Investors, for instance, sometimes simply haven’t time to visit every property they suspect is a great investment. Other times, buyers might be relocating to Greenwich from 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 remain stark. Nonetheless, there are ways such buyers can protect themselves:
Adding a contractual walk-through 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 Greenwich 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 location within Greenwich, access to I-95 or the Merritt Parkway, or school district.
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 Greenwich when a ‘sight-unseen’ home purchase is necessary, choosing a top-notch realtor and inspector couldn’t be more important. After all, they become your ears and eyes on the ground!