If you are buying a home 100% remote it is still feasible to complete the transaction and buy your new house even if you are unable to be physically there, such as when buying a place remotely. The entire home-buying process, from looking to signing, can be completed from anywhere you are thanks to technology like Skype and Zoom for virtual meetings, Facetime and Google Duo for face-to-face conversations, and DocuSign and other portals for securely sending critical information. It’s time to contact a variety of pros if your new house is almost finished so you can close on time and move as scheduled.
Stay in contact with your agent or builder
You can still track the development of your home even if you are unable to drop by the sales center or the construction site. Find out how building is going by calling, emailing, or texting the sales agents or your builder. You can ask a someone on site to send you a video of the house or to record a live video conversation with you.
Find out if there are any problems or unresolved concerns that require your attention. If necessary, the design center staff or your sales representative can assist you in making decisions via video chat. The salesperson can then discover the closing date so you can coordinate with your lender to finish the loan application procedure.
Closing and funding when buying a home remote
You most certainly already have a letter of preapproval for a loan from a lender, and you’ve definitely shopped around to compare rates. It’s time to lock in your rate if you haven’t already since you’re moving in a month or two.
Your lender will probably perform (another) credit checks and (re)verify your employment. As the loan closes, you could be required to provide recent pay stubs or bank statements. Through a secure gateway set up by your lender, all these stages can be finished online. Your loan officer can quickly address any queries you may have by phone, video chat, or email if they relate to any aspect of your financing arrangements.
Avoid applying for new credit, purchasing a car, or charging any significant expenditures before your loan closes in order to preserve your credit profile. Never send large sums of cash without keeping a paper trail of where the money originated from and where it is going.
To complete your loan, your lender will also require a property appraisal. Before or during the construction process, your loan will typically be granted as “subject to appraisal.” The land value, your home’s designs and plans, and any nearby comparable homes will all be taken into consideration when approving your loan.
Usually, the closure calls for a certificate of completion. Typically, an appraiser who has seen the property issues the certificate. Asking about the policy in your region and if appraisers are permitted to view new homes will need you to coordinate with your lender and builder. An alternative can be a virtual appraisal built on a video tour.
Setting up accounts and insurance when buying a home
You’ll need to get homeowner’s insurance and set up utilities in your name in the last few weeks before you move into your new house.
Online comparison shopping for homeowner’s insurance is simple. You can compare coverage on a variety of websites, and you can also call an insurance agent or particular businesses to learn more.
You can transfer utilities to your name online or with the assistance of your builder.
As soon as you know when you’re moving in, get in touch with moving firms and ask them how they manage long distance moves. Even without visiting your home, several moving firms can provide you with an estimate.
Remote closing process
A closing typically calls for notarized signatures to be made in person at a title company, builder’s office, or perhaps even in your house. Lenders frequently want an evaluation of your just finished property right before the closing. Information about the transaction must be documented at a courthouse after the closure. It takes a little more effort to manage these relationships so that a virtual closing is conceivable, but it is not impossible. Many buyers actually do virtual closings already.
It’s crucial to start discussing the procedure with your lender, builder, and title business well in advance of the closing. To resolve potential complications, many builders collaborate with title companies and lenders they know and trust.
The regulations for real estate closings vary between states. A real estate attorney is needed to be present at the closing in many states, including Delaware, New York, South Carolina, and Virginia. In some cases, the closing can be handled by a representative of the title agency.
There are ways to manage notarizations without in-person meetings even if the majority of paperwork for a real estate transaction needs to be notarized. For instance, a video conference can be set up using Skype or Zoom so that you can fax or scan documents with your signature after showing the notary your ID. Web video conferences can be used in conjunction with products like DocuSign. Another alternative is to send documents back and forth via FedEx or another overnight delivery service to the title business. Your alternatives will need to be discussed with your lender and title business because they are governed by the laws of the country in which the closing will take place as well as the capabilities of the title company.
Although wire transfers are a convenient option for distant closings, the closing costs for your house are frequently paid by a cashier’s check or a certified check at the closing. You can do this with the aid of your financial institution and title firm. Nowadays, almost everything can be done remotely thanks to technology, but you still need to proactively discuss the specialists involved in your transaction to figure out how to finish your purchase.
Recent years have seen an increase in scams targeting real estate transactions due to the enormous sums of money involved. Don’t send any money or give out any personal or financial information by email until you’ve made sure you’re speaking with your loan officer or title business. Also, don’t follow any wire instructions. In any contact you receive, don’t call the number or respond to the email. To be sure you’re not being conned, locate that person’s original contact information or visit their website online and get in touch with them.