You should visit however and find "areas" that you'd like to concentrate on purchasing..then you're familiar with that area and see the future upside to your purchase. Then it's only a matter of your agent previewing it for you, taking photos, videos, etc. but you would ultimately see it during the inspection period unless you have such a great relationship with your agent that you trust their judgement.
Thanks and Good Luck!
AZ Property Inspections
Having said that, savvy sellers will usually wait a few days before accepting an offer. And a few will not accept offers from investors that haven't seen the property.
I can't tell you how many offers I receive from investor buyers on my listings. And in my experience the likelihood of those offers closing is less than 25%.
Now back to your question. It is up to you to decide if you feel comfortable submitting offers on properties you haven't seen. One advice though is that your agent, even though he is representing you, has a duty to be truthful to all parties in the transaction, including the seller. If he knows you are submitting multiple offers at the same time with the intention of buying only one of the properties, he is obligated to disclose that information to the listing agent.
Many people feel that submitting multiple offers on properties they haven't seen is the only way of getting good deals. There is another strategy that I use for myself and my clients that I believe bring better results. Just give me a call and I will be glad to discuss it with you.
I hope this helps.
Jose Dias, REALTOR
It is very competitive here for auctioned and HUD homes that require bids, and people who wait usually don't get the property. Experienced investment buyers who trust their agent will indeed bid, sight unseen. However, you do not sound like an experienced investor.
My suggestion for you, is take a few days, visit Phoenix and see an assortment of homes similar to what you are looking for, in a few different areas. Get an idea of what you get at different price points.
Then, if you are determined to find a home at an auction, you are in a better position to made a bid.
An inspection should always be included in a home purchase contract. A lot of auctioned homes are sold as-is, and often it is not possible to get inside them before the auction to determine their condition, but still, you want to know what you are getting into.
Best of luck,
Ann Griffin, Realtor
As you suspect, it is not common....today. But you must understand, It is not common for inexperienced folks to actually get a good deal, or even get in the game, because they are indecisive and take to long. You read these novices post on Trulia all the time. "Why can't I get my offer accepted?" The strategy, as explained is one way to get you in the game. This puts you in the league of those who know how to get things done. As more and indecisive buyers catch on to this, you will see non-refundable deposits or 'As-Is/Where is' contracts being required. As an agent who helps owners sell real estate, having the property tied while a potential buyer 'yadda, yaddas' for two weeks is unacceptable.
But today, this is an option. Don't lapse back into the mode of indecision. If you want to make a purchase you need to be ready to act...decisively. Your agent is showing you one road to success. Why are you second guessing the professional you hired to look out for you best interests?
I have been noticing a trend where homes new to the market have offers quickly and within a few weeks they are back on the market. This is not good for the buyer or seller as it can waist time for both parties. In response to that, several agents require the buyer to see the property and I also check to see if the agent has shown the property prior to presenting their offer since not showing a property adds an element of risk to the offer.
Our market has shifted and there is limited inventory compared to a year or two ago. If you are wanting to purchase property site unseen and then use the inspection period to do your "due diligence" that is one avenue.
You can also plan on coming out and have your agent set up properties for you to see and understand what these properties consist of.
Would you purchase a car without seeing it and without checking under the hood and take it for a test drive?
What are your intentions of this property? A second home or rental investments? Have you done your homework to make sure these electronic bid properties are in area's that will do what you want?
I can't answer for any of my other fellow realtors - for me I believe it's important to meet the client and find out what they're looking for if at all possible. It's a process and one once I go out and meet with them and show them property I'm better equipped to preview homes for them if they are out of state as a second home.
If you're looking to acquire properties as an investor and not care where or condition then the process you're doing is one that will work.
Hope this helps.
Realtor Keller Williams Sonoran Living
The basics here are accurate....any really good offerings that come onto the market as "foreclosures" will go to contract very, very quickly. Thus, those buyers that are prepared to make a quick decision clearly have an advantage over others.
You agent is telling you to make a quick offer and then use an inspection as a "fail safe" to get out of the agreement in the event you don't like the home. If this results in a multiple offer situation, you may be asked to present your "highest and best" offer...on which the lender will make their buyer decision.
There is always great risk in buying anything "sight unseen!" From where I sit, seeing the property before making an offer, makes a whole lot of sense.