All Forum Posts by: Alazar Wubet

@Alazar Wubet

We see this all the time and in fact list properties routinely with no ability to view before at least submitting a good offer. Tenants just get overwhelmed and the owner usually wants to minimize the amount they are disturbed. It’s the tenant’s home and they aren’t the one selling after all. We understand the position the buyer is in though and it is typical (at least in Reno for investments) to have a period of time written into the agreement where you can walk away with the deposit. On the sell side it never looks good to go into contract, take it off the market and have the buyer cancel right away so we want to make sure they have an opportunity at the beginning of the escrow or just before to do a walkthrough, make sure everyone is good, and move forward. Make sure your contingency is there before going into contract to walk away if you don’t like what you see with your deposit in hand. Check with your agent and title/escrow office (or even an attorney) to see how deposits are handled in your state if the transaction is cancelled. In NV the escrow company probably won’t do anything unless they have both parties agree in writing to the cancellation and distribution of deposits, or unless they have a court order/binding arbitration, etc.

It is literally a contract to purchase. By signing it, you are committing to purchase the home. BUT, I am not familiar with every state's laws and every state's pre-filled purchase agreements. You need to be very clear how the contract is worded so it gives you time to look at the home, inspect, and decide if you want to back out while receiving your EMD back. If you have an agent, tell them exactly what you want. If you don't, you can request anything you want via the contract.

"Name one thing in this world that is not negotiable" -Walter White

Hi @Alazar Wubet

     I would also have a good insurance agent in place, as you'll need insurance if you are using financing. I would start vetting contractors too, as you want as many as you can when you get started. I would start attending any local Real Estate Investors Association meetings in your metro, as you'll find most of what you need there. You can use other websites to source off-market deals too, as there are plenty that aggregate wholesale properties. Feel free to reach out, I'd be happy to see how I can help with financing or any other aspect of what you are looking for. Best of luck!

Goodluck!!

All of the terms are listed in the purchase agreement that you fill out, sign, and submit to the seller. If you (or your agent) describe a due diligence (inspection) period, and that the contract is dependent on inspection, then you can possibly back out of the deal after submitting your EMD to escrow. This is typical for a lot of investor deals or properties that are occupied by tenants so they only show the property to serious buyers and not window shoppers. I have only seen "as is with no inspections" a very small number of times.