HUD Articles
Out-of-State Bulk Buyers
May 09, 2019
Many local buyers usually are unaware that they may have some serious competition from buyers who reside in other states. I hav dealt with many "bulk" buyers who pay cash and no inspections. There are many times that buyers have purchased properties without even touring them. If these buyers reside in areas with expensive market properties, they may think that a good percentage of our listings are either cheap or very resonably priced. Therefore, I do mention to a buyer, with whom I am working, the origin of some buyers. I do advise buyers to be prepared to document their ability to purchase (either a proof of funds letter, or a qualification letter). Having proper documentation to augument an offer will go a long way in offering area buyers strong competition when presenting his/her offer.