Hi. I have X amount of money and I can spend Y amount on buying a house. I can either buy it outright or spread out the pain over a 30 year loan. I have been looking on realtor.com and frankly it is tedious. How would you go about it? Any other tips? Thanks.
If you can buy a house cash, without having to pay mortgage, why would you do consider doing otherwise?
Is this a question of whether the money is better invested in property vs some sort of investment account?
I’m not sure what you mean by buying a house online. Are you thinking of buying a house based only on online photos and videos but without actually seeing it in person?
Because I think some agents are having the buyers tour the house while the agent is at a distance, perhaps in their car outside.
I wouldn’t buy shoes I couldn’t try on first, let alone a house. 
Yeah, I’d buy a house online when you can turn the taps on online.
As for cash versus mortgage, depends on how much cash you’ll have left over after the purchase. And the interest rates and how you can invest it. With the overpriced market and low mortgage rates, I’d go cash myself these days if you have adequate left over to get you through six months or so.
Because you can get a 30 year fixed conforming loan at below 3% and if you itemize your taxes your effective interest rate approaches 2%. You will generally do much better than that investing the money over time. Plus liquidity is a good thing.
Easy to arrange nowadays - while you’re driving home from a long day, “Alexa, fill the bath”.
Funnily enough, a friend of mine is right now on the verge of buying a house based on a virtual tour. I think she also had the agent walk through “live streaming” from a phone, so she could ask him to turn around and focus on various things that she wanted to look at more closely. I think she’s crazy, but she seems comfortable with it.
Yeah, when I moved down here, my expectation was that I’d pay cash for our next home. My financial adviser was aghast at that idea. His plan was to get the biggest loan possible at the lowest possible interest rate and let my investments ride. I’m at 2.5% right now, and even with the recent unpleasantness, I’m well ahead.
Looking for properties is the easiest part of the process. If you think that’s tedious just wait until negotiations and paperwork.
While our plan isn’t going to be right for all circumstances, it is correct for most financially responsible working professionals who own a single home where they live. I have found that it is nearly impossible get people to comprehend this. I get that reasonable people can disagree. I am talking about people being unable to understand the fundamentals of the argument behind it.
Yeah. Then “Alexa, open the bathroom door to let the water run out.”
Thanks for the answers. I guess what I would like to know is what process would you take to buy a home. What are the steps you would take? Get an agent? Are there other sites I should be looking at? What are the things I should watch out for?
Sorry if my OP is too vague or not worded correctly.
That’s because you can’t argue people out of a position they didn’t argue themselves into in the first place and for a certain class of lower-middle class Americans, they were taught that debt wasn’t just inadvisable, it was louche, it was sinful and it was shameful. It doesn’t come from a place of logic and math, it comes from a place of emotion and identity.
Upper-middle class Americans and above are educated to treat debt much more like a tool that can be deployed strategically.
I would still like to know if it is actually possible to go through the entire process of buying a house online.
There is the process of selecting a home, and then there is the process of closing on it. Those are different. I’d say interview some real estate agents, and find one you like and trust. Decide what kind of house you want, area, amenities, etc., and look at examples on line. Stick to a budget. Always visit a house twice before you make an offer, and it is a good idea to have a checklist of things you want to examine before the second visit.
Closing depends on the state. In NJ lawyers do it, in California the mortgage company does. You sign a ton of stuff, which you should read, but it isn’t difficult.
Always get the house inspected. This should be a no brainer, but someone I know, who used a friend as an agent, didn’t get one because the friend said the sellers might not accept the offer if an inspection was required. Yeah, there are tons of problems with the house.
Hope that is the kind of thing you’re looking for.
I wonder if they let you esign all the tons of documents involved.
Wouldn’t you need the services of a notary signing agent for escrow and title?
It turns out that in some states you can do webcam notarization, and in some (probably most) you can’t. Not in California. Here’s a link which I haven’t studied in depth. The link is from 2016 - I wonder if things have been liberalized thanks to the pandemic.
So is the question how to buy a house in general or how specifically to buy a house online or how to buy a house in this age of social distancing? Because a lot of us seem fixated on the online purchase question and that may not be what you want.