On average, 86% of all offers accepted in the past 30 days within my real estate office located in the Silicon Valley have not had any contingencies applied. In other words, removing loan, appraisal or physical inspections are a part of the contract. Most of these offers also were involved in a multiple offer situation, some ranging from 10-25 offers or more.
Thirty-five percent of home buyers who purchased a home in November and December said they made an offer on the home without seeing it first in person, according to a newly released survey of more than 1,500 home purchasers conducted by the real estate brokerage Redfin. That is up from 33 percent in May 2017 and from 19 percent in June 2016.
The following lists the percentage of buyers by metro area who said they made an offer on a home they hadn’t seen first in person:
- Los Angeles: 57%
- San Diego: 46%
- San Francisco: 44%
- Portland: 30%
- Sacramento: 30%
- Seattle: 19%
Personally, I would seldom recommend to a buyer or an agent to follow this practice. And for sellers, honestly, letting them know that more often than not “blind” offers fail to go through with the transaction.