No Property Walkthrough

[Joaquin Moreyra]

Hello!

The seller will not do a property walk through until we are under contract as he doesn't want to spook the tenants. He is saying that he doesn't want to have numerous people who are interested going through the property with the tenants there. It is a multifamily and I have only seen pictures of the inside for one of the units. 

Is this a red flag? And if I cannot do a walk through prior to submitting offer, should I pass on the property? Or is there something else that can be done to assess the property  BEFORE submitting offer The? The numbers do workout and look good. 

Thank you!

[Greg Scott]

I would not say this is the norm, but it happens, typically on smaller apartments.  As a seller, frankly, I think this a dumb way to go because you are never going to get the best offer if everyone is concerned about what you are hiding.  If his concern is "spooking the residents" there should be no reason the seller won't send over financials.

The key is that if you are buying blind, your PSA contract should give you lots of "out" clauses.   If you have done that right your biggest risk is the cost of having your lawyer work on the PSA.