Curb Offers

[Mark Welp]

All,

I am looking to buy my first investment property and every time I talk to the listing agent or the owner of the property, they always say "Curb Offers only".  This is usually because the property is occupied, which is sometimes good as it will cash flow from day one.

But as a buyer, how do you make an offer on a property without seeing the inside to know its condition and I really do not want to put an earnest money deposit down on a property where I have not seen the inside?

How do others deal with this?

Thanks!

[Nick Fitzpatrick]

Mark,

That's not uncommon. A seller doesn't want to upset his or her tenants by parading people through the house. If it looks good from the curb and from Excel, have an agent put together an offer that gives you a decent due diligence period. There should be a special stipulation along the lines of "All parties agree that tenant will provide time within 3 days of binding agreement for buyer and licensed inspector to access the inside of the property."

If they won't let you in at all, on to the next one! You need to ensure that the house is in good condition and there aren't other issues, i.e., hoarder, drugs, etc. Since you are under due diligence, you'd be able to back out if there are crazy circumstances. Lastly, ask for a copy of the lease prior to offer. A good lease will have the ability to access the property with proper notice.