I have a client who wants to place a bid on a house - for 25,000 below asking price, though he hasn't seen it yet.

once the bid is accepted (If it is accepted) he wants to be able to view the house and then be able back out if he doesn't like it after all.

any thoughts on this?

Write up the contract with the sale contingent on a satisfactory inspection of the property.After he sees th eproperty he can back out or ask for a credit or price reduction.

no legal advice

Super realtor, would the OP's client need to have an official inspection for this, from a home inspector?

It's what the contract stipulates.

I could put bubba is going to do the inspection or I am.The seller could counter back and put in a special stip that they want an official full tiem certified home inspector to do the inspection.

Everything in contracts is fluid and negotiable.If this buyer puts in alot of contracts this way they would benefit from having an attorney make a standard contract that covers there position and use that all the time for submitting offers.

The developers I work for have there own attorney drawn contracts that I use for them and they are nothing like the state contract forms.

If I represented the Seller, I'd probably recommend they not accept the offer, or that they have that "inspection" within 48 hours of acceptance - I'm not going to hold their home under contract for two weeks while someone decides whether they like the property or not.

If the potential Buyer isn't interested enough in the property to view it in advance like the rest of the world, then I wouldn't take them too seriously.

I think that you'll find this type of contract is more trouble than it's worth.

I agree with Super and Troy. If I were the seller's agent I would have a strong quick professional inspection IF I were to accept it. On the buyers side I would inform them of the likelyhood of rejection, contingencies, possible-pissed-off-ness of the seller, and if they still wanted to try it, go ahead. Wheel and deal.

I've been on the seller side on a few of these.......

In every case , the seller told me not even to respond to the offer, and if they contacted us again to tell them to stop wasting their time becuase we were done wasting ours.

It's common for investors to bid like this, but i must say, the offer needs to be REASONABLE to begin with, a low offer isn't really all that low if the property has been on the market for quite some time.

From an investors standpoint you never know if something will get accepted until you offer it.

The last thing an investor is worried about is offending the seller.Sellers are just numbers running a business to the investor.

When we are bidding on properties and it's a good price you want to lock it up.For instance a house is priced at 100k and comps show it valued at 180k after repair.At first glance this looks like a good deal.The goal is to lock it up under contract so that knowone else can bid on it and drive up the price.Then after you the investor have thuroughly inspected it on the inside and out you can do the deal,ask for a credit or price reduction,or let it go.

Just remember there are plenty of dog properties out there wanting full price and not many buyers biting for those.
You have to decide as an agent/broker if you want to shotgun offers all over the place looking for that one seller who will accept the onvestors offer.

It's just like building a commercial investment portfolio.Everyone and there brother wants a 10 cap or better for purchasing.There are plenty of 5 to 6 caps but knowone wants those unless it is a grade a building that's brand new and at 95 percent pccupancy or better.So just like any other investors you will look at LOTS of properties,find some maybe's,and then dwindle it down to the homeruns after serious due diligence.After time you will build an awesome portfolio of properties.

If this is a regular buyer look at what market is not what they are asking.If they are 10k overpriced 25k under asking might be reasonable to begin with.

What percentage of the listed price is $25k?
To perform an inspection within 48 hours of acceptance does not sound reasonable to me, when the contract is accepted just before a holiday weekend; use your judgement and know the availability of your inspector before making the offer.