I have a few buyers that have been interested in homes that require an accepted offer prior to a showing. In all cases, they have passed on the homes.
Keep in mind, if a seller or agent makes it that difficult to show a property, most likely, negotiations, contingencies and escrow will be a nightmare!
Good luck in your search!
It could be that the seller has to show that the home is being marketed for sale in order to satisfy a short sale process with a bank who is threatening foreclosure. As long as a home is actively being marketed, banks will not rush to foreclosure. Maybe this is a way for the seller to extend their time in a home without making a payment.
Also if it is occupied by a tenant pay attention to the loan type you have, and lease in place. If you intend to owner occupy or your loan requires it you may not be able to purchase it anyway unless your bank oks it. The tenant goes with the property and so does the lease.
An offer means nothing. You can back out easily and with no risk.
Your realtor didn't explain that?
You need to be educated about buying in this market. I suggest you begin by looking at homes you can see and finding a realtor who spends the time educating you, so that when you do find a good home, you are comfortable enough and KNOW what you are doing, what you are spending, and why.
Sher Slavin. Masterpiece Realty Associates.
Happy funding, Rudi
There are several things in your statement that just don't sound right. First off, any agent worth his/her salt, after finding out you had been preapproved for a loan would have set up an appointment to talk with you about the market and this home in particular. Since this agent didn't want to spend the time with you and see if this house truly met your criteria, then there maybe something just not right. Or, it could mean that the agent has so many offers already, yours doesn't matter much. We're seeing many offers from investors on the lower priced homes; and they're normally "all cash". That could mean that he/she is only a listing agent and doesn't want to deal with buyers too. There's a lot of reasons, including that's how it's done normally with investment property full of tenants, why this person treated you so.
Secondly, we normally call the "bid" an "offer" or the California Association of Realtors Residential Purchase Agreement; unless you're at an auction. In this case, the agent can't show you the home until after the auction is over.
Thirdly, a traditional offer on a home is NOT a commitment to purchase it; that starts the negotiation phase between the seller(s) and buyer(s). Even after both sides agree to everything at the beginning, the contract allows for release without losing your deposit.
Give me a call and I can explain more thoroughly today's market and your competition. I can possibly show you more homes that specifically meet your criteria. 619.741.8259
Thank you for your question,
Rene "Rainy" Leroux, Realtor
Richard Realty Groups
This isn't common, but it's not that uncommon either. The purchase contact has built-in protections for you as the buyer, and you can add that the purchase is contingent on your visual inspection, just to be clear. That way, you won't be required to have an inspection done, which can cost a few hundred dollars, depending on the size of the property.
Be sure your agent gets the details on why you need to write an offer first. There may be a renter living there with a lease you may have to honor.
Let me know if I can be of any help.
This does occur sometimes especially if there are tenants in the home. Many tenants don't want to be disturbed on a regular basis with people walking through the home.
If you make a reasonable offer that is contingent on viewing it and it is accepted you can withdraw your offer or even modify it if it not what you expected.
If you are not yet working with a Realtor I would be happy to help you work through these types of situations.
The San Diego Property Shop http://www.TheSanDiegoPropertyShop.com
CA DRE #00648687
This is not common, but is an option the seller has...
Usually its with a property that is rented or has some other situation going on... There could be nothing serious with the property, just the ability to get in. More-than-likely they only want to deal with serious buyers and not those still on the fence. Again, probity cause there is a tenant in there and they are not cooperative. It could be someone who works at night, maybe they have a day-care service, etc. and they don't want folks coming and going. I do not have enough info from your question. Your agent can contact the selling broker to ask just what the situation happens to be. Plus this could be to your benefit as most agents may choose not to show this house.
Finally, when you write an offer, among other things, put in the offer "subject to seeing, inspecting and approving the interior." I would think your agent would know this and will look out for your best interest by protecting you in the contract. Remember to cover all your bases when writing the offer so, just in case, if you find something displeasing, you can back out...
Hope this helps! If you have any other concerns, feel fell to contact me. I'm always willing to help out when I can....
-- Rod --
This is a rare circumstance. Most of the time when the situation requires an an offer or an accepted offer, there may be a tenant that the seller does not want to disturb, for example. This keeps the showings down to the really serious buyers. So to answer your question, No this is not how it works...thank goodness. If you have a Buyers Agent they will help to explain the situation. If you do not have an agent yet, I would highly reccommend that you find someone compatible with you and knowlegable in your area.
Congratulations on being pre-qualified in a time when rates are this low!! Let me know if you need any help or want to pick my brain.
Unfortunately, some sellers require that you make an offer to see the home.
Your agent can craft the offer so you have an out if you do not want to purchase.
Best of luck,
Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
Have a great day,
Heather Paul, Realtor
I don't know if I like it. I certainly don't give the seller points for style.
In this strange market we're in, I shouldn't be surprised at anything.
and to tell you truth there are to many homes on the market to have some agent nit pik about an offer there must be a reason behind the mandatory bid requirement. i have never dealt with anyone in that manner. If you like the home you should be allowed to view it. with ot without a bid.
Realtor, Investor, Property manager
Hope this helps!
Unwavering Commitment to Service, Unsurpassed Results
A good agent can guide you through the process safely, without any risk.
You always want to see the house before you put in a bid. I would find a local realtor and have them show you the house. In Georgia it does not cost you anything to work with a buyers agent. The commision is paid by the seller so it is in your best interest to have a professional represent you.
I understand your frustration. It doesn't feel right to submit an offer on the house you haven't even seen inside.
And no, usually it is not how it works. Usually you get to see the place before making an offer. But there are exceptions.
Questions to ask your realtor - why?.
It is possible that the place you are looking at is a short sale, and possible occupied with uncooperative tenants making it impossible to show unless you have an accepted offer. It is possible that the seller is not motivated to sell or show to prospects unless he is convinced they are serious about buying it ( submitting an offer would be the proof he/she is looking for ). Or it could be a number of other different reasons.
You don't have to do anything you don't choose, of course, but if you do like the home, at least from the outside, the location, price, size, etc, and possibly have seen pictures, I believe submitting an offer would be a good choice for you.
Remember submitting an offer doesn't mean there is no recourse back. You have a right to cancel your contract within your contingencies periods, usually 17 days after acceptance while your initial deposit is protected and fully refundable.
Good luck and let me know if I can help you in any way,
Real Estate Supergirl
Allison James Estates and Homes
7 Horton Plaza,
San Diego, CA, 92101
Best advise...work with a Realtor that you trust and is looking out for your interests. Overall, I don't like making offers on unseen homes. Too many variables, but you have to decide how bad you want to see the home.
In this case, I would not work with the Realtor listing the house. Hire someone to be on your side. It costs you nothing because the seller pays the Realtor for both sides typically.
1) Knows the area & inventory well
2) You would enjoy spending time with and who communicates well
3) Takes the time to help you navigate through the Home Buying process, and to hold your hand when you need it!
Get a good referral from someone you know who had a raving experience with their agent or look at online reviews and testimonials. Good luck finding the home of your dreams! Any of us here are more than happy to help!