Question Details

Barbara Gran…, Real Estate Pro in Anaheim Hills, CA

What are your thoughts about "blind offers"?

Asked by Barbara Grandolfo, Anaheim Hills, CA Fri Nov 30, 2012

I just a received an offer on one of my listings this morning and the agent has not shown his client the property as of yet. Has anyone had any success with them both as a buyer's agent or listing agent?

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6
Barbara,

You seem to have a healthy arsenal of RE questions.....Are you by chance a disguised trulia staffer or just curious?

To the question.....I personally have made a blind purchase that worked out well for us but I wouldn't recommend it as a practice for newbies.

Bill
0 votes Thank Flag Link Mon Dec 3, 2012
I submit probably 100 or so blind offers a month due to purchase load. Sometimes more/less, depending on the "orders". Generally speaking, it has worked very well.

My client will typically base the "rehab" amount dependant upon pictures for a rough estimate and we work our numbers out that way. I do this type of offering for a majority of my investment clients and it is the only feasable way of getting enough properties under contract within the time provided unfortunately.

Our success rate of actually going through with the offer is about 85% (we typically pull out if the rehab is just an insane amount). If there are no interior pictures and I don't have time to go by myself first, the general starting point of the offer is lower. I think it works great if implemented correctly. That is, if you don't abuse it of course!
0 votes Thank Flag Link Mon Dec 3, 2012
I have done this once with a buyer. He was relocating here from Oregon. He told me exactly what he wanted and I went out and found it, sent him pictures, and then wrote the offer. It ended well and he really liked the home when he saw it. After closing. :)
0 votes Thank Flag Link Mon Dec 3, 2012
I've had success with them but also a couple of disastrous outcomes. Make sure you cover yourself and your seller with addendum disclosing that Buyer has not seen the property and seller has no responsibility for the fact that Buyer did not see the property in person.
0 votes Thank Flag Link Fri Nov 30, 2012
I would treat this the same as a Client who preferred to not have INSPECTIONS,
or one who "shined" me and didn't want to hear anything I had to say;
It would be big-red-flags and a portent of things to come.
0 votes Thank Flag Link Fri Nov 30, 2012
Barbara,

Success depends on the property type and your market conditions. If you're listing a condo in a hot market, then there are plenty of savvy investors who don't need to see the property before getting into contract. I've deal with plenty of those buyers from the listing side who have closed quickly without a fuss.

If you're listing single family homes, then it makes more sense to require a viewing since home buyers are more typical and they're more selective about little details like views and floor plans.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Nov 30, 2012
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