It seems odd, ridiculous even, to suggest buying a home could be as easy as clicking a button, but a Canadian real estate search site called BuzzBuzzHome plans to have a "buy now" button where potential home buyers can purchase new construction with a credit card.
This eliminates the need for a real estate agent or any actual paperwork but is the concept raising some concerns?
We are always looking for new and innovative ways to streamline the home buying process but has this system gone too far?
The system is designed to present a potential buyer with all new construction homes and condominiums across Canada. Once the participating party clicks on the "buy now" button the buyer can review all related documents to that property. The buyer also has an option to select additional features such as deeded parking spots for additional storage. The buyer will then digitally sign the purchase and sale agreement and wait for the developer to sign off.
This potential buyer would secure the property with an online deposit, typically around $5000 on a credit card. Once the transaction goes through the property is technically the buyers, so long as the potential buyer can also secure a mortgage for the rest of the home if need be.
The owner of the project feels that this will allow for a smoother process and new home shoppers won't have two peruse of physical property that the everything they need from the comfort of their living room.
Other real estate agents in the area feel that this might cause impulse buying to one of the most important purchases of a homeowners life. It would seem that this is an extremely large decision being given the same buying power as a sweater or piece of furniture.
The owner of the project currently has condominiums for sale but plans on doing new construction for single-family homes in the near future. Many people buy just about everything online so why not homes? [Source]
While this might be the norm in Canada, here in the Portland real estate market we still feel that personal touch on something as large as a real estate purchase is extremely important. If you'd like to know more please browse the website but when you'd like to see home up close and personal and know more about the purchasing process give us a call at any time.