Would you buy a house without touring it?

5 Replies

I'm talking with an agent who's selling the portfolio of a client who's getting into apartment complexes. The houses he's selling, I asked about viewing them, and he said we couldn't do showings because they're all tenanted. Would you buy a house that you couldn't be shown?

It definitely depends on the deal -- short answer is no.

I'm not just buying the house, I'm buying the lease, and there's no way I'm buying the lease of a tenant that won't let the owner show the house.  If it's a case of the tenant not knowing it's for sale, there's ways around it.

It may be a case of the owner wanting a qualified buyer and offer/contract before showing -- that happens.  In that case, make the offer that makes sense, then view, then re-negotiate based on what you find in the viewing/inspection.

How good a deal it is makes all the difference.

@Matthew Reichert I agree with Dan. It’s common for sellers with tenants to restrict showings. They don’t want a bunch of tire kickers disturbing their tenants that have no intentions (or no ability) to buy the property. It’s a lot of coordination for the seller as well. However, I would not buy without looking at it. I’d make an offer contingent on seeing the units. That way, they know you’re serious and can see your preapproval or proof of funds. If they won’t agree to that contingency I would walk away.

I had something similar recently where I inquired about a multi family and they would not share the rent roll. Thats where my interest ended. If the seller won’t share (or let you see) basic items I would be suspicious of what they’re hiding.

Promotion
Apartments.com
List, Screen, Lease, Get Paid, Manage.
No Better Place to Lease Your Place
Owners rely on the #1 rental site to get the best results from their rental properties.
Get Started Now

I agree with the others.  Once you make the offer have it conditional upon you viewing all the leases and properties.  When you go in, they may not want you to say that you are a buyer and that's fine as the tenants can get jumpy.

Originally posted by @Theresa Harris :

I agree with the others.  Once you make the offer have it conditional upon you viewing all the leases and properties.  When you go in, they may not want you to say that you are a buyer and that's fine as the tenants can get jumpy.

 What would you tell them instead?

Originally posted by @Matthew Reichert :
Originally posted by @Theresa Harris:

I agree with the others.  Once you make the offer have it conditional upon you viewing all the leases and properties.  When you go in, they may not want you to say that you are a buyer and that's fine as the tenants can get jumpy.

 What would you tell them instead?

You could say that you are with the insurance company and want to look at the property to ensure it is adequately covered or an inspector of some sort or a contractor as the owner wants an opinion on the condition of his property.