Since the onslaught of the pandemic, there has been a real estate boom throughout most of the country. Even now as mortgage rates, home prices and recession fears rise, homes continue to sell faster than ever before – causing many would-be buyers to feel a sense of urgency to put in an offer without ever touring the property. To help families in this position mitigate the risk of purchasing a house sight unseen, CNBC recently turned to Delegate Advisors CEO Andy Hart for insight.
One of the most important tips for buying a house without seeing it in person is to not make any snap decisions. Instead, Hart recommends taking the time to have someone do a walk-through and inspection of the property on your behalf. It is also advisable to have adequate contingencies in place in case you need or want to rescind an offer.
In fact, Hart understands first-hand the importance of inspections. When he purchased a 1920s bungalow sight unseen, he made sure to make the sale contingent on an inspection, which saved him a lot of money and headaches as the house’s foundation was in complete disarray. Fortunately, this contingency necessitated the seller to fix this major issue before the deal closed.
“You should absolutely have protections in the contract always,” Hart tells the publication. “It’s better to walk away from a potentially bad situation than to put yourself in one.”