I am currently leveling up my real estate and investment game, and I might get into a place where I am making a few offers on sight unseen properties.
Besides low-balling your initial offer, what are other contingencies I should include when I make an offer on a home sight unseen? What do you guys do? Any success/ failure stories to share?
Financing and inspection contingencies are the most common ones.
If I were to ever go down the road of a site unseen offer, I would always leave the inspection contingency in there. If you are financing it, financing contingency. However I would always need to see a house I was buying, unless buying it for the land only value.
I bought my current home sight unseen, and the inspection was the deal-breaker. I dangled enough cash in front of the seller that he jumped to fix things before the inspector got there. I live in a small town, so reputation is everything - the buyer was my secretary's dad, and the inspector was a volunteer firefighter that knew everyone. I think it made a difference.
Also, Alex, I was traveling through Lincoln City last week on my way home from Portland - so glad I took the long way! Just glorious country.
Yeah, the Oregon Coast is paradise, I love being up here. Many of the houses here come with hidden surprises though. I have had a few clients jump into purchasing great deals only to discover (in escrow) some water or geological damage to the home. Other times, it has just turned out to be a great deal, so its a talent I really want to develop in this little market.
Thanks you everyone for sharing your wisdom with me today!
I agree with what everyone said about sight unseen offers! Keep financing and inspection contingencies unless your offer is so low that you think you could cover pretty much any major issue that came your way. I also agree with @Susan Alderson that Lincoln City (and all of the Oregon Coast) is absolutely beautiful! I am very happy to call Oregon home :)
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing