Blind Offers; Should You Take Them Seriously?

By
Real Estate Agent with Keller Williams Premier

So yesterday I received an offer from an Agent and Buyer who had never seen the property!  I know it can be commen for agents to see a home on behalf of a buyer who is out of down and coming in but this is a little unusual.  The home has been on the market for 3 weeks and is actually priced pretty well. 

The wanted to secure the offer by April 29th, of course the April 30th deadline was important to them.  Would would you recommend to a seller?  Should we have not even responded until they saw the property? 

How is one to judge the value of a property without even seeing?  I hope they do not have multiple offers out there on many properties.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. John Pusa 04/28/2010 05:15 PM
Groups:
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Tags:
seller
buyer
tax credit deadline
sight unseen offer

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Rainer
70,763
Lori Liveston
Virtual Homes, Real Estate - Waltham, MA

As long as there is a reasonable deposit submitted with the offer I can't see the harm in your seller accepting it.  Few buyers would be willing to risk their money on a property they weren't serious about buying. 

Apr 28, 2010 04:15 PM #1
Rainmaker
643,757
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

I'm with Lori on this.  It seems to becoming more common for homes to be sold sight unseen!

Apr 28, 2010 04:19 PM #2
Rainmaker
359,267
Aaron Vaughn, REALTOR© 512-845-4204
eXp Realty - Canyon Lake, TX
My knowledge is your power | eXp Realty

Ryan:

While I think this is acceptable, and fairly common, with finished building lots, I would be leary of a home that somebody is going to live in.

Apr 28, 2010 04:28 PM #3
Rainmaker
554,930
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Ryan,

I/we get one of these every now and then and they're normally written "subject to interion inspection" therefore the deposit has little meaning because of that and many other contingencies are usually built into an agreement to purchase.

The past 10 days I've received offers from others who have viewed the property and when discussing it more I've found they (meaning the buyers) have multiple offers out there themselves. I think some are trying to be sure they've got something secured to meet the tax credit deadline.

In CA our contracts have so much buyer "wiggle room" there is not much at risk in the early days of a contract.

Apr 28, 2010 04:52 PM #4
Rainmaker
817,588
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Wonderful Blog!  Thank you for taking the time to write it and share it!

Apr 28, 2010 05:08 PM #5
Rainmaker
3,113,211
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Ryan - Thank you for sharing an informative and helpful blog.

John

Apr 28, 2010 05:14 PM #6
Rainmaker
310,458
Mike Wong
Keller Williams Realty Southwest - Sugar Land, TX
Realtor: Commercial, Residential, Leasing, Invest

Obviously they are trying to meet the deadline. I agree as long as there is a substantial deposit and no other offers why not?

Ive done this a couple of times for my investors. I find a deal and ask them if they can come into town. If they cant make it and the deal is too good to miss, they call their banks and have checks issued for me to pick up. We email offers for signatures and I submit within a couple of hours after viewing the property and telling my clients about it.

Apr 28, 2010 05:24 PM #7
Anonymous
Kathryn
If the real estate agent foe the person selling the property should you inform the seller of a blind bid that you receive for their property?
Feb 15, 2014 02:16 AM #9
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Ryan Bretzel

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