What it is: Subject to Inspection, or “submit offers subject to inspection”, means that the seller is not allowing the property to be viewed without an accepted offer. Some common reasons for this are privacy concerns of the occupants or uncooperative tenants.
Any advantage to buying blind?
The thought of buying a property sight unseen can be daunting for the traditional buyer, which can be used to your advantage as this will inevitably drive overall interest down.
It's also not as bad as it seems as, under the standard purchase contract, you will have an inspection period, during which you can cancel the sale with no penalty.
What to know:
- The most common offer terms include an inspection contingency which will allow you to back out of the contract with no penalty should the condition of the property prove unsatisfactory.
- As most people like to avoid any surprises when purchasing property, you may benefit from finding a great new home that's not on anyone's radar.