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53 Comments on Contingent Upon Touring The Seller's Home
Lizette,
In a hot market that's a good way to get the property before anyone else. I assume that the seller's gave them a short period and had an escape clause.
Brian
I do lots of investor business from out of state or out of country people. I would say that at least 70% have never seen the house. It would be a rare occasion that someone who is going to live there would trust me or anyone enough to write a blind offer and just move in without seeing it. I would have to say that if I did get an offer with a contingency to view, it would be a very short time frame, like 5 days or less.
Ray, I do like the idea of the house smelling good. I do know of a few I walked into and I walked right back out because of smelling bad. How do people live there?
Margaret, this photo is one I took of a historic home(4 sale again now) that the buyers did make an offer on after they viewed it online from AZ. They bought this one and later bought another sight unseen after I sent them pictures.
Clayton, I do like your idea for the escrow money. I wonder if we can do that here in KY? Our rules are that as soon as the contract is signed and dated we have 3 days to deposit the earnest money in the escrow account.
It's a contact managment system that pays for itself. I like that even better!
I have been getting some fabulous deals since starting this idea. One was a sale of a house over 1M.(we close March 9) Today, I am going on a listing interview after they received one of my cards.
Email me and I can tell you more on how to use this too.
Lizette, this is fairly common for the high end homes that I draw for. Houston has a large population of upper level executives (oil industry), and doctors (medical center) transferring in and out of the city. Since the plans I draw are so detailed and have embedded photos, the homes are often "toured" online, and its not uncommon for a purchase decision to be made at that point. For many of these buyers .. they've lived in Houston before, they know the neighborhoods they want to live in and are technically comfortable to touring online. We also have Har.com, our public accessible MLS that is just fabulous... easily accessible to consumers 24/7 no matter what corner of the world they are in.
I saw this happen quite often back in the days of 2005-2006...not so much now.
As a listing agent I would ask them to remove the contingency for further review or as a Buyer's agent I would not want that contingency to dilute a good offer.
I haven't used this tactic. It's a great idea! I've written a few offers sight unseen for out of state buyers. I take my video cam and that really helps them make a decision.
Buying a home sight unseen is very ---shall I say fun! My wife and I bought a home back in 03 that way. I was out to our new area a few weeks earlier and we wrote three offers-- all went belly up. I saw this home at the time but it was out of our price range. My agent called and let me know it dropped in price...what to do, I liked the outside but never saw the inside. My folks went were there on a vacation a week later. They went to the house with the agent and took pics. I asked my father one question. If you were 32 would you buy this house. We signed contracts later that day via fax. Besides, if it is a solid home and passes home inspection with flying colors you will always be able to resell if needed...but we loved it.
Lizette, I have done two offers of this kind on beachfront condominiums and both my buyers got the property. It's fun when it works! They came in a matter of days to view the property and both were cash sales.
I've had this come up once. It was a duplex. The occupants were both tennants who wanted to stay and one was a day sleeper. The owner did not want to upset the tennants by tramping people through the units. They didn't even put a sign in the yard because they didn't want the tennants to scare off.
Naturally, my buyer wanted to look inside the units but they insisted that we had to have an offer in hand first, to prove we were serious and not just compairing.
So we decided we would go ahead and write an offer contingent upon viewing the interior of each unit. We were going to take it a step futher and actually write in that the offer price was also contingent upon it and subject to change after the viewing. Funny enough, once we told the agent of our intent to write the offer so we could schedule the showing, THEN they were more than willing to let us go out in that same day.
The buyer liked it. We wrote the offer without that contingency, and the seller accepted.
Last year I wrote 30 offers for a buyer site unseen. The problem was, they were all short sale homes in the San Fernando Valley. After a few months, I started to get some calls from the listing agent once the short sale was approved.
In some situations it does work to write offers but generally speaking, I believe the client must view the home first.
I'm sure we are going to see more and more creative ideas as the market evolves.
This is very common when the property is multi-family. Owner does not want to disturb tenants multiple times. If the offers are contingent upon interior inspection tenants are disturbed only once (hopefully). Also works well for rental houses.
I have done it in the past myself, but for an investor once we knew the numbers worked. He wasn't going to live there.
This is quite ironic that I should be reading this post because before noon today, I submitted an offer for a buyer who had not yet viewed the house. The pictures were great which was the 1st draw and then the drive-by. By the end of the day, the listing agent and I were in discussion (not negotiating) about the house and my buyer and I will tour the home tomorrow. It won't be the first time that I've submitted an offer this way and, if accepted, it won't be a first either (by this method).
Lizette- We use this a lot. We get so many international buyers here. One out of every four Florida buyers is an international buyer. We also sell alot to folks up north that will trust our buyers agents to find them second homes and vacation homes sight unseen. We have even sold these homes without the seller ever even seeing the property. Mostly ocean front condos and the like- where it is all basically the same look and feel. And at times they have been here and toured then go back and then call back and give their criteria and then buy sight unseen although they know what they want. My best friend sold a 3 M $ horse ranch listing to a man in Egypt all over the internet. HE never saw the place in person and he paid all cash for the ranch. Then he came here and tore it all down, the interior, and rebuilt it all to his liking. Katerina
Lizette - This is not a common practice in our area at this time. However, a smart buyer combined with a diligent agent will be ready to implement this strategy if needed. I like your photo also and am curious about the contact management system you use with your greeting card system. Do tell us more.
This is the way of the future, in this borderless world of the internet search, where time and geography have been erased. Thanks for the timely alert!
I've picked up a client who lives out of the country. This may be the way to go with them. Thanks for the tip.
I am doing this all the time now, so many short sales and tenent occupied homes require an accepted offer prior to touring the home. So we write it "subject to inspection"
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