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Updated over 8 years ago,
What subjects for a sight unseen offer on a dilapidated property
I've run across a listing for a property that I want to try to tie up until I can get more information. The photos show it to be very run down, but inhabited - probably a long-term rental. It's about 4 hours away so I can't zip over and check it out - even from the outside. It's just been listed and it's potentially an attractive price. The work it's going to need is beyond my DIY capability, so I'm going to need a couple of contractor quotes (although I don't know any contractors there) on top of a building inspection. I wasn't actually planning on buying a property this week (I seldom do actually) so I don't have any financing lined up either. I'm not exactly even sure how I'm going to put the finances together but I don't want that to stop me from 'tying it up' until I can get more info if I can help it. Neither I or the realtor I spoke to can get appropriate up-to-date comps either (it's a log cabin - who would have thought that in Canada you couldn't find more of them? Lol) so that's got to be addressed. The listing agent wasn't available Sunday. (He may already have an offer on it but I want to be ready in case).
There are a lot of scenarios from which I need to protect myself with this offer: financing for example - rates and terms I can live with; I might even end up needing to look for a joint venture partner with whom to buy it - especially with it needing so much renovation - so I should probably have something with some latitude or for an assignee; I would like to actually SEE it - the property itself, as well as the specific area (the listing references a subdivision or something, not an address, so I can't even find it on Google Maps); building inspection of course but I'm really going to need to get those contractors in there too; as well I'll need info on the rental - the leases and such; so all in all, even if it lowers the chance of being accepted, any advice on clauses or wording that you think would be helpful would be appreciated.
Thanks much.