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Completing a residential property transaction online

On Behalf of | Jun 30, 2017 | Mortgages

Online banking has made the days of writing dozens of checks each month to cover household expenses a distant memory for many Delaware residents, and they can now use the internet to buy or sell real estate. Several companies already allow consumers to submit mortgage loan applications online, and websites like Zillow and Trulia let prospective home buyers view available properties on the internet and even take virtual tours. However, there are drawbacks as well as benefits when conducting residential property transactions completely online.

While consumers have been able to complete and submit mortgage applications on the internet for some time, it has been difficult until recently for online applicants to provide loan officers and mortgage brokers with the documents that underwriters need. This can now be done by providing lenders electronic access to pay stubs, tax returns and bank statements. However, applying for a loan online may not be practical for those seeking a jumbo mortgage or individuals with unconventional financial situations or income that could be difficult to verify.

Viewing properties online allows home buyers to compare houses and neighborhoods quickly and easily, but most professionals would suggest that they take at least one physical walk-through before making a final decision. Adjusting camera lens fields can make rooms seem much larger than they actually are, and homeowners will generally present their properties in the best possible light and do all they can to avoid revealing defects that could put buyers off.

Home buyers generally want to complete transactions quickly once they have decided on a house and the price has been agreed, but document issues, title defects and disputes over the provisions of purchase and sale agreements can cause lengthy delays. Attorneys with experience in this area could seek to expedite residential property transactions by addressing these issues proactively and working to settle disagreements amicably.