Looking for a home in the market and having difficulty figuring out your schedule?
Or perhaps you’re selling a house and came across a particular email.
Frankly speaking, these blind offers are not the best deals you could make or accept in your lifetime.
But if you’re interested in learning more about them, then we’ve got this talk just for you!
What Is a Blind Offer?
A blind real estate offer is a contract written by the buyer, that is, with the sight unseen.
You state a price for one of the few houses you have your (virtual) eyes on and offer a defined amount of money to the seller in hopes that they’ll bite.
As you can guess, this method of trying to buy a house is not advisable.
However, for situations that call for it, such as the COVID-19 pandemic, it may be possible for such offers to work in real estate properties.
How They Work
Perhaps you may wonder why or how a buyer could make offers to buy a property or a home without seeing the thing itself.
The concept of such offers relies on the fact that you get your foot in the door with respect to the seller you’re trying to buy the said house from.
At these rates, getting your order for the home is more plausible and could end on better ends.
Possibility of Getting the Offer
If you’re a member of those people who have sent an order that they’re willing to entertain, then you’re quite likely to get a call about the homes.
But sometimes, things don’t work out.
In this case, calls you may receive about these homes aren’t always so nice.
After all, such an offer kind of says you don’t do your due diligence.
You have to question who wants to make a deal with those types of people, really.
But it is possible!
Despite how the real estate market works, however, a selection of people will still write blind offers.
That is, offers could actually be submitted and received much faster through them.
Don’t have the time to see the house in person yet?
Write a blind offer for the properties you’d like, come to inspect them, and back out once you’re not fond of the place.
And assuming that you wouldn’t only be writing for just a single house, there are more chances of receiving calls.
Seems much easier, isn’t it?
It’s not the easiest process, really. We certainly hope you’re prepared to get some angry calls as well.
But there are cases, however, where such offers could get you a deal.
The Drawbacks—Buying a House
A blind offer could curtail the buyer’s ability to inspect the property properly.
That is, you won’t know whether the materials are up to boot, nor will you be aware of the strength and endurance of the construction.
Maybe they won’t even be aware of whether something in the house could give them an allergic reaction.
In short, it is crucial to see the property in person.
But sometimes, that’s not possible.
Thus, the birth of blind offers.
What It Entails
However convenient this piece of information sounds, it is crucial that you realize that this is a terrible idea.
Once you’ve sent out a blind offer, the listing agents and sellers will be notified of whether someone has brought you to the property or not.
Sadly (but reasonably), in cases where the answer may be latter, the seller will not be eager to accept the said real estate offer.
That is, such an offer may entail any of the following:
- You’re not very certain of whether you’d like the homes you set an offer for
- You don’t do your due diligence
- Dealing a contract with you has the potential of being a bad experience
The Drawbacks—Selling the House
While these offers seem like they would work on the real estate at times here and there, these offers are quite dangerous for either one of the sellers or listing agent.
For example, the seller has the possibility of the house being tied with buyers who may not push through with the purchase offer (once they see the house with their own eyes).
While such an event is reasonable, it’s possible for appraisers or real estate workers not to work in the market for a while.
In real estate, it is not advisable to sell houses and properties which are “subject to inspection.”
If You Decide to Make a Blind Offer
How to Get a House Through the Offer
The strategy for the real estate market is working with real estate agents who have experience and are professional about the process of blind offers.
In this case, the buyers may be provided with a few things and advice to help them make such major decisions, as written on the contract.
For example, the agent may provide the buyer with a home tour.
In this scenario, the agent films a small house tour of the property in question. This way, one can have an idea of what the house really looks like.
Another method that you can use instead of a blind offer is a virtual inspection.
In a virtual inspection, people are able to ask the agent to take photos of areas of concern in the property.
For example, they could ask for close-up shots or call an inspector for reasons that may be deemed in need of disclosure.
When it comes to buying a home, maybe such an offer wouldn’t be the best choice.
For lands, however, it may be a smart decision.
Especially if the land niche of the house isn’t all that competitive.
When we’re talking about land, we aren’t necessarily looking at what’s being sold.
That is, there’s definitely less of the land market which needs inspection.
You could look at a property among the others and figure out how they’re currently competing and are being listed.
If you’re smart enough and time it right, you could make much cheaper offers and sell them for higher prices.
Not exactly the most morally correct deal in the market you could make, but capitalism is apparently present in everything.
It could be worth thinking about, though.
Let’s admit it. These offers where you do not even see the property face to face aren’t the best.
We’d actually recommend that you pass on them, both if you’re buying or if you’re selling.
But we understand that some of you might still not have any other choice.
In that case, all the advice we can give you is to get a good enough grasp of how the home looks before making such a decision.
After all, when it comes to the market of real estate, you’d like all your brain gears spinning.