Oklahoma City, OK · Member since 2018 · 2 posts · 0 votes
Hi everyone. We are land investors and use blind offers with success. We also invest in SFR homes for long term passive income (we rent them out). We would like to try and use the blind offer method to purchase homes too. Has anyone here had experience doing this? We don’t want to run into legal trouble if we don’t want to go thru with our offer or price once we do our due diligence. We thought of putting in some additional clauses to make it clear that our offer price and terms are contingent on further inspection of the factors involved like, existing financing, condition of the home, future rentability and rental rates, etc etc. Anyone have some tips or experience?
Blind offers are pretty common. I've made plenty of them and bought most of the houses that I got under contract. One thing I would avoid, however, is having a strategy of always renegotiating after the inspection. This will give you a bad reputation with area realtors.
I always look at the pictures and calculate the rehab if I can't get to the site in time. If during the inspection I find it was as advertised, no surprises, I don't try to renegotiate. I have found some houses with way more rehab than I anticipated and asked for a price reduction (got some, didn't get some).