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3 risks of purchasing a home online

On Behalf of | Sep 1, 2023 | Real Estate Transactions

Digital technology allows you to do many things entirely online. You can shop for groceries, purchase eyeglasses or make valuable investments without leaving your home.

Online technology may even allow you to purchase a new home with little or no face-to-face contact with any of the involved parties. Buying a home online may make sense for your circumstances, but there are several risks you should consider.

Hidden problems with the property

You can learn a lot about a residence by carefully reviewing photos of the property. However, it could contain defects or damage that you cannot find by looking at pictures. A physical tour of the home and the property is often the ideal way to spot hidden problems.

Internet-based lenders

If you can buy a home online, why not secure financing online as well? After all, you can find dozens of online lenders that promise a speedy approval process. Two possible risks to consider are poor customer support and unpredictable or fluctuating interest rates.

Scams targeting buyers

Unfortunately, buying a home solely online exposes you to dozens of real estate scams that could result in significant financial loss. For example, the property listing that snagged your attention could have been stolen from an authentic website by a scammer waiting to take your money and run.

Don’t underestimate the human element

Generally speaking, it is unwise not to involve professionals when you are purchasing a new home. A licensed real estate agent can ensure the listing is authentic while having experienced legal guidance can help you protect your rights under the New Jersey Home Ownership Security Act of 2002 (NJ HOSA).