The big risks in buying a house sight unseen

Abstract

During the recent real estate boom, the urgency many would-be buyers have felt to act means making an offer sight unseen. While the housing market is cooling, to date it's still a seller's market, and buying sight unseen can be a viable strategy. If you do plan to buy sight unseen, you should at least mitigate the risk by having someone else do a walk-through on your behalf, said Andy Hart, chief executive of financial planning firm Delegate Advisors. "The cities are really strict with permits on new construction. They go in and inspect absolutely everything," said Cameron Burskey, managing director of retirement security at Cornerstone Financial Services in Southfield, Mich. "That should make you feel more comfortable if you are buying sight unseen," he said. "Someone you trust should see the house before you buy it," Burskey said. Many would-be buyers are opting to forgo the inspection to move deals along. Buyers should at least know these things before they plunk down hard-earned cash on what could be the largest purchase they'll make in their lives.