Buying your next home online...Can it really be done?
We say: Heck yeah!
The realm of online shopping has been an ongoing evolution that now spans over more than a couple of decades. In fact, Amazon made its debut in 1996. At its modest start, online shopping was still a bit of a novelty, but Amazon managed to grow their customer base from 180,000 customers in December of 1996 to an impressive 1,000,000 customer accounts the following October. Fast forward to 2010 when Amazon was likely responsible for more than 10% of all online retail sales in North America.
While Amazon opened the door to the possibilities of online retail shopping, Starbucks jumped in as a real game changer showing us the power and convenience of app purchases. With the launch of its original app in 2009, Starbucks initially focused on a personalized experience for each customer remembering what the user liked and suggesting new drink combinations based on previous orders. They quickly expanded their app over the next couple of years to launch mobile payment making order placement and payment easy and convenient for their customers.
Carvana then came along with its launch in 2012, selling its first vehicle online in 2013. It raised the stakes with its achievements and was named to the Fortune 500 list in 2021 reporting 10.8 billion dollars in revenue.
Of course, purchasing a t-shirt or a cup of coffee is a fairly simple transaction without much significant consequence. Even the auto purchase like Carvana offers can be somewhat simplified to the purchase of a retail item with, in most cases, a return policy.
Now, we don’t want to oversimplify the accomplishment. Online home sales have been discussed and explored by the industry for a very long time, but there are multiple factors that must be considered to pull off such a feat. To understand the full scope of the process, we’ve broken the home buying process into a few stages:
Shopping
There are a multitude of online shopping platforms to choose from when looking for a house. A few you’ve probably heard of are Zillow, realtor.com, or HAR.com. These are all platforms that display real-time listings of properties for sale through local MLS services. Even most home builders have websites that allow you to search their available floorplans and inventory.
Abodefy is also integrated with MLS organizations throughout Texas, to offer a wide range of properties for sale, but Abodefy also takes a little bit of a different approach in the shopping experience. Abodefy centers the shopping experience around you, the buyer. We strive to help buyers discover what features they prefer, what type of house best supports their lifestyle, and set a compatible budget as they shop.
What to look for when shopping online:
High quality photography
Check the perspective to make sure the real size of each room is depicted. You can often tell when photos have been stretched to make a room look bigger than it really is.
Interactive virtual tours will allow you to click through the house in a way that you can really explore the layout of the property. Watch for mysterious closed doors that keep you from virtually exploring all rooms.
Meaningful descriptions beyond the typical real estate buzzwords
In real estate the word charming can mean anything from bright, happy colors to really small house. Watch out for those subjective descriptors.
Look for descriptions that include all of the specific upgraded features the home has to offer and the appliances and personal property that may be included in the sale.
Beware of clickable links on sites that claim you can purchase online that actually take you to a sales email or phone number.
Clear terms of sale
All listings should clearly display the listed sales price
The Listing Agent contact information should always be included in every listing
Self- Guided tour options
A self-guided tour means you can access the property through a secure access code, so you don't have to make an appointment with a sales agent.
You can take your time and walk through the property with privacy.
Check out Abodefy Showcase Listings
Financing
Believe it or not, the lender you choose for financing holds the key as to whether or not you can complete your purchase online. If your lender doesn’t allow for fully digital signatures on their closing documents, you will have to step away from your screen and make a trip to an office somewhere to meet with a Notary Public and sign paper documents.
There are lenders out there that DO allow fully digitally signed documents, so don’t let anyone tell you otherwise. Here are the questions to ask:
1. Can I apply for my loan and submit requested verification documents online?
2. Can I deposit my earnest money and closing funds electronically?
3. Can my closing appointment be done via video conference with a remote notary?
4. Will my closing documents be accessible, and can they be signed digitally?
Financing offered through Abodefy's website, allows for fully digital application and signing. The Get Pre-approved links on Abodefy offer financing options that work quickly for pre-qualification within minutes and pre-approvals within 24 hours.
Set your budget with our Loan Calculator
Closing
Your closing appointment is typically scheduled through a title company. The title company is responsible for collecting, holding, and distributing all funds for the transaction, insuring the property is legally transferred to the buyer as the new owner, and overseeing the appropriate signatures required to complete the transaction.
Traditionally, the title company is the office where Buyers and Seller would go to sign their closing documents. While the possibility of now signing those documents digitally with an online notary through a video call, the title company has to be equipped and willing to close your transaction digitally. This is a question to ask your real estate agent (if you are working with one) or as you shop around for a title closing company.
Bottom Line
We stand by our "Heck Yeah!" when asked if you can buy a home online. The key to making this a reality for you is to make sure you include service providers in your home buying process that want to accomplish this digital pursuit.
How Can We Help?
Check out the answers to some of our most common questions.
Yes! Abodefy displays all home listed for sale through HAR, NTREIS, and SABOR but Abodefy owned homes exclusively can be purchased completely online. As you view your matches, look for the "Tour This Home" and "Buy This Home" buttons at the bottom of Abodefy owned properties.
You can also find Abodefy owned homes on our Showcase page.
Abodefy financing is completely approved for online closings. If you are approved for financing through Abodefy, you can expect to sign your loan documents digitally.
Abodefy's title partner offers online closing appointments. With Abodefy, you can schedule, attend, and complete your closing online.
We believe the best closing experience is to complete your final walk through and closing appointment at the same time. That way, you can learn everything about your home, sign your final documents, and celebrate being a homeowner all right there at your new home!
