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March 23, 2017 • Real Estate Trends

Closing Real Estate Deals from a Distance using Virtual Tech

Distance is becoming a problem of the past with the help of technology. More and more of the world’s businesses are being carried out online, including real estate. From the moment a house is listed online to the moment a potential buyer contacts the seller, the digital process begins. While you may want to see a property in real life before you buy, there are many sellers who cannot be present for the signing and depend on the on-site real estate agent to close the deal.

On the flip side, you may want to buy a property before you make the move, so it will be completely ready for you by the time you move in. In cases like this, a long-distance deal may be in order. There are a lot of reasons a seller/buyer may be too far to contact. Vacations, cross-country moves, and family issues may conflict with a signing schedule, and it’s important to think outside of the box so you can get the job done.

The entire process, from price negotiations to closings, can be discussed and carried out long-distance, and it’s becoming easier with every technological stride we make. For example, virtual walkthroughs can be done just prior to closing with a portable cam and an internet connection.

A deed signed by the original owners is required in most cases, as well as a Power of Attorney document to whichever signer will be present at the time of the closing. Pre-signings are not uncommon, or a real time signing using a virtual signature site online can be employed.  Scheduling conflicts and unexpected complications can require such action.

While it’s fairly common for sellers to be elsewhere at the time of the signing, most buyers choose to be on the spot when they make their purchases. Getting the keys to your new home is a big moment for any person, and most people want to experience it first-hand. Some mortgages actually require that the buyer be present for the signing, so be sure to run any and all plans past your lender to make arrangements. Otherwise, a notary cam can be employed.

Buying a home is a long process, and a big experience. In many cases, it might not be completely conventional, but as long as you have all of your legal matters in order, things are much more likely to roll smoothly. Who you know also counts – if you already know, say, a real estate agent in Orange County, Florida, buying a home there from the comfort of Michigan isn’t as big a deal.

Be sure to prepare for a long-distance signing with the same precautions you might give an in-person signing, and then some. It may take a little more fancy footwork to get the job done in the end, but the end result is bound to be just as satisfying. There’s nothing that can make you feel more relieved and accomplished than owning a new home, so once the keys are in your hands and the deal is sealed, take a moment to congratulate yourself!

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