Cofiregirl1, Home Buyer in Homeland, CA

But in a short sale buyer also able to submit to more then one home and pull out anytime before escrow closes.

Asked by Cofiregirl1, Homeland, CA Sat Aug 11, 2012

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7
Not my suggestion always try to work with a commited agent on your buyrs side/sellrs side once the lisitng agent has spent all the time and commitment to get you approved if you happen to be the multilple buyer it is so hard to work and find out you find something else.
Please stay closely connected and make sure you are being presented as a buyer ,communication is very important ,I am a short sale specialist ,I have had happy closings due to my constant communication with all parties involved.Good luck HENA BROKER 760-251-2868
0 votes Thank Flag Link Mon May 6, 2013
Not so fast, many agents are implementing addendums to the sales contract regarding escrow deposits to protect themselves and the Sellers.
0 votes Thank Flag Link Thu Feb 7, 2013
I just wrote a blog on that ,my suggestion I don't advise doing that ,read my blog please ,HENA MARTIN BROKER .
0 votes Thank Flag Link Thu Jan 24, 2013
In a short sale where the sale is contingent upon lien-holders written approval and other major variables, there is no guarantee the sale will close. In most cases , the seller(s) actually have a right to accept other offers and present to the bank for consideration ( Read the SSIA).
Although not recommended on Standard/Bank Owned/HUD's,etc...(As mentioned by the others) , I usually advise my buyers to continuing searching and writing offers when dealing with short sales,UNTIL, written acceptance is received.
Should you decide to move forward with another property while awaiting approval, please advise the sellers agent immediately as a courtesy.


Best wishes,

Jory Blake
951.742.3751
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Mon Aug 13, 2012
You should talk with a real estate attorney.
I am not an attorney.
From my opinion hopefully you can derive questions to ask a real estate attorney to better understand your situation.
Opinion:
If you have contracts floating everywhere you can be bound to those contracts and possibly be committing a type of fraud if you cannot fulfill your promise bound by the contract
One contract at a time.
You can submit more than one at a time IF the Sellers know up front this is what you are doing this is called MULITPLE offers from a buyer.
Short sale or not.
If you read and understand the contract, you should never be involved in buying more than one home at a time UNLESS you can afford two homes.
Whomever gave you the advice and told you this, is wrong.
A professional such as a licensed agent should know better and NOT allow you to enter more than one contract at a time.
Buying a home Should not be with the intention of pulling out unless you find issues with said property.
Playing a game in a written contract with others such as sellers is can have consequences.
Many Brokers know that some agents play the game, and they contact people to take care of the matter later, ... such as the licensee who acted irresponsible are reported to the Department of Real Estate, Fraud cases are forwarded on to the District attorney office for the county and the state.
The seller of the short sale can also possibly sue you for acting in a fraudulent manor.
So before you think it is OK to sign your name to possibly committing FRAUD, the very least you can do is be smart and be moral.
That's just my opinion and heck I may be right.
After all there is a reason you asked the question right?
If you have already done something of the sort.
My Suggestion is go to the broker of the agent you are working with
ask to rescind the offers except the one.
If an agent suggested it is OK to do this It is obvious the agent who suggested you doing this is probably not thinking clearly.
0 votes Thank Flag Link Sat Aug 11, 2012
check your facts before you make assumptions
0 votes Thank Flag Link Sat Aug 11, 2012
Let's say you made 3 offers on homes. The owners agree to your offer all three accept and they are all three contingent on the banks ok. You now are under contract for three homes. Let's say the bank accepts the offer on two the same day. Now you could be in trouble since you will have to default on one of them.

Just do one at a time.
0 votes Thank Flag Link Sat Aug 11, 2012
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