Getting out of an AS-IS Cash purchase?

[Abena Cannady]

Hey BP!

I'm looking to go into contract on a 3 properties that I have not seen yet. I know the area because I have 2 properties there now so my only hesitation is how much work is needed. I know from the podcast as well as from REIA meetings that seasoned investors go into contract first and then do their due diligence. I invest out of state so I've wasted a lot of gas checking out properties first only to have my offers be beaten out. So I'm very interested in changing to the offer acceptance then due diligence route. My hesitation is how easy is it to actually back out.

What should be in the contract to ensure that I'm able to renegotiate the price or back out completely if the scope of work is not represented accurately? These are AS-IS sales and I'm buying cash.

Thanks all!

[Jay Hinrichs]

I would say 99% of MLS or board of realtor sales contracts have a due diligence section in them by default you can waive it or make offers sub too it.. 95% of people buying real estate use a due diligence clause unless you have a smokin deal and don't want to risk losing it in a very competitive market like say VEGAS right now.