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Updated over 4 years ago on . Most recent reply

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Brett Danehey
  • Fountain Hills, AZ
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Multi-family offers before viewing the property is this normal???

Brett Danehey
  • Fountain Hills, AZ
Posted

I'm shopping for a duplex/triplex in my area, and everyone that is occupied they are asking that I put in an offer and they have to accept to even view the property. I get that it's a bit of a inconvenience for the tenants but is this normal? Sight unseen I'm going to low ball like crazy, but I don't feel like having something excepted have to pay some type of earnest money and walk into a complete mess. 

Normal??

Most Popular Reply

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Mike McCarthy
  • Investor
  • Philadelphia, PA
1,849
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Mike McCarthy
  • Investor
  • Philadelphia, PA
Replied

@Brett Danehey agreed with @Ellis San Jose. Sellers with tenants don’t want to have a stream of curious buyers coming through. By making an offer, you’re confirming that you’re interested enough to go through the hassle and have the finances to back it up.

The last one I viewed like this, there was a contingency along the lines of ‘offer is based on photos and information available. Buyer has 3 days after walkthrough to update or rescind offer.’

You might be able to find more pictures and such non Zillow, Redfin, etc from when the apartments were rented.

The idea is if it’s exactly what you expect when you walk in, what would you offer? If it’s worse, things need repair, etc, then you drop your price. I wouldn’t low-ball just because it’s sight-unseen since you do have a contingency.

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