I'm new to REI, and it sounds like finding deals is a very competitive process. For investors who find deals through the MLS, how many of you visit a property before putting in an offer? Or do you just submit an offer before even touring the property?
If my realtor can look at it, I put an offer in site unseen. I just look at pictures. I can always have an out with my inspection if somethings not right. I also have the time between when they are accepting the offer or giving a counter offer to look.
If my realtor can look at it, I put an offer in site unseen. I just look at pictures. I can always have an out with my inspection if somethings not right. I also have the time between when they are accepting the offer or giving a counter offer to look.
No. If you do that, the good deals will be gone by the time you are done visiting the property. Site visit happens during due diligence. It's not like buying a primary residence where you live in. It's an investment so no site visit needed prior to an offer.
@Eric T- There is no wrong way. I drive by to survey the area, schedule a showing then I put in my offer. Typically the homes I purchase are about a 20 min drive from where I live.
If you're an investor, you don't want to be spending all that money on gas. It should be going toward properties.
Present offers, make sure the inspection contingency clause is in full effect on every offer, and only tour the property after your offer has been accepted.
I'm new to REI, and it sounds like finding deals is a very competitive process. For investors who find deals through the MLS, how many of you visit a property before putting in an offer? Or do you just submit an offer before even touring the property?
All depends on the seller, if it's a traditional MLS sale then offer first.
For sale by owner and Off market distressed is great to show up and work the deal and negotiate everything that comes with the house 馃槈
Thank you all for the responses. It sounds like most investors prefer to put in an offer before visiting the property. That makes sense since you have the opportunity to inspect the property later and put in a contingency to back out if something is awry after the inspection.
What if the property is located in an area that you are not familiar with though? Do most investors usually still put in an offer in this case? Or do you typically only look for deals in areas you are familiar with?
@Eric T., I am actually surprised at how many say no. I only offer on houses I really want, and I prescreen 99% from online listings. But I also write offers with no contingencies (cash, no inspection) other than clean title, and relatively high earnest so I would not put an offer in on a house without seeing it first. That is my inspection.