Making an offer without see the property

[Gilbert Lugo]

I know a lot of you veteran investors have been doing it for a while but just want your 2cents on making an offer without actually walking though the property first. 

The background to my question come from the fact that in my area there is a property that I would like to make an off but on the MLS and other portals the photos of the property are limited and according to the realtor it will only be shown after an offer is accepted.

Wonder, what methods do you’ll use to evaluate an offer on a virtually unseen property? Also what what precautions should be taken?

Thank you in advance!

[Jeff Copeland]

This is more common that many people realize. In Florida, the FR/BAR As-Is contract in particular gives the buyer a very strong right to cancel during the inspection period ("At buyer's sole discretion"). The only risk is to your escrow deposit.

I typically advise buyers to make a relatively small earnest money deposit at acceptance, and then add an additional deposit after inspections are complete. 

For example, say you were going to offer to put down $10k as an escrow deposit. Your contract might say $1,000 deposit is due within three days of contract execution (effective date), you get a 10-day inspection period, and then the other $9k is due within 15 days of the effective date.

Insect anything and everything you want during your inspection period, and you have the right to cancel and retain your deposit if you find anything you don't like.