Home Buying in Sacramento>Question Details

Jim G., Home Buyer in Sacramento, CA

Can I make multiple offers? Am I at risk to lose my deposit if I have more than one offers accepted?

Asked by Jim G., Sacramento, CA Sun Aug 17, 2008

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As everyone has said you can make multiple offers, which require individual deposit checks. With the proliferation of bank owned properties, the timeframes on the contract don't always match the timeframes that a bank honors so communication is critical, and also respectful of the listing parties.

By that I am suggesting the following-
* When you make multiple offers be sure that it is reflected in the contract (as already said).
* If you receive a verbal approval of your offer, it may be a week or more before you actually receive the signed contract from a bank seller. That would mean a week before the deposit check is sent to title (since escrow info has not been communicated yet). It might be a good time to decide if you're going ahead with this contract or not.
* If you decide on one property, send a withdrawal of offer to all other parties so they do not leave you in consideration.

Good luck! It sounds like you're taking advantage of the good buys in this market.
Web Reference: http://www.suearcher.com
1 vote Thank Flag Link Sun Aug 17, 2008
Dear Jim G. Yes you can, but there are terms in the offer agreement that you can include so that you don't offend the Seller or the listing agent when making offers on multiple properties. I've done it successfully the past for a few clients.
Web Reference: http://SoldByErin.net
1 vote Thank Flag Link Sun Aug 17, 2008
Yes you can make multiple offers, but you should be VERY cautious about the wording of your offers to ensure you don't get multiple acceptances. You should have an out on each offer you put in, but you should also withdraw any offer if you have finally homed in on a single property.
1 vote Thank Flag Link Sun Aug 17, 2008
There are conditions surrounding multiple offers. For one thing, you must submit a separate earnest money deposit for each offer. You cannot submit one check and then write three offers, for example, because each offer would not carry its own consideration. As long as you write a separate check for each offer, then each valid carries its own weight.

Be sure to include contingencies in your offer that allow for the return of the earnest money deposit. California contracts, by default, give you 17 days to conduct inspections as a contingency.
0 votes Thank Flag Link Sun Aug 17, 2008
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