I was just surfing the MLS as I sometimes do and came across a listing with this description
"Nice income potential. Duplex located in Willmar. House just needs some TLC. Main floor unit is vacant and can be shown. Upstairs unit is occupied and can not be shown. Property is being sold occupied, in as-is condition with no access and no inspections. All offers must include a preapproval letter. To report any concerns with a listing broker/agent or to report any property condition or other concern needing escalation, including concerns related to a previously submitted offer or information on how to place an offer, please call: ..."
I find this pretty sketchy considering it is being sold as is and you are only able to view one unit with no inspections... Am I right or am I missing something here? I'm not interested in buying this property but just thought it was strange. Let me know what you think!
Absolutely it's sketchy. If you can evaluate the property, you can't tell if it's a deal. If you know the market well and are experienced you might be able to assess close enough to go ahead based on the lower unit if the price is a slam dunk.
I don't buy what I can't evaluate. You might come up with a clever way to talk to the tenant upstairs to see that unit before contacting the seller or realtor. Or maybe you can talk reason to the seller/agent.
Don't think it's necessarily sketchy, sounds like an REO where the bank is not evicting the tenant. Could be an opportunity, if most others view it the same way.
I agree with Wayne. This doesn't surprise me at all. Go to a foreclosure auction, do you get to inspect the property there? You simply put in an offer assuming the worst, or perhaps the worst likely, scenario.
@Doug McLeod In the end I would have to agree with you. I did a quick run of the numbers (just for fun) and it was a pretty decent deal but no where near a slam dunk. Too much risk for what I'm looking for.
Thank you guys for your responses.
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