No viewing until accepted contract???

8 Replies

has anyone heard of a listing agent not allowing viewings of a property until there is an accepted contract?

I'm interested in a multi and agent is saying they won't schedule a viewing untell it's under contract. It seems kinda fishy....

an seller can do whatever they want, the question is will the market support it! I heard in the crazy pre-recession days in California people would put offers in it sight unseen with the "viewing" contingency! 

I have done tons of sight unseen and than looked at it. The key is I totally low ball and they were short sales. They have always been based on condition etc.

Originally posted by @Chris Mcalister :

has anyone heard of a listing agent not allowing viewings of a property until there is an accepted contract?

I'm interested in a multi and agent is saying they won't schedule a viewing untell it's under contract. It seems kinda fishy....

 The units are that bad......offer accordingly.

Originally posted by @Chris Mcalister :

has anyone heard of a listing agent not allowing viewings of a property until there is an accepted contract?

I'm interested in a multi and agent is saying they won't schedule a viewing untell it's under contract. It seems kinda fishy....

 That's a common practice, especially in SoCal on multi unit properties.

Owners in this case want to avoid upsetting paying tenants with constant strangers invading their privacy. 

Furthermore, as investors make bids based on what makes sense to them, sometimes these buyers make silly offers. I'm sure the sellers wants to save the time and headache of showing the property to someone who may end up, possibly, offering something non sensical. 

Typically, other conditions can be strong indicators of the interiors condition. But, you always want to offer conservatively with a 'subject to inspection.' This way, you can always adjust your offer based on your findings. 

I wouldn't shy away from such a property. 

Simply govern yourself accordingly.  

@Chris Mcalister

  SOP's with Multi... Multi buyers are usually seasoned investor and don't want to waste time looking at units unless they have them under contract.

Sellers don't want to disturb tenants etc.

Originally posted by @Elizabeth Colegrove:

an seller can do whatever they want, the question is will the market support it! I heard in the crazy pre-recession days in California people would put offers in it sight unseen with the "viewing" contingency! 

I have done tons of sight unseen and than looked at it. The key is I totally low ball and they were short sales. They have always been based on condition etc.

 That was exactly what I was thinking. The property looks to be good condition from the pictures that I can find online "for rent ads" but the ads are a year old. I think I will make an offer but for 30k less then asking price.

Originally posted by @Jay Hinrichs :

@Chris Mcalister

  SOP's with Multi... Multi buyers are usually seasoned investor and don't want to waste time looking at units unless they have them under contract.

Sellers don't want to disturb tenants etc.

 That's completely understandable. 

@Chris Mcalister

  I would not follow that advice that this is like a distressed asset and you should offer less than you normally would.. as this is not the case... what Elizabeth is talking about is apples and oranges compared to buying this type of asset... what you want to do is get it into contract so you can then do your inspection and based on that you can do an inspection addendum if you need to lower price.. other wise you won't get in the game.

As long as its fairly priced in the first place.. and depending on who the seller is

Originally posted by @Jay Hinrichs :

@Chris Mcalister

  I would not follow that advice that this is like a distressed asset and you should offer less than you normally would.. as this is not the case... what Elizabeth is talking about is apples and oranges compared to buying this type of asset... what you want to do is get it into contract so you can then do your inspection and based on that you can do an inspection addendum if you need to lower price.. other wise you won't get in the game.

As long as its fairly priced in the first place.. and depending on who the seller is

 Thanks for the response,

The property looks to be in good shape, I figured start a little low on the first offer and go from there.

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