Updated almost 4 years ago on . Most recent reply
Purchasing thru Roofstock
Hi,
Anyone has experience in buying properties thru Roofstock recently? I came across this site thru listening to a podcast and searched properties over there in the site. I liked on one property and negotiated with the seller on good price. It seems that the Roofstock represent only the seller and does not allow any changes in their contract for the buyer to make changes based on buyer's lawyer suggestions. The contract language is mostly protecting the seller and little protection for buyer except contingencies. Please share if any experiences with purchasing thru Roofstock.
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I’m actually set to close with roofstock and hate the experience. Yes, you have two contingencies to back out of the deal, the inspection and appraisal. For the inspection, since they provide the inspection report that counts as the contingency. my inspection report had no estimate of age on anything, poor quality inspection. I then tried to still get an inspection and it took them over 4 weeks to schedule one with the tenant because the property management couldn’t communicate with the tenant. My first inspection company decided that it was too much headache to schedule they dropped me. Then they had to reschedule twice with the appraiser.
It’s better to work with a real estate agent rather than pushing for roofstock, good idea in theory but they are lopsided to favor the seller.
Oh, btw, all major items like roof, hvac, water heater were beyond their lifetime usage meaning they all needed to be replaced.
Live and learn, won’t ever buy from roofstock.
This will be my fourth OOS property and was the biggest headache acquiring. I can’t back out because the two contingencies are met. Once the tenant moved out I’ll be able to rehab and get it to market rent.