Hey guys, I have done a few deals but still wet behind the ear. I need some advice here. I live in Virginia where I reached out to a home owner who lives in another state who has a house that has been unoccupied for over a year. He wants me to make a cash offer sight unseen and I will not be allowed to get inside the property. What are some recommendations to mitigate this situation?
And/or assume that everything is trashed and you have to rehab the entire house.
I have bought houses without going inside, but you can usually get on the property and look in some windows. check the roof, exterior siding, main panel, etc and get a pretty good idea of what the house will need. If you can't see certain rooms, like the kitchen, just budget for a complete kitchen. Do this for the whole house and then add on 20% for complete unknowns.
Realize that there is some reason that this owner does not want you to see the inside of the house, and plan accordingly. It can still be a great deal though...
Hey guys, I have done a few deals but still wet behind the ear. I need some advice here. I live in Virginia where I reached out to a home owner who lives in another state who has a house that has been unoccupied for over a year. He wants me to make a cash offer sight unseen and I will not be allowed to get inside the property. What are some recommendations to mitigate this situation?
If you've got to ask if you should be making a sight unseen offer, you should not be making a sight unseen offer. You aren't in a place in your career where you should be doing this right now. When you are, you'll know.
Hey guys, I have done a few deals but still wet behind the ear. I need some advice here. I live in Virginia where I reached out to a home owner who lives in another state who has a house that has been unoccupied for over a year. He wants me to make a cash offer sight unseen and I will not be allowed to get inside the property. What are some recommendations to mitigate this situation?
Personally I would run. Way to many unknowns. There are properties that $1 is way to much. Even pictures of the home inside and out would not be enough.
There are properties near me that are near the Puget Sound. They are beautiful to look at Because of a shoreline act passed it is impossible to change their footprint because some these would not be allowed to be built on today. Wetlands, underground oil storage tanks, easements, contaminates of other kinds and a host of other issues could exit.
Investor · Miami Beach, FL · Member since 2017 · 362 posts · 109 votes
2y
Making a cash offer for a property sight unseen can be risky, Gather as much information as possible about the property, including its condition, age, size, layout, and any known issues. Use online resources, public records, satellite imagery, and neighborhood data to assess the property's potential.