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I did a lot of transactions for investment clients sight unseen.
Example: A long time broker owned 13 infill lots. A sold small builder wold build the homes. They needed to sell at least 6 before they could get construction financing. They offered them at a good investor price. That morning an owner who had a V.A. loan to be foreclosed on Monday (this was Friday). I checked the home and was immaculate, called the V.A. who knew me, got their figures, offered the owners a no commission price they accepted, told V.A. to send assumption papers, and we would close on Monday with unknown investor buyer, and they thanked me for solving their problem.
That afternoon in 2.5 hours moved all 14 homes with buyers, buying 2 to 5 homes, all on the phone sight unseen. V.A. assumption closed on Monday, and all to be built homes closed in 1 week 3 months later. By the way, that was my record for home sales in 1 day.
I had investor clients in Libya and Malaysia that bought investment properties over the phone, who may not see the property for close to a year after buying sight unseen.
In commercial investment world, it is not unusual fo selling sight unseen.