Offers without initial viewing?

Question

Trying to understand if what I'm observing is just because of the current competition in the markets or if it's always been like this, but currently, whenever I find a property in Bergen/Passaic county and try to arrange a viewing through my realtor I find out that there are already a couple of cash offers being made. This is in a matter of a couple of hours from when the property is listed.

Which made me think are other people really making offers without viewings? Am I missing out on some contingencies that allow these people to make offers that give them protection to then walk away without at least having the initial viewing?

Maybe they are lucky and are able to get exclusive access
to the property?

Suril Dalal · Answer

It’s also because of how hot the market is right now. People from nearby big cities want to move in. They might be willing to put down an offer sight unseen with a contingency right after a listing that meets their criteria goes up

Al Diaz · Answer

I would think it depends on the buyer. If they are a seasoned investor, and know the area well, then perhaps they possess the comfort to do so because they know what comps are selling for the in the area. Any smart investor should (I would hope) incorporate some contingencies in their offers that allow them an out if major inconsistencies/issues pop up at inspection.

You may also want to re-evaluate the relationship with your realtor. You'll want to find a realtor that is comfortable working with investors, and understands, especially during these times, that getting in to a property as early as possible is paramount. If your realtor isn't actively reaching out to you, and sending you properties that he/she thinks could be a good fit for you (outside of automated emails), then you may need to look elsewhere.

Russell Brazil · Answer

Some people are willing to buy site unseen, or are forced into doing so because of market conditions.