AskBP

#AskBP 070: Can I Make an Offer Sight Unseen?

Expertise: Landlording & Rental Properties, Personal Development, Real Estate News & Commentary, Business Management, Flipping Houses, Mortgages & Creative Financing, Real Estate Deal Analysis & Advice, Real Estate Wholesaling, Personal Finance, Real Estate Marketing, AskBP, Real Estate Investing Basics
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Can I Make an Offer Sight Unseen?

In today’s hot market, it can be difficult to view a property before it goes under contract. On this episode of the #AskBP Podcast, Mindy Jensen discusses waiting to view a property, and what an inspection contingency is really for.

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Brandon Turner is an active real estate investor, entrepreneur, writer, and co-host of the BiggerPockets Podcast. He is a nationally recognized leader in the real estate education space and has tau...
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    Andy Gross from Baltimore, Maryland
    Replied about 5 years ago
    Just listened to this one, and one additional thing to consider is your reputation. If you make an offer sight-unseen, and then back out using your inspection contingency, you’re going to get a reputation. Eventually, your agent is going to stop writing offers for you and sellers might start taking lower offers instead of yours because they know you aren’t going to close.
    Mindy Jensen BiggerPockets Community Manager from Longmont, CO
    Replied about 5 years ago
    Thanks, Andy. I’m actually showing a property tonight to a client who is potentially going to benefit from an investor who did just this. Made a bunch of offers, tied up the properties, then came to town, “inspected” them and dropped the offers he didn’t want to choose the one he liked best. While it is working out for my retail client, it was a less-than-ethical way for the investor to behave.
    Don Alberts from Frankfort, Illinois
    Replied about 5 years ago
    Mindy, just listened to your views on the best configuration of multifamily property investing. I want to thank you for the insight of the less problems with smaller units vs larger units from vacancy to back ground checks. Thanks and I appreciate all your sharing. Have a wonderful day. Don