How do you go about buying a house in Rock Island, Illinois online without getting burned?
The Illinois housing market is vibrant, and mortgage rates are low, making it somewhat challenging to buy a home in the Rock Island area at this time. Many buyers are making offers on houses before even seeing them because properties are being sold so quickly. As the top-rated mortgage lender in Rock Island, Illinois, we have been monitoring this trend from the beginning, and we’re going to discuss some things you should keep in mind when searching for a new home.
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Why Are Buyers Making Offers on Houses They Have Never Seen Before?
It boils down to the crazy high demand. With homes in Rock Island receiving offers within hours of being listed for sale, buyers usually do not have enough time to schedule a tour before the house is ‘under contract.’ Because of this frenzy, some buyers resort to making offers on homes without even setting foot on the property.
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How Do I Buy a House I Have Never Seen?
This trend has upended the traditional home-buying process in Rock Island and other hot property markets across the United States. With that said, this mortgage lender in Rock Island, Illinois is going to provide a few tips that will help you make an informed decision:
1. Know what you want.
If you only have a general idea of what you want in your Rock Island home, you may run into problems buying one online. Prioritize your must-haves and determine how much PITI (Principal, Interest, Taxes, and Insurance) you can afford. This way, you will be able to confidently make an offer on a house that matches your specific criteria when it hits the market.
2. Review the listing photos.
Looking at photos and videos of the property on home listing websites is the next best thing if you cannot tour the place in person. You can examine the lighting, the size and layout of the rooms, the kitchen and bathroom conditions, the size of the outdoor space, and more.
3. Read the specs.
Take a close look at the numbers that are available on the listing. What is the square footage? Is there enough room for your family? How old is the roof? How old is the HVAC unit? Reviewing the specs that are listed will give you a better idea as to whether a particular home could be a good fit for you.
4. Hire an agent.
When buying a home in a market as hot as Rock Island, Illinois, it’s recommended that you partner with an experienced real estate agent. A good agent should be able to tell you about other properties they have sold in the neighborhood, as well as the pros and cons of the area itself. Your agent should be able to fill in the blanks left by missing photographs and spec data to provide you with a complete picture to help you make an informed decision.
5. Find the right Rock Island mortgage lender.
If you are planning to take out a mortgage to buy your home, you’ll want to take some time to find the right mortgage lender in Rock Island, Illinois. A professional mortgage lender can help determine the right loan program for your needs and budget.
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Sure, buying a house without seeing it in person can be daunting. However, if you make a list of the amenities you must have, have the home thoroughly inspected, and trust your agent and mortgage lender, you’ll be well on your way to owning a new home.