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Thursday, February 23, 2012

Buyer Due Diligence – Verifying Property Condition

Bid4Assets hosts online real estate auctions nationwide which allows buyers across the globe to bid on properties hundreds, even thousands of miles away from their location. Many prospective investments are too far away to personally inspect in a short timeframe, but this does not mean thorough due diligence can’t be performed to verify a current property’s condition…

Although sellers attempt to describe their properties as accurately as possible, it is important to note that an asset condition may change over time. Auction photos may be dated and the state of a property could be different than depicted. For this reason, we strongly recommend contacting the seller prior to placing a bid:

·         To verify the condition of a property, click “Ask Seller a Question”  –
o   “When were the photos taken?  Do you know whether the photos are up to date on the current condition?”
o   “Is the property secured, and if so, is there a lockbox available?”

Employing a photographer is a smart investment and a worthwhile way to ensure you’re clear on the current condition of the property. It’s often cheaper and easier than you might think. Here are a few ways to find a local contract photographer:

·         Craigslist
o   Post a free “help needed” or “photographer needed” ad under “gigs” to connect with local people interested in odd jobs
·         NVMS.com
o   A nationwide network of photographers who can visit a property and send photos
·         Real Estate Agents –
o   Contact a local agent who may offer insight about the neighborhood and can perform a property report

Performing due diligence on a property will reduce future unexpected surprises. Isn’t it worth spending $40 - $50 to verify the condition of a property before you bid thousands of dollars?

On Bid4Assets, the educated buyer always has the advantage. Remember, a bid is a legally binding contract so it’s important to thoroughly research a property before you bid.

12 comments:

  1. Good advice.
    I just wish there was an easier way to do Title, liens, and encumbrance searches on properties.

    Most county websites don't allow an online search of images. You must be onsite to search those, or pay a third party a few hundred dollars to do a title search BEFORE bidding on properties.

    Is there an easier/cheaper way of doing this?

    ReplyDelete
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