity that pops up out of the blue.

  • Use an experienced, trusted buyer’s agent who can be your eyes and take additional photos for you.
  • If you have a family member or friend who lives in the area have them tour the property on your behalf.
  • Verify the value of the property and make sure it’s a great deal, a prime location or a popular floor plan so the risk has reward and the property will be easily marketable in the future.
  • Consult a real estate attorney and consider using clauses in the contract which would allow for visual inspection of the property by a specific date.
  • If you’re purchasing a foreclosure or short sale the contract will likely be as-is with the right to inspect. There may be time to arrange a visit between contract execution and the date of the inspection.
  • Hire licensed, recommended home inspectors and have the home thoroughly inspected.

If your knuckles started turning white just reading about purchasing real estate sight unseen it’s probably not for you. If it is something you’d consider, remember that even if you’re buying sight unseen it doesn’t have to be a blind purchase. There are systems and procedures that can help ensure that you get that great deal and that you’re buying sound real estate.

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Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area.  Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor.  If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.

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