Are You Submitting Offers Without Seeing The Home?

Michael, that makes so much sense.  Nothing worse than thinking it's a "done deal" and then they see the property for the first time and back out.  Not good for anyone involved in that kind of a transaction.  Point well made sir.

Good morning Michael -

Great post!  I've only sold one home sight unseen.  With this one Debbie and I viewed the home and sent the buyer over 50 photos down to a small crack in a tile.  She bought, loved and is living happily ever after.  I was a nervous wreck until she finally arrived in Albuquerque and lit up with joy when she walked in the front door of her new home. 

Michael, like John, I've only sold one home sight unseen, it was for an investment, buyer rented the house for 2 years, then I listed and sold it for him for a large profit. He never once saw the house! Would I recommend putting offers on homes sight unseen? NO!! But, like everything else, there are and will be always exceptions but be cautious!!

I'm not sure if your post is directed to home buyers or agents who would write the offer sight unseen.

Michael - I've seen investors submitting offers sight unseen because for them it alls boils down to the numbers, no emotional attachement, but I haven't seen buyers who will be owner occupants do this.

Michael.  I believe that buyers and agent should always view a property before writing.

Of course in some of our distressed markets like Florida where investment buyers are dealing directly with listing agents, it isn't always possible.

I have sold homes to out of town buyers who didn't see the home until after closing.  But, I surely walked the house. 

Hi Michael - recently I seen many more MLS remarks indicating that offers will not be accepted from parties who submit offer with sight unseen. Our market is infiltrated with investors who are submitting offers left and right who believe they can only win in this competitive market if they are quick, and submit one of the first offers over the asking price. But the problem arises due to the fact that many investors don't have the emotional attachment to the property, they tend to just walk away if something is not in their favor, hence wasting many agents and sellers time.

Hi Michael, I just had this happen.  The buyers wanted an offer accepted before they flew to CA from Ohio.  We did it and within 48 hours, we had then sign a slight counter offer.  Everyone seems happy.

Multiple offer times are very difficult for a buyer, indeed.   However, if a seller accepts a "subject to viewing/approving" offer, then they are on the same page...it's up in the air, still.

Hi Michael - That's a very unsettling practice, and we're starting to see it here. I don't blame the agents who attempt to require that buyers actually see the property (and we kind of feel the same way if the wife hasn't seen it, but that's a different story).

Michael,

This is another great post.  Rather than try to enforce via a third party, I really think that agents need to rein in those types of offer and make sure the buyer sees the property...I just don't like when a 3rd party interferes like Supra.  A

Michael, I've had agents that represented their buyer view the listing and then would receive a contract sight un-seen. The buyer agent probably sent them photos and they did have the homes inspected.

As for the agent remarks in you MLS from the listing agent I would think they would be in violation of their fiduciary to their client not to submit all offer unless their seller has given them permission to state such remark? 

Michael - This is one hot topic these days.  The Supra Lockbox is a great tool to see when and who has seen a property, but it could be a fake out if the listing agent doesn't make the buyers agent put in writing that their buyers have seen the property.  All it means is the agent opened the lock box, nothing more.  In a hot market agents will make sure their name is on that electronic print out!

On another use and topic for the Supra Lockboxes.  I use my  Supra Lockbox to show my sellers I have been at their property.  Every time I'm at my listing I use that lockbox.  It doesn't matter why I'm there, I always use the lockbox to track my activity for my seller,  When I do open houses I open the lock box and then at closing I re-open it to show to show I did put in the time.  There is no way a seller can't say I didn't work their property after reviewing a Supra Lockbox print out!  It's a great tool.  As always, you're making me use my brain and think - I love it!  Great post!

Michael, the only time I don't enforce a buyer seeing the property is if they are an investor. I saw in your comments that you think they're different and I agree, they are. Buyers who are owner occupants look at property completely different and no one wants to get to a home inspection to hear they want to withdraw. Wastes everyone's time. Great post!