World Wide Realty
J. "Diego" Marin

Making a "Blind Offer" (part 1)

        So you're driving through various neighborhoods and you happen to come across a property that, from its overgrown landscape seems to be unoccupied and abandoned. It looks like the type of property you’re looking for; So what next...? This is the point where a decision to go at it alone or work with a professional really comes into play. For starters, as an investor you should already have funding in place and some idea about the value of the properties in the neighborhoods you’re searching & wish to purchase. You would also want to know what the market has been doing in that area. Public websites like city-data, Zillow and the County Appraisal district can offer helpful information. However, in this blog… what I wanted to discuss was the “blind offer” that one would make in an effort to purchase the property.

         The “blind offer” is the price you would offer to pay for the property …site unseen. Basically you’ve not had an opportunity to enter the property and view the condition from inside. So aside from what is available through public websites and driving by the property, it’s all the information you have… much like buying at an auction. The silver lining is that the property is not on a public portal for everyone to see, so you have the upper hand over any completion. Determining if the property has an absentee owner, if it’s in foreclosure or bankruptcy, if it’s a short sale or in probate is part of your “due-diligence”. The value of the property is derived differently… This would depend on your plans to “flip the property” or “hold for cash-flow”. So whatever formula you use to determine value, this is the information you want to approach the owner with. Some investors have a very aggressive formula and can seem offensive to the property owner. You will need to justify your “offer” based on the data & values you collect, without actually seeing the property first hand. Properties like these are bought "AS-IS" at a discounted price. BUYER BEWARE!
   Depending on the property condition, a “conditional clause” is sometimes included in the offer. Now, if the property happens to be attracting lots of attention from other investors… you may have to alter your “offer”. For example, if the owner receives a similar offer or All-Cash offer by another buyer without a condition clause... Sometimes the buyer doesn’t want or need an inspection or appraisal… then you have to determine if you wish to compete or loose the opportunity to the other buyer altogether. This is also why we often see a property sell for more than originally asking. This is also why many seasoned investors would rather purchase property not listed in the MLS. For this reason it's important to have an idea of the condition of the property in its current condition. A buyer has to “strike while the iron is hot”. This means having secure financing in place (cash or hard-money) and what you’re willing to pay. If you say you can close in 30 days, close in 30 days. 

     In (part 2) of this blog we’ll get into the “option period” and what it entails as well as what you should do if one is not offered. If you have a question about this blog, shoot me a line by filling out the short form below.


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