PURCHASE CONTRACT AND ESCROW INSTRUCTIONS - Any downsides

[Kasi V.]

Hello fellow investors,

I recently listed my property on Zillow as FOR SALE BY OWNER. Within days, I received several calls and emails with offers to buy under PURCHASE CONTRACT AND ESCROW INSTRUCTIONS. They sent me a contract to sign with the purchase price and timeline.

My concern is how they can provide a price without even inspecting the property. Additionally, repair costs (if any),  all closing costs are covered by the buyer, and there is no commission!

Is there a catch? What are the potential downsides of this process? What clauses should we be careful of? While under contract, can we still offer to sell to others?

Thanks for the help.

[Kasi V.]

Thank you so much, Bob. 

I greatly appreciate your quick response. You've clarified my doubts, and now I can make a fully informed decision.