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Updated about 2 years ago,

User Stats

157
Posts
86
Votes
Gurjot Grewal
  • New to Real Estate
  • Vancouver, British Columbia
86
Votes |
157
Posts

First time under contract, ended up being a waste of time

Gurjot Grewal
  • New to Real Estate
  • Vancouver, British Columbia
Posted

Hello BP, 

Im investing OOS. Got a duplex in a c+ area under contract. The listing had no pics of the interior. Outside had new siding and alot of other work done. 

After I made an offer it was accepted. They sent me videos of a walk through and I could already tell it was much worse than I expected. 

Regardless my eye is untrained. So I still got an inspection and a contractor to walk it. Rehab was quoted at 250-300k (was told may as well just tear it down) so I terminated the contract as my ARV was 270k max.

-is there anything I could've done at the point of receiving the walk thru videos?

-The contract was signed, was my best option to act on my inspection contingency ? 

-Would it be fair to request videos of the interior prior to making an offer ? 

-any other tips to avoid this in the future? All in im out $800 and some wasted time. Just trying to take this as an opportunity to learn and better my approach. 

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