Buying a Home 'Sight Unseen' in Tampa Bay Area
Buying a Home “Sight Unseen” in the Tampa Bay Area
Is it a good idea? Maybe, or maybe not. It depends upon the buyer, the agent and the property.
Today, Home Buying is not the perfect world, the perfect situation or even about waiting for the perfect property.
Real Estate in Tampa, St. Pete, Clearwater or Sarasota just moves too fast, often selling within hours. Buyers are getting desperate and stretching on the home purchase while the pile of homes available is shrinking. Almost all desirable homes have multiple offers within a couple of days.
Pasco and Charlotte County real estate is moving a hair slower, but that does not mean “slow”. It also does not mean that you have time to sort it all out or be successful with a lowball offer.
Sometimes out-of-town buyers want to us to search for them and if we find someting to suit them, they plan to hop on a plane and check it out. That does not work because by that time, a "nice" property willl already have offers on it.
Even if the listing deadline says "Highest and Best" offers will be reviewed by next Monday (or whatever day), chances are the seller may take an offer before the end of the deadline.
The reality is that some of our "sight unseen" buyers only come for the home inspection, some only come down for closing and some never see the property at all until after closing.
We are an extension of the home buyer who relies on our expertise to steer them in the right direction. In addition, we are one of the very few offices that can legally provide full fiduciary duties of 100% loyalty, 100% confidentiality and 100% full disclosure on any and all property.
Cash or finance?
Lets face it, cash does talk so if you are financing here are some tips:
1. Competition is fierce, so get your means of purchase in order.
2. If paying cash, a “POF” (proof of funds) will need to be submitted with your offer.
3. If financing, put as much as you can down on the loan and go as far as you can getting qualified…you want to look as creditworthy as possible.
4. Some lenders have a program wher you can buy with cash upfront and finance later...ask Eric the Mortgage Guy.
The “Sight Unseen” Buyer:
First start by looking at homes on line in your target area and within your budget. You will not get the entire scope of every property, but after a while you will get a feel for what appeals to you and what does not.
Feel free to search on our website “TampaBuyersBroker.com” which is always updated. Setting up a free account will enable you to automatically receive notice when a property goes pending, or the sold price once it is closed.
The more searching, the better a buyer may feel about buying sight unseen. A buyer must be ready to decide on a property before physically seeing it and signing an offer. That means the buyer must be prepared for quick decisions and be willing to give up some control.
For many buyers, that feels too strange and makes them uncomfortable, so if that is the case, I say “don’t do it”.
If you are OK with buying a home sight unseen, make sure you hire a broker that understands your needs and goals, and is savvy about the good, the bad and the “buyer beware” things that most Florida buyers are unaware of.
Hiring the Right Agent:
This is the most important decision you need to make, as the agent will be your eyes and ears to guide you to making the best home buying decision…it is not a job for a newbie. Ask the hard questions and don’t pick someone that you are not sure of.
Not all agents want the job. Steer clear of agents that are not comfortable with helping home buyers buy “sight unseen” or have never helped a buyer in that manner.
Choose someone that will not flinch when they present your offer or maybe even have to “sell” the best qualities about you and your offer.
Your best bet is to work with someone that can evaluate property conditions/values and is willing to dig deep and provide you with any information that they find…and most importantly be willing to tell you when not to buy.
Ask questions and pose different scenarios as you sort out the best agent fit. Find out who that agent will actually be representing and be aware that “Transaction Brokers” cannot legally provide you any loyalty, regardless of what they promise. Only an Exclusive Buyers Agent that works in a Buyer Brokerage can be 100% on your side all the time.
Buying the Property:
How do you know when the property is “The One”?
Chances are that you won't feel that, because you did not get to walk through the home and admire its features.
Actually, you do not have to be in love wth the property at all...you need to make a smart decision.
One time when we went to look at a property, my hubby asked if I liked the property…I said “no, but let's buy it because the price is right”. Another time, a boring (no appeal) house we bought ended up being one of our favorites. The key is never to look for perfection.
What is your goal for this home…are you looking for a solid investment or something that will make you smile every morning because it is your dream home?
So what is a smart decision? A reasonable price, a good location and a house with good bones…the ability to make it look much better. (if you choose to do so).The last thing you want is to be the most expensive home in the neighborhood unless it has unique features that you cannot find elsewhere.
Buyers Broker of Florida is an Exclusive Buyer Agency Office that is dedicated only to home buyers. No games, no double talk, no conflict of interest. Our commission is paid just like any other real estate office…by the listing office or the seller.
We are savvy Buyer Brokers, experienced at helping home buyers buy homes sight unseen. Call/Text us and ask us anything 727-202-9130.
"We have worked with Eve and her husband Mike 3 times in the past 10 years. Eve is very professional and truly on the ball with everything. We have bought out last 2 homes with them while living out of state. It’s not easy doing that, but they made it easy for us. They did all the work and recommended the loan people, the inspectors, the attorney. Eve and her husband did all the walk through in our place, since we don’t live there. I wouldn’t trust no one else but them. Also they are a buyers agent, that makes a big difference. Please do your homework and look into it. That’s how I found them. We look forward to working with them again soon!! Thanks Eve and Mike!!" M.K. 4 months ago.