Using Technology to Close a Home

Technological advancement has morphed the real estate business in significant ways. These days, you do not have to be physically present to buy a house. You can do it all long-distance, from the initial shopping to the signing.

Here are the steps to take and how to go about each of them remotely.

Preapproval

As more businesses shift based on the online platform, an increasing number of fintech startups are looking to invest their capital. As such, there’s a large number of lenders competing to finance you. Also, their competition has helped to drive down the cost of lending to your advantage. You only have to apply for the mortgage loan online, and the lenders will reach you by phone. After getting in touch with the lender, you can develop a budget and move on to looking for a realtor and a house.

Interview the Real Estate Agents

After securing funding, the next step is to find the right realtor. You do it in the same way you would do it offline. Interview several realtors and settle for the one that is easiest to communicate your dream to. The realtor should understand your vision and can have the capacity to carry it to fruition. Conduct the interviews virtually. When you have selected your agent, have a video chat to discuss your dream and available options.

Online Home Search

There are many websites with information about homes on sale in your area. The online listings, together with information from your realtor, give you a sense of what’s available in the market. Look through the listings and narrow your search to properties you would like to see in detail.

Conduct Virtual Tours

Most online listings have attached video tours that you can look at to get a better sense of the home layout. If none is available, have the agent or the seller record one for you. Besides the pre-recorded videos, you may also request a real-time video.

Title Insurance and Review

Get in touch with your lawyer and have him or her review the deed to the home. The lawyer’s search to determine if there are obstacles that could derail the sale. There could be zoning laws or outstanding mortgage payments the former owners have not completed. The search protects you from possible ownership challenges.

The Signing

If the real estate transactions require signatures, you can do all that digitally. The lender and agent only need to upload the documents, send them to you electronically, and you can sign them from wherever you are. The commonly used app for signing electronic documents is DocuSign.

Making Payments

Making your payments is also easy. Most people already complete all their transactions with digital payments. Depending on the regulations in place, you can pay for the house using a credit card. You could also wire money directly from your account into the seller’s or agent’s account. If you prefer the old-school approach, write a check and mail it to the recipient.

Getting the Keys

The best part about this process is finalizing it and getting the keys. If you cannot meet the realtor for handoff, arrange for the keys to be left in a safe place you can access when you get there.

In only a few simple steps, you can start and finish the house-buying process without having to shift your location. The Pacific Real Estate Group can help and guide you through the process. Visit our office in Rancho Cucamonga, California. You can also call 888-452-0974 to request an appointment.