Would you buy a home fully online? Or if you already did, how was it?

[alexvomwald]

Well, we all buy all kinds of things online nowadays, but a Home is probably the most expensive purchase most people will make.

I'd be more inclined to do this if it was a brand new home, which anyway you can't visit and you make the decision based on the renders and reputation of the builder but I read that many people are also now purchasing existing (old) homes without even visiting them... especially in hot markets like Austin, where a lot of people out of state are making the transition and purchase a property as part of this.

Has anyone purchased a home online before seeing it? How was the experience?

Or if you are thinking of purchasing a home, have you given this option some thought?

What would be the most important things to verify/check before making an online purchase of a home? I am guessing this is not something you can return just like at Walmart if you end up not being satisfied...or is there some kind of policy in this direction?

[codefreeordie]

I rented a house entirely online.

On the one hand, it went okay. I live at that house now, and it is fine.

The neighborhood, it turns out, is more or less what it looked like online. The house is too sorta, but it's in really much worse condition than it seemed. When your only imagery is either staged model photos or low-res Whatsapp footage of the live showing, it's easy not to notice even glaring damage -- partly because the camera is held by someone with an agenda (show off the property in it's best light) and partly because you just don't notice some stuff.

It was also hard to gauge how big the rooms would feel -- this is hard in person in showings too, but it seemed harder virtually.

And no, home purchases +/- can't be undone. There are monumental costs associated with getting out of a housing contract, even if you discover material problems.

[aurizon]

For this to succeed there needs to be an online verification systems with some certified professionals to certify title, certify the structure, take a number of pix of all aspects of the structure, feet on ground etc.and any liens/mortgages etc. A lot of the existing legal base can be involved, title searchers, law firms etc. Until this matures this ecosystem will be full of scammers with fake creds. So this feet-on-ground verification system is needed - or this will happen.... Doris, I bought a house in SF yesterday, only $500,000, sounds good Leonard, looks like Amazon just delivered it - SF house = weight 8 pounds...Made in China..

[somenewaccount1]

I've purchased 3 homes online and site unseen.

The first for 35k in 2011 in Oregon. It was worth exactly that and not a penny more. Land+metal roof+cedar siding......but the rest needs gutted and replaced. That was ok with me, I enjoy rehab projects, but fiscally it was a poorer choice than buying a finished home at $150 with a mortgage and renting it out immediately. The take away is, if the pictures suggest it needs gutting, don't underestimate them and don't overbid in the heat of auction battle. Also learned, when buying at auction you typically have 5 day inspection period to examine the property, but they will try to talk you out of doing so saying 'the bank hasn't yet accepted your offer' (which they technically hadn't, they can decline final auction price. All bullshit though, go check the property.

2nd house was less dicy. It was a proper house with a $360k price in Vegas being sold on the open market (not auction). I was very familiar with the area after visiting and looking at properties in person. The inspector was my final eyes and ears. His summary impression was 'its a fine sturdy house', and I got exactly what I paid for. When you call around for inspectors, try to guage if you find them friendly and straight u with you, they will give you the best advice from anyone.

Third property was last week for 110k. It's underpriced for the area, but the work required inside reflects that. I had pretty much decided I wanted the property before seeing it, but since it was only 2 hours away I checked it out in person and made the same final decision. The neighborhood is poor and 50/50 unkept houses, most folks wouldn't want to live there, on the other hand it didn't seem a 'bad' neighborhood with crazy crime. The takeaway here is not to only examine the property itself,but be sure to zoom out and walk around the neighborhood in Google maps too. What kind of cars do neighbors drive? How do they upkeep their property? What's street parking like?

Imho, it's ok to buy online sight unseen, just make sure to know your outs and don't be shy to take full advantage of them. If you can, see it in person after bidding, but before the final final decision.

Good luck!