Investor · Columbia, TN · Member since 2015 · 21 posts · 7 votes
Have a duplex, with section 8 in one with 50% contribution to rent, and a delinquent in the other that the owner said would be moved out before sale. As this is my first time everything is new and unfamiliar. The owner will not let me see the lease or inspect the property before it is contracted, "No viewings until contracted & contingent upon viewing"
To those more experienced, is this normal with multifamily homes to not inspect, but have to make an offer? Any thoughts or suggestions on the next move?
I think many do this. From what my realtor told me, an offer is made, and when you're in contract, that is when they have to cough up all the requested documents for inspection and you have the option to move ahead with it, or move on. The price can be renegotiated accordingly.
I think many do this. From what my realtor told me, an offer is made, and when you're in contract, that is when they have to cough up all the requested documents for inspection and you have the option to move ahead with it, or move on. The price can be renegotiated accordingly.
@Bryn Joynes - Yes as mentioned in other posts, this is quite standard throughout the RE industry.
Only serious buyers will go the length of making an offer and furnishing an EMD (earnest money deposit). However, I normally have my realtor bake in enough time in the contract for due diligence to have inspection done, in an effort to ensure that there are no severe problems masked.
In the event a problem is uncovered during due diligence period, or you simply don't like the house for whatever reason now that you have seen its innards, then, you can reject the deal and reclaim your EMD as a result.
I have done this on several occasions.
Lastly, if the property has tenants this will be good for them as well, so that less people will be walking through their living areas.
@Daria B. - Good question, sometimes the tenants are home, but, at all times the selling agent is there with my broker during our walk through with certified inspector.