Updated about 5 years ago on . Most recent reply
Multi family purchase(I guess)
Hello BP im looking for guidance on the purchase of a multi family unit in Chicago. Pictures look great however the owner/management seems to think that we should write a offer based on pictures. They didnt say we cant see the units because of covid just that the units are occupied. All tenants at some point will know the building is for sale during the inspection period. I feel like until you see at least 2 units up close and personal prior to inspection how can you make a offer the floors can be uneven etc. What do you think should I move on because thats what im thinking?
Derrick Washington
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- Real Estate Broker
- 3412 S. Harlem Avenue Riverside, IL 60546
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@Derrick Washington my team runs into this all the time, and we always recommend that clients offer on the building if they are really interested. You will get a chance to do a full inspection during the first week and you can back out with no penalty then. You also can use the attorney review period to back out if necessary, and you can use your mortgage contingency down the line if necessary. The buyer has the least amount of leverage at the front end of the transaction, and you get more and more leverage as you move through the transaction.