Tag: internet

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Want to Buy Real Estate Online? (I have a bridge to sell you!)

by Dan Krell

Technology is great, isn’t it? You can do almost anything online these days; you can buy anything online, including real estate. Technological advances in the real estate industry have exploded in the last ten years to make it easier to for home buyers and real estate agents to complete transactions. Present technology allows you to almost complete an entire transaction from your desk. Now you can even bid on homes, from mansions to foreclosed homes, on various internet auction websites.

Sure, buying a home online might save you time, at least initially. But if there are problems with the home, you can bet you will spend lots of time and money to fix it. Nothing (at this present time) fully replaces physically viewing homes to get the full experience of the home and its surrounding neighborhood. Problems commonly encountered with real estate sold by internet auctions may include poor property condition, title issues, and location problems.

Would you buy a home from an online auction…without ever seeing the home in person? The term “buyer beware” may have more significance in this scenario as purchasing a home via internet auction may limit you on your ability to inspect the home.

Regardless of whether you are purchasing a home the traditional way or online, it is a good idea to have a home inspection. According to the American Society of Home Inspectors (ASHI), a home inspection will assist in your decision to purchase the home by revealing any major deficiencies and issues that need immediate attention. Additionally, the home inspection could provide information on regular maintenance as well.

Another problem that arises from internet real estate auctions is that you may be unaware if the property is land locked. Some believe it is safer to buy a vacant lot online than a home because there is no structure to worry about. Unfortunately, a property may physically sit behind other lots or homes with no access to the road. Without access, you would have to park your car and walk through your neighbor’s property to get yours.

If you are buying a lot online with the intention to build a home, having restricted or no access to the lot will pose a challenge. Without road access to the property, delivering materials and equipment necessary to build the home is almost impossible. Additionally, getting utilities to the home may also be a challenge as well, as there may not be a utility right of way or utilities may not be available at all.

Finally, buying a home through an internet auction may also restrict your ability to conduct a thorough title search. Hiring a title attorney to conduct a search and examination of the property’s title, will allow you to know if there are title issues (such as foreclosure, liens, or broken chain of title). It is important to make certain that you are being given a clear and marketable title.

Moreover, some question if internet real estate auctions are considered a binding purchase.

Perusing home listings on internet websites may be easy and tempting, however it is important to do your homework. No matter how you intend to buy a home, it is always a good idea to consult competent real estate professionals.

This article is not intended to provide nor should it be relied upon for legal and financial advice. This article was originally published in the Montgomery County Sentinel the week of February 25, 2008. Copyright © 2008 Dan Krell.

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Surfing for Homes

Before you were surfing for homes on computers, brokers kept track of their listings by card catalogues. As a matter of fact, these old cards were displayed at the old Rockville office of Metropolitan Regional Information Systems, Inc. (MRIS), (the old multiple list service).

During that time before the MLS, brokers were not required to share information and listings with other brokers. This proprietary system allowed the broker to maintain the buyers that came to seek information on homes for sale.

Looking back, home buying was not complicated. Home buyers would go to the local real estate office and see what homes were available. Homes for sale and other information were limited to what your Realtor knew. Most likely, the only homes your Realtor showed you were homes that were listed by that real estate firm. Needless to say, the real estate industry has come a long way since then.

Since the advent of the multiple list service, technology has made a huge impact on the real estate industry. Presently, surfing for homes has never been easier. Home buyers can look for homes on the internet and get listings via email and cell phones. As a matter of fact, if you go onto the internet, you will have hundreds of Realtors (including myself) as well as Real Estate Companies offer to send you home listings.

With all of this information flying around, what’s the most reliable and accurate information available?

The most reliable and accurate information available for Realtor listed homes is through MRIS. Unfortunately, if you are not a real estate professional, you can not have a membership to peruse the database. The good news is, however, that all the other databases and online searches of Realtor listed homes are fed by the MRIS. The quality of the information depends on the website’s ability to update their information from MRIS and how it disseminated.

There are a few popular internet searches that offer free searching without offering information. If you choose additional information or services from these sites, you must fill out an information page giving at least a name and email address. Although you get to search on your own, the sites do promote realtors and other real estate professionals.

Older style internet home search services forward your information to a local Realtor who will send you the information you seek. All these sites are useful and you can get the information you desire as long as your search criteria is specific enough. Unfortunately, if your search criteria are too specific, you will miss seeing homes that you may actually consider buying.

There are many alternative sites tthat allow surfing for homes too (such as craigslist.org). These sites allow specifc posts by brokers and FSBO’s.

Having all the technology and information available online is useful, however there are drawbacks. The main drawback is that most of the information is limited and you must contact someone for additional information. No matter what manner of internet home searching you choose, you will be more informed than not having done the search at all.

By Dan Krell
Copyright © 2016

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Searching for your home on the internet

Most home buyers do the internet home search. These home buyers are either looking at websites to find homes that are still on the market, or are receiving listings from their Realtors by e-mail. This is no different with my clients. Clients that I work with always find a discrepancy or two on the homes that still say “active” (meaning they are available to see and place an offer). Sometimes the home that is marked “active” will actually be under contract, or “off the market” for one reason or another. The question that is asked is, “if the home is no longer available to show, why is the status still active?”

That is a very fair question. The answer lies in several factors. The first factor is the technology itself. The second factor lies in procedure and etiquette for entering information in the Multiple List Service (MLS). The third factor is human error.

Many Realtors and Brokers have web sites where home buyers can search for homes that are for sale. You can get an idea of the abundance of these sites by going to an internet search engine and type in “home search Silver Spring.” The thousands of sites that exist all are run by different forms of technology. Although these websites pull information from the local MLS, the nature of the software running the websites will update the listings at different times. Some websites are actually a day or two behind the actual MLS. So, a home showing “active,” may actually be under contract.

Some internet home search websites are updated sooner than other websites, however, some are easier to navigate. If your desire is to find the home and jump on it before anyone else, relying on internet listings is not the way to go.

So much for technology. How about the human element? Realtors inputting information into the MLS also must follow a precise procedure and etiquette. The reason for the procedures is to ensure the accuracy of the information. A Realtor must input their listings within twenty-four hours of obtaining the listing, and must input all subsequent information accordingly. When the status for a home changes, such as having a contract or settling, the Realtor must input this information as well. It gets a bit sticky when the Realtor is working on final negotiations for a contract, but the contract has not been ratified. There is no contract yet so the status can not be changed. The Realtor won’t change the status until the final signatures are on the contract, and this limbo time will create some confusion and frustration for some home buyers and Realtors.

The final reason for discrepancies to exist is human error. There are times when the listing agent (Realtor who represents the seller) will forget to change the status of the home. This is mostly unintentional, however, it does add to the home buyer’s frustration.

The internet home search is helpful, fun and convenient. It is not perfect. Before running out to look at the home of your dreams, make sure it is still available by asking your Realtor to check the status. This will reduce your frustration and make home buying a more pleasant experience.

This column is not intended to provide nor should it be relied upon for legal and financial advice.

by Dan Krell © 2005

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