If you’re a property investor, making an offer without ever seeing the property can actually be a good idea sometimes. Now, this isn’t to suggest that you should close on a property without stepping foot on it. Some smart investors do make offers without ever seeing the property though. It might seem crazy, but it makes sense when you think about it.
Consider the amount of time it can take to schedule a viewing of a property you are considering. How often has your offer changed just because you’ve actually been in the home? A little digging and you can find out almost everything you need to know to make a sound offer right from your office. In the time it takes to schedule a viewing of the property, some other smart investor could easily put in an offer sooner.
Remember, you can absolutely buy yourself time. Think about it. No one is going to accept your offer without making a counter offer. At this point, you have some time to breathe and think about your actual offer. Their counter offer will help you see where they’re at price-wise. Remember, nine times out of 10, your offers aren’t going to get accepted anyway. Do you have so much time on your hands that you can go look at every single property you’d consider investing in?
If you put in an inspection contingency into your offer, you have a way out. So, if your offer is accepted, you can go look at the property when it’s inspected. And if you need to pull out of the deal, you can.
If you put in offers on property before you tour them, you’ll save yourselves dozens of hours every week.
This might all seem crazy, but it’s part of the game. Other investors are already playing the game this way. With the inspection contingency and the counter offer factor, this is no more risky than placing your offer later. Actually, it’s a lot less risky, because you have less of a chance of missing your chance at the property completely.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.