Pros and Cons of Searching for Homes Online
Research shows that about 90 percent of potential buyers in the USA (only about 60% in the UK) search for homes on the Internet. This doesn’t mean that this is where they find or buy homes, but it does mean that the Internet is a meaningful marketplace, and an exceptionally good research tool for anyone buying a house.
Pros of Searching for Homes Online
Searching for homes online is a bit like window shopping from your couch. You can look anywhere at any time and will immediately see which property listings are new, and what has been sold, and is no longer available. When you search for homes online, you can define your needs and wants, and therefore limit your choice to what ought to meet you own personal requirements.
There are also specialist property websites that aggregate properties from a selection of different companies, so you get a really good idea of what is on offer. But you do need to find a good, reliable website or two that have taken the trouble to fully exploit the potential of successful searching for homes online.
Cons of Searching for Homes Online
People often complain when they are buying a house, and they search online, that whatever they find has in fact already been sold. The reason for this is that even though properties may have a signed purchase agreement, these agreements are often still subject to some kind of contingency other than finance. Inspection contingencies, for example, are pretty standard, but buyers don’t generally want to remove the house from the public eye until the inspection is complete.
While there is any possibility that the offer to purchase may be canceled, they would rather remain in the list of online results when potential buyers search for homes.
Buyers also have a due diligence period and can cancel the agreement without a penalty within this period of time. But perhaps the most common reason that a property remains “available”, when in fact an offer has been accepted, is the need for a third party approval of short sale or mortgage agreements. It takes about two to three months for most banks to approve the short sale, and the contract doesn’t become binding until this happens. This would be a good enough reason to have the right agent looking after your interests.
If you are looking to buy a home, I would love to take the opportunity to work with you. We could discuss the options upfront and decide on the most appropriate strategy for finding your dream home.
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