How to Successfully Buy a NYC Home Sight Unseen

Not so long ago, buying a home sight unseen would have been unthinkable. The dangers of being defrauded or misled about the home’s condition made it a precarious venture. But that outlook has changed a great deal in the last few years. Improved technology, virtual tours, buyer’s agents, and changes in perspective have made it far more accessible and safer than ever thought possible.

While risks remain, there are ways to limit those dangers and walk away with a successful home purchase. Here, we show you how you can do that.

Learn how to Assess an Online Listing

Most online listings will include a wide selection of photos of the property. These can provide a lot of information on what the home is like. But, be warned, they will rarely give you the full picture. Most home listing photos will focus on the good while avoiding unpleasant aspects. It can also be challenging to get a sense of scale as wide-angle lenses can make rooms look bigger than they are. 3D tours can give you a much better understanding of a home’s layout, but while they are becoming more common, they’re far from universal.

Familiarize yourself with the tools available to you and know how to spot red flags in a listing. Google street view can also help learn about the building’s exterior and surrounding neighborhood. Be sure to note how recently the images have been updated.

Perform a Thorough Online Search on the Property and Surrounding Neighborhood

It is effortless to gather information on a location without ever being there. An online search of a property’s address can provide helpful information, like whether previously involved in a recent property scandal, a violent crime, or a building dispute. Do plenty of research as well on what the surrounding neighborhood is. Is it close to a major avenue? How close is the nearest subway station, and what lines does it serve? Are there any public parks, grocery stores, gyms, or other amenities within easy walking distance? What are the neighborhood’s crime statistics? Whatever’s important to you, please make a note of it.

Find a Buyer’s Agent that Can Help with Sight Unseen Purchases

No buyer should ever be without a buyer’s agent. A good agent alerts you to suitable properties, provides advice on the best property to buy, performs comparable market analysis, expedites the paperwork, handles negotiations between the seller’s agent, etc. When buying sight unseen, they’ll be your eyes and ears.

Find an experienced agent who knows the area well and has your best interests at heart. Being tech-savvy is another plus as there will be a lot of online communication. While any agent you choose should be experienced and trustworthy, finding one you can get along with is also helpful. You’ll be spending a lot of time together on the phone, so they must be articulate, easy to converse with, and listen to what you have to say. Request references from each prospective agent and ensure that any previous sight-unseen buyers were happy with their services.

Make a List of Your “Must Haves” and “Must Not’s”

Every buyer should have a reasonably clear idea of what they’re looking for in a home before they start looking. Sight unseen buyers need to devote more time to this and be clear about their needs and wants. Think about your current lifestyle and how that might change soon. Do you plan to resell later down the line, or are you looking for a forever home?

Also, very few buyers ever find a property that ticks all the boxes. Compromise is a part of real estate, and you may have to decide which of your “must-haves” are more important than others. As you compare listings in your search, you may change your mind about what’s more important. Make sure to keep your buyer’s agent informed about these changes and listen to any input they have.

Ask a Lot of Questions During Video-walkthroughs with Your Agent

For each listing that catches your eye, your agent can arrange for a private showing where you can see it for yourself through a video-chat app. Have them walk you through the property and narrate what they see, hear, and smell. Ask questions about the quality of the appliances and finishes, what is soundproofing like between the different rooms (and neighbors), and how does each room compares with the listing photos? Also, it is a good idea to have them bring a tape measure to get an accurate sense of proportions. It may also be worth having them visit the property at different times of the day so you can see how much natural light it gets.

Hire a Home Inspector Suitable for Sight-Unseen Purchases

Even when a seller has provided a seemingly comprehensive list of disclosures, still crucial that you get an independent evaluation from someone on your side; home inspectors come in various experience levels. Your agent should be able to connect you with one that can do a thorough job and provide a detailed inspection report. Detailed reports include comments on each home area. While this will cost a little more, it will be far more helpful than a simple list of checkboxes. It may also be good to hire additional inspectors to examine features that your main inspector is not an expert in, such as plumbing or electrical wiring for single and multi-family homes.

Final Thoughts

Even once you have received a signed contract, you will need to stay on your toes until closing day. In NYC, the closing process can take anywhere from 30 to 45 days, though it can sometimes take longer than that. Many things can still go wrong at this time. There may be money transfer issues, last-minute changes to loan terms, problems found during the title search, sales contract, document inconsistencies, and the list. Your real estate attorney and buyer’s agent will be there to walk you through any of these problems and ensure you get to closing day. Ensure your agent does one final walkthrough of the home right before closing to ensure everything is as it should be.

Buying sight-unseen may be a challenge, but you can achieve it with the proper planning and foresight.