Anyone buy a property sight unseen??

Question

I have not seen the property.

I do know there are 4 offers on the property - all around ask. So I know it can't be that bad. It has to be worth it if there are 4 offers within days on the market.  All cash. So I believe they are investors and market knowledgeable.

Do I really need to see the property?

Timothy Riley · Answer

piggy backing on Bill Gulley  comment - you should always view the property before purchasing and

Yes I bought one that I seen renovated sold and foreclosed on in less than eight months. The family stayed in the yard and hardly ever in the house. The price alone was worth the brick and corner lot. I lucked up in only needing a water tank and furnace but I stayed a few blocks away from this house so I had  eyes on it from the beginning. It was a risky move but paid off and now I living in it with only taxes and utilities to pay for.

Bill Gulley · Answer

Not sure what Frank thinks, but yes, you should see the property.

Especially if you're a newbie.

Now, that said and the title, yes I bought RE sight unseen by talking to a trusted appraiser who did go through it. If you have Trusted Boots on the ground and you know what can go wrong and have the ability to fix anything that flies your way, then no, you don't need to see it.

Now, I also ended up with many properties I never saw, but that is part of lending, not buying. Pretty close to the same thing though. :)

Steve Candor · Answer

@Tom Reynolds thanks. this is true.

Steve Candor · Answer

There's a contingency on the offer based on a house inspection... so we can see the property then. So it's not completely sight unseen.

Tom Reynolds · Answer

Hi Steve,
You may want to read at least the 1st commandment in Frank Gallinelli's book the 10 commandments of real estate.