Does anyone have any experience with making offers on properties sight-unseen? My goal this week is to make as many offers as I can. The properties I am interested in making sight-unseen offers on seem to be in move-in condition and need no rehab work according to MLS description. Of course, before I made any offers on the properties I would call the listing agent and get as much info. as I can about the property. I also have a list of fixer-upper proerties that I will be looking at BEFORE I make an offer. I don’t feel comfortable making offers on rehab properties sight-unseen, although I know some investors do. I was just wondering if anyone has done this with properties that don’t need to be rehabbed and if they have had much luck finding motivated sellers?
Thanks for any and all help.
Make offers but make it conditional, ie, on inspection reports, so you can get out of it if property has flaws and you don’t want it.
Move-ins are retail. How are you going to make money buying retail? Rental w/positive cash flows? Hold for appreciation? Just curious…
Thanks Syd. I would make wholesale offers on the move-ins to see if the sellers are motivated. I then plan on assigning the contract to a cash buyer. Does this work or would I be wasting my time making wholesale offers on move-ins?
I don’t see why it shouldn’t. However, the responses you receive would be minimal. You figure only a seller who desperately wants out but can’t sell would contact you. But if you get one good deal in 100 tries, you’re set. It won’t cost you anything to make offers after offers. But you need a realtor who’s willing to work with you and make tons of offers for you knowing the offers are just a shot in the dark. Go for it! Keep us posted how it works out for you. Hope to hear a success story from you soon. Good luck.
Thanks, I will keep y’all posted. I am lucky because my husband is a realtor and is willing to find me the move-ins that could possibly be a motivated seller and make my offers for me.
Thanks for the help and advice!
I tell people that a property (vacant and ready to be torn down and/or a gut) is listed on MLS and they gag and say, well, “I’ll pass”.
Why is this?
Especially if the property has been sitting for a long while
the seller is very eager and will go for a lower price
and the return will be $300K - $1m depending on which deal they choose?
Thank you for your answers
Very true salemgurl,
I told someone here who is supposed to be an expert that I was going to put a bid on a prop in a small town and he said why would you buy a house thats been vacant for 2 years ? Even after I explained it was a foreclosure . :bash: