Long Distance Real Estate Purchases Are Becoming Common
The first time I sold a home to a buyer from out-of-state - who never physically viewed the property - was nearly ten years ago. I used a video presentation of the property to detail all of the features and benefits of the home - and this buyer from New York was satisfied enough to make the purchase.
At the time - this kind of purchase was unheard of.
Not so, anymore. Depending upon the needs and the time constraints of the purchaser - this can be as natural as any other type of purchase.
Recently, I worked with clients from San Diego who expressed their love for Atlanta - and their want to buy a home here. They had been evaluating their options, and realized what great real estate opportunities that Atlanta had to offer. Using our listings search engine, my clients directed me to several potential houses to get my professional opinion of each.
Some of these properties I dismissed on paper - while others required a closer, personal inspection. I shot video of the homes that I visited - complete with my commentary - and uploaded them to a private folder on our website for viewing by my clients.
One of these properties was of great interest to them - so I went back and shot a comprehensive set of still images, as it was evident that my clients would be unable to come to Atlanta to actually view the property. I also did a pricing analysis to help formulate our basis for an offer.
The home was priced properly at $127K, but it was not without issues. We put in an offer for $110K and I was able to convince the other party that this was an offer that should be accepted without counter-offer.
Our inspection, however, revealed some structural issues that would need to be resolved - so we proposed to amend the sales price to $92K… and the seller and his agent agreed.
So my clients purchased this property for $92K - which appraised in its current condition for $125K - without ever stepping foot into the home.
How was this possible?
It was a team effort of broker, lender, inspector, attorney, and even some friends of the purchasers who live here in Atlanta.
But ultimately - it took some faith on the part of the purchasers. They had to feel comfortable with the process… and I did everything I could to ensure their comfort.
So here is the home they purchased:
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The funny thing is that we actually had a closing where NOBODY showed up! Not only were the buyers from out-of-state… so was the seller! We performed the whole transaction through the use of telephone, Internet, fax, and overnight delivery.
Everyone was wonderful to work with - and I look forward to the day that I will actually meet my clients in person!