Like many other industries, the real estate sector has been working to leverage the internet as much as possible. COVID19 has helped to give this trend a major boost. It is not, yet, always practical to complete a home sale entirely from the comfort of your current home. It is, however, very possible to complete a significant percentage of it online. Here are some tips.
Online mortgage applications
Assuming you need a mortgage, there are two major advantages to getting preapproved for one. Firstly, it keeps your expectations realistic. Secondly, it’s a way to reassure home-sellers that you can make good on an offer.
A potential lender is going to need you to provide documents to them. There are two ways these can be transmitted. One is to send scanned copies and the other is to hold the originals up to a camera while a human checks them. You may have to do a combination of both.
In either case, think about what you need to do to make sure that your documents can be read easily. If you’re using a proper scanner to scan documents, check the settings and check the output. If you’re using a mobile, do the same and also make sure that the document is flat and well lit. Be careful of reflections on plastic coatings (e.g. on passports).
Likewise, if you’re holding a document up to a camera so a human can see it, make sure you have plenty of lighting at your end. Also, be prepared to move the document around the screen according to their instructions.
Househunting
Regardless of whether you’re using one of the major property portals or a local estate agent’s website, take some time to learn how it works. In particular, look for filters. These can make it much easier for you to hone in on the sort of property you really want.
You might find it helpful to read the text description of a property before you start looking at the pictures. The text box is often the place to find the key details of a property. It will typically set out everything from the number of rooms and their sizes to the installed utilities to sustainability information like the EPC.
Checking this first will save you falling in love with the photos of an unsuitable property. That said, the photos should generally be what you look at next. They can give you a feel for what it’s like to live in a property. Video can be even more informative. Even if property portals do not host it, you may still find links to home tours hosted on YouTube.
Viewing a house
Only you can decide if you’re willing to buy a property on the basis of a virtual tour or if you need to see it in person to be sure. It is, however, worth thinking about this before you start your house-hunt as virtual viewings (private and group) are increasingly likely to be an option. These offer some of the interactivity of a regular home tour (e.g. the ability to ask questions) but can be undertaken at a (safe) distance.
It will be interesting to see if virtual home tours form part of the new normal after COVID19. They might not be suitable for all properties (e.g. very individual and/or premium ones). They do, however, offer a lot of convenience to buyers, sellers and real-estate professionals. In particular, they can save a lot of travelling time (and the associated environmental footprint).
Conveyancing
Once you’ve had an offer accepted, you’ll need to start the process of conveyancing. These days, you can look for a conveyancer online. You may even be able to go through the entire conveyancing process without ever meeting them in person.
Do, however, stay alert to the possibility of scammers posing as your conveyancer. Make sure you are absolutely clear about the right way to contact your conveyancer and the right bank account to use for all money transfers.
Your property may be repossessed if you do not keep up repayments on your mortgage.
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