Making an offer on a deal

[Safraz Deen]

Would you recommend doing a detailed analysis before making an offer? And if a detailed analysis isn't completed and an offer is made can the offer be rescinded? My concern is a deal may be snatched up by someone else before a detailed analysis is completed. That is it takes time to get contractors etc. to give estimates on rehab costs etc. 

[Jim Viens]

I don't think giving an actual offer on the spot is wise unless you've nailed the ARV and can estimate rehab costs accurately on the spot. What I do is give them a ballpark and tell them I can come back to them in 24-48 hours with a more accurate number once I've done an analysis. If they've given you an indication that there are several people interested I suppose you could use the inspection clause as an out if the needed rehab is too much to get the deal to work.