Buying a Home Long Distance – 1 of 11

Over the next several weeks, we will be going into detail about how to buy a home from a long distance location. Although the market has started to shift since we recorded these videos back in April, in our Wilmington and Wrightsville Beach location, we are still in a very strong seller’s market. Buyers must act quickly in order to secure the homes they want. If you live far from the area that you want to buy in, or are simply too busy to drop everything to go look at a home as soon as it comes on the market, you may need to put the home under contract prior to seeing it in person. This is not ideal, and is often necessary. I have helped several buyers purchase from afar over the past year, and want to share some best practices for doing so, when it is necessary.

Below is a summary. We will be going over each in more detail over the next few weeks.

1. Be clear about what is important to you in a home. Write it down. Pick your top three points and describe them in detail.
2. Research what you can online.
3. If you can, visit the area before you start making offers, so that you can get a feel for different neighborhoods.
4. Find an experienced realtor who you trust and feel comfortable with, and who asks you a lot of questions about what is important to you. This person will be your eyes, ears, and nose on the ground, and needs to understand what is important to you.
5. Get pre-approved with a local lender, or someone who has experience in the market you’re moving to. For coastal North Carolina, this is particularly important.
6. Understand the real estate market you’re moving to and its purchase process, along with key elements of its purchase contracts. Not all states are the same, and in North Carolina, we have a due diligence fee that other states do not have. Understanding this is important. In addition, as the market changes, the real estate market in your area may be different than the one you’re moving to. Understanding these differences is critical to your home purchase success.
7. If you are not buying new construction or a newer home, consider getting an inspection before your offer is accepted.
8. Have a plan for viewing and signing contracts electronically, and delivering funds within 24 hours when your offer is accepted.
9. Visit the home once it’s under contract before the end of the due diligence period, if possible.
10. Be present for the final walkthrough of the home and closing if possible.