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Purchasing without viewing

Discussion in 'The Buying & Selling Process' started by Phineas, 8th Sep, 2015.

  1. Phineas

    Phineas Member

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    Hi all

    What is your experience in buying property without having viewed it (or the locale) "in the flesh", so to speak?

    I have heard some property investors doing this but am wary of doing myself. On the one hand, all the relevant data for a decision to buy can be garnered remotely (online, or with phone calls), and I would always get a Building and Pest. On the other, there is a lot to be said for the drive-by and walk-in, getting a feel for a suburb (the good and bad streets) and the property itself.
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Personally I'd have difficulty buying sight unseen UNLESS the price is so cheap it does not matter the condition or location. Otherwise get a trusted friend / relative, property manager who is not associated with the selling agency, or independent buyers agent who can put themselves in your shoes and give you an unbiased opinion.
     
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  3. Blacky

    Blacky Well-Known Member

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    I have purchased site (or is it sight?) unseen - however, new the area/street as had been looking at other properties, and my sister, brother and dad all looked at the property and ticked it off.

    I would struggle to do it without those aspects.

    I have also purchased cars and boats sight unseen, but again viewed/tested by my dad. That is a bit different though as you know the product.

    Blacky
     
  4. jaybean

    jaybean Well-Known Member

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    My last 2 have been sight unseen. And a third was such a deal I wouldn't have cared if it was a burned out shell, I was buying for the land.
     
  5. Nemo

    Nemo Well-Known Member

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    I bought my last one unseen - did have my dad take a peek through the windows
     
  6. Coota9

    Coota9 Well-Known Member Premium Member

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    Both my IPs have been sight unseen to a point as both times I had trusted people looking through the property for me and gave me heaps off feedback on the properties with reports,photo's and also video footage.
    So I personally didn't look through the properties as I didn't see that adding any value to my purchasing decision..
     
  7. Michael_X

    Michael_X Mortgage Broker Business Member

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    I would at least get someone you trust to go through the property for photos or videos.

    Personally see every property I purchase. Countless properties I have pulled out from after viewing in person and thankful I made the effort to see it.

    Cheers,
    Michael
     
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  8. Chilliblue

    Chilliblue Well-Known Member

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    Closest we got was seeing the property on the outside and having my parents view internally.
     
  9. Bargain Hunter

    Bargain Hunter Well-Known Member

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    Initially at least one of us viewed the properties however there have been a number bought site unseen with no major tragedies.
     
  10. Azazel

    Azazel Well-Known Member

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  11. bob shovel

    bob shovel Well-Known Member

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    If there a good photos available and your able to visualise or understand the property i can't see it being an issue. Along with plenty of dd as usual.

    Even if you have been for an inspection you will only pick up on the obvious stuff anyway. Its not until you live or have spent considerable time in a place you find the faults and quirks.
    We've been moving around and spent time in plenty of temporary accom houses, units, t'houses and dongas etc etc. On first inspection you see the obvious stuff and I'd imagine the price reflects that in most cases or that's the haggle point. After spending time you'll see that the shower doesn't drain properly, the back yard holds water after rain, the floor boards creak etc etc
     
  12. Be Developer

    Be Developer Property Developer Business Member

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    I purchased most of our own properties unseen.. Haven't put a foot in to any of it as yet.

    Due Diligence
    Search.
    Locate
    Make an offer
    Get external PM to take photos and rental apprisal
    Sarisfactory B&P
    Check what under,above ground
    Purchase
    Rent
    Demolish/ rebuild.

    Works for me!
     
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  13. Phineas

    Phineas Member

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    Interested to know what aspects made you pull out? Certainly saves the cost of B&P inspection...
     
  14. Phineas

    Phineas Member

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  15. Phineas

    Phineas Member

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    How have you found dealing with an external PM? Do they do this gratis for with a view for managing the property or do you pay them a fee? Limitations with access to the interior for photos I would imagine...
     
  16. Michael_X

    Michael_X Mortgage Broker Business Member

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    Some examples

    1. Slopes - find Google maps can be deceiving. Went in person to find there was a 30 degree slope into the house

    2. Photos - the house in real life could have been a different property compared to the photos. Conversely I've seen places where the photos were terrible but the property was actually really nice

    3. Feral Neighbours - you can really only experience this in person

    Photos can only show so much so really for a few hundred dollars I always go up to see the property. On top of that, you network with the agent in person - best form of connection.

    Cheers,
    Michael
     
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  17. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    We've got properties that we've never seen, but the buyers agent did give us a detailed report complete with photos.
     
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  18. JK200SX

    JK200SX Well-Known Member

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    Our last property was purchased sight unseen. Basically:
    - Find property/due diligence
    - Arranged with existing PM in area to have a look at the property (+photo's)
    - Made offer
    - accepted
    - B&P - then got the vendors to fix 2 items.
    - PM has already listed for rental
    -Settles next week

    PM hasn't charge anything for their services as they knew they would get to list the property.
     
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  19. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    Bought many sight unseen using real estate agents I trust from previous experience. I know nothing about house structures so that's why you pay a building inspector. I'd only have a look interstate if you were planning a very heavy Reno.
     
  20. bythebay

    bythebay Well-Known Member

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    bought my most recent one in Melb sight unseen (first time)
    builder & PM both kindly mentioned to me there was a set of units next door before the offer went unconditional, I decided buy it anyway based on Google Map images
    6mths later, I'm there for work and drive down to have a look ... gosh the units are hideous, look even worse in real life... I was planning to do a reno to the property but am starting to wonder whether it's worthwhile ... I can change the house but can't change the fact it's right next to a set of ugly and poorly maintained units ...
    would I have bought it if I went to look at it in person? probably as it does tick the boxes ... but in future if I have the time and money to make the trip, I will be more inclined to do it.