Real estate experts have reacted with caution to a Canadian firm’s plan to allow homebuyers to purchase a home using their credit card. Website BuzzBuzzHome is planning to add a ‘buy now’ button to listings which would allow purchasers to buy without using realtors or mortgage professionals.
The idea has been questioned by real estate expert Professor John Andrews of the Queen’s University who told CBC News: "Don't you want to put some time into it — even just getting a feel, even just talking to a [sales centre] broker?” He commented that making such an important and costly purchase without due diligence and use of professionals is “absurdly convenient, absurdly informal.”
The website’s owner Matthew Slutsky said that buyers would still be able to use a real estate agent, who would be compensated by the developer. He also highlighted a 10-day cooling-off period for buyers. One investor, Jen Goheen was open to the idea of buying in this way saying that the process of buying real estate is “antiquated”. She noted that she would only make a purchase online if she had all the necessary information.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: