One of the unusual situations that sometimes crops up in Portland real estate is one where the buyer purchases a house without ever seeing it. This may sound nuts—but there are circumstances (more than you’d think) where it can be the only practical solution.
Wholesalers and house-flippers, for instance, sometimes simply haven’t time to visit every property they suspect is a great buy. Other times, buyers might be relocating to Portland from out of state (or even out of the country) under a timetable that doesn’t allow them an extra visit—or even a first visit! According to the latest full-year data from the National Association of Realtors®, home sales to foreign buyers amounted to $68 billion!
As you’d guess, the risks of purchasing a house sight-unseen when relocating to Portland remain stark. Nonetheless, there are ways such buyers can protect themselves:
Adding a contractual walk-though contingency—one which allows a final walk-though before signing at closing—is the surest protection. Sellers aren’t obligated to accept such a contingency (and in a competitive market it’s less likely to be acceptable), but if it’s allowed, it’s also a sign that the property is likely to pass muster.
The odds of a good “sight-unseen” result when relocating to Portland grow significantly better when you present your agent with a clear list of requirements. Some important factors outside of specific house metrics could be the quality of local schools, transportation links and commuting times, crime rates, shopping and entertainment and recreation area access.
It is especially important to hire a first-class home inspector. When you can’t visit the property yourself, your inspector can be the trained eyes that prevent your inheriting unneeded maintenance issues. If the listing doesn’t give you a clear idea of how the home is laid out, requesting a video of both interior and exterior of the property is a good idea. If one isn’t available, don’t be shy about asking your agent to make a walk-through video for you.
For anyone relocating to Portland when a ‘sight-unseen’ home purchase is necessary, choosing the best-qualified agent and inspector couldn’t be more important. In that situation, they become your ears and eyes on the ground! Contact The Craig Reger Group today at (503) 389-0686.