When do you get physically look at a property?

Question

I’m sure this is a preference, but curious as to what you all do. When do you look at a property? Do you look before you make an offer, during due diligence, or not until you close. No wrong answers, just curious.

Joe Villeneuve · Answer

After I get an accepted offer, and before I close.

Theresa Harris · Answer

I wouldn't put an offer in unless I (or someone I REALLY trust) has walked through the property.

Chris Seveney · Answer

I would disagree there are a lot of wrong answers in this scenario as someone who puts a significant value to time. As mentioned unless you are extremely experienced those throwing offers out there to see what sticks are typically wasting peoples time.

Scott Mac · Answer

You want to risk your potential profits by being a little lazy for a day?

How long does it take to walk the property; how long does it take to get there?

Even in a faraway market you're talking a couple of days out of the year for travel.

And you can make it a fun day - you can have breakfast at iHop and have a big omelet, take a cup of coffee with you from 7-11 for the walkthrough. Meet some contractors and talk to them about it.

In addition to a walk through a home inspection might also be a wise move, because it gives you a written report of the problems that the inspector finds. Which may not be all the problems - they don't always get everything.

A sewer cam might also be worth thinking about.

And if you think the tree situation on the lot needs to be dealt with getting some bids beforehand on that chore would be a good idea too. Although you may not have to be on the site with these guys- sometimes it helps if you are.

Good Luck!

Mose Gebremeskel · Answer

I would see the property first. There's no way I could make an offer without seeing it.

J Leman · Answer

The more experienced an investor, the more offers they will make without walking the property. They will usually save that for due-diligence period.

The more Inexperienced an investor is the more they will want to see the property before they ever offer on it.

There is no right or wrong way, but as time becomes more valuable, investors make more offers than walk throughs.

If the numbers and location make sense then make an offer, just make sure you have your due diligence/inspection period.

Andrew Syrios · Answer

I virtually always look at the property physically before making an offer. There are some exceptions (usually when offering on portfolios, I don't see inside each one before offering, only during due diligence; and I state my assumptions about their quality beforehand).

I know some who make lots of low offers or are offering out of state either don't look at it before contract or have an agent or employee do so. I'm not going to say that doesn't work (although it's got risks, obviously) but I haven't gotten comfortable with that way of doing business.

Rapy Narruhn · Answer

If you are investing consistently, you will know what your market charges for the work needed. Most experienced investors can offer sight unseen with 0 day inspection period by knowing the year of the house, square footage and if there has been any repairs done recently to the property. This helps them beat the competition. I also look up the property on the county website to see if there were any permits pulled for the work recently done. If there's no permit, there's a chance that the install wasn't done correctly. That will cost extra time and money to remedy. It will also be difficult to find a licensed contractor who will feel comfortable signing off on the work if they didn't do the work themselves. My farm area is a 1 hour radius. I invest in 3 counties. I send my offer in and look at the property once offer is accepted. There's times where I will walk the property before sending in an offer because it is a bank foreclosure. Banks do not like blind offers. They want to know you have walked it first before putting in an offer and have you sign a hold harmless agreement.

Charles Perkins · Answer

I would never personally make an offer without seeing a property.  Generally walking the property is a big part of my due diligence.  Not just the property itself,but also the neighbors and neighborhood.  Even new construction l would want an idea of the quality of the build.

Stephen Keighery · Answer

I look after I have contracted the house. I will then look at it. I do have 6 properties that I held for 6 to 8 years and sold without ever seeing. I did have property managers check it out and property inspectors so even though I never walked in the properties I do think that I "saw them".

When do you get physically look at a property?

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