The Big Risk in Buying a House Sight Unseen...
In many areas of the country, homes continue to sell even as rising mortgage rates, high prices and recessionary concerns filter through economy. During the recent real estate boom, the urgency many would-be buyers have felt to act means making an offer sight unseen.
Nearly half of homebuyers — 47% — made an offer in the past two years without physically touring the property, according to LendingTree.
“I see a big sense of urgency with folks,” especially those who have lost out on multiple offers, said Adam Lampe, co-founder and chief executive of Mint Wealth Management in Houston, Texas.
While the housing market is cooling, to date it’s still a seller’s market, and buying sight unseen can be a viable strategy. Here are four caveats. 1. Don't make snap decisions. 2. Know what you are getting into. 3. Send a trusted professional, family member or friend as your proxy. 4. Don't pass up the inspection. Cheryl Winokur Munk@CHERYLMUNK