The Condo Mania Team
News > Can I Buy A Scottsdale Condo Remotely?
published on 2023-05-20
You've been waiting for that perfect condo or townhome in Scottsdale to come up for sale and it just popped up. But you're 1000 miles away and can't jump on a plane right away to see it. Unfortunately, though the average time on market has increased significantly from past years, condos in pristine condition are still moving quickly. What do you do?
With the advent of all sorts of technology tools and access to condo experts has made it easy to buy a condo sight unseen. Everything can be handled seamlessly by your closing team, which consists of your trusted real estate agent, the escrow officer and lender. In real estate markets like this one, buying remotely is becoming more prevalent, especially because Scottsdale is such a great second home buyer market.
How do I make sure the condo is right for me?
Most of our clients that buy remotely have visited Scottsdale, and we've helped them narrow down their choices to one, two or three condo communities that have the amenities (pool, fitness room, landscaping, etc) and locations they like.
Then we wait.
When condo comes up for sale that fits your criteria, we'll send you the listing with photos. But frankly, real estate agents like to showcase the best things about a condo in those photos and you're left wondering about things like "what exactly am I looking at from my balcony?" and "why didn't they include a photo of the second bedroom?". Have no fear, if you think the condo might be for you, we'll visit the unit and send you a video walk-through with little details such as a view of the coat closet and a panoramic look at everything you see from the balcony, or we can set up a Facetime showing at the condo so you can ask questions you might have while we're there.
How do I execute a contract remotely?
With the advent of tools like Docusign and Authentisign, signing a contract remotely is easy. All you'll need is an email address. Once we decide on some key contract points like price and closing date, we will prepare the contract and send it to you to e-sign. Then we send the contract to the seller's agent and contract negotiations begin. Counter offers will also be sent to you to e-sign.
Once the contract is accepted by both parties, we open escrow with the escrow company. You'll need to wire the earnest deposit to the escrow company as soon as possible after the contract is accepted. You'll receive wire instructions from the escrow company, but it is important to verify those instructions with a phone call to the escrow officer using a trusted number. Wire fraud is on the rise, so this extra step is prudent.
Most mortgage companies work with remote buyers routinely so there won't be any issues with handling the home loan process when you're not in Scottsdale.
What about the inspection?
Some of our clients will arrange to come to Scottsdale for the inspection, but it is not necessary. We attend the inspection and can facilitate a phone call or Facetime with the inspector to go over the inspection results. Then we'll work with you to negotiate repairs. The inspection is also your opportunity to cancel the purchase if you aren't happy with the property.
After all repairs are negotiated and performed, it's a good idea to walk through the condo to make sure all the repairs are complete. You can either have a friend or family member do the walk through, or use the same inspector to check the repairs.
How do I close on my condo remotely?
Again, there's no problem closing on a condo or townhome in Scottsdale remotely. The closing paperwork requires a notary, so the title company can arrange for a mobile notary to come to wherever you are, or you can visit a notary in your area. Then you (or the mobile notary) will overnight the closing paperwork back to the title company who will record the deed with the county. Then the place is yours!
Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.
Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2023-06-01 05:16:07