Home Buying in Babylon>Question Details

Suzanne, Home Buyer in Babylon, NY

Can we put in offers on 2 different homes that we're interested in and go with the first one that accepts?

Asked by Suzanne, Babylon, NY Fri Jun 19, 2009

We have an offer in on a home that we really like but we also found another home that we're interested in. Being the competition is very stiff for our price range, we don't want to lose out on both of these homes so we want to put in another offer on the 2nd house. Is this allowed?

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In Long Island....put in 100 offers if you like and take whatever you want...Until you are in contract, you are not in contract.

I know you are getting answers from Realtors out of Long Island...business is done differently elsewhere...
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Fri Jun 19, 2009
"BE SURE to use an agent when buying a house. It doesn't cost you anything. It costs the seller. The agent knows the state realty laws and can guide you all the way to closing. Good hunting!"

Where does the seller get the money to pay the realty fees?

Is it possible that a real estate attorney would know just as much as an agent?

Folks, the real estate agents have no shame in asserting patent falsehoods as truth. Dump the agents, pick up a competent realty attorney, and do the deal.

It is unbelievable that adults still consult real estate agents and believe what politicians say.
1 vote Thank Flag Link Fri Jun 19, 2009
As a Real Estate Speaker, Coach, Trainer & Consumer Consultant my question is why you would need to consider two properties in the first place - unless the purchase is for speculation. Pursuing to purchase more than 1 property isn’t against any rules or laws but could lead to confusion if both sellers meet all your terms. How do you decide? The Purchase Process, regardless of the Real Estate market conditions, should lead you to the property that meets all your needs, your wants and your financial comfort zone. Quite often purchases can “feel” the property is right for them by just walking through the door. It is most important for you in order to accomplish your goal to arrange for a Purchase Consultation, preferably in your home, with a Real Estate Professional. This will allow you, without pressure, to detail what is important to you and why certain preferences are important to you as well. If you would like more details on your in home Purchase Consultation please contact me.
0 votes Thank Flag Link Wed Jun 24, 2009
I understand the fear of loss on your part...putting in multiple offers is allowed. In my opinion, disclosing to all parties involved that you are putting in an offer elsewhere is important. It shows that you are committed to buying a home. Also, the sellers should have as much information about you, the buyer, so that they negotiate smarter. Good luck!
Web Reference: http://www.Maria4Home.com
0 votes Thank Flag Link Sat Jun 20, 2009
You absolutely can place multiple offers in the state of New York.. If both accept ,you usually have a few days to get a home inspector. You would pay between $ 400-600 for an inspection so if you want to bide time on both, the worst case seanario would be you would be paying an extra inpection for that luxury . Is this worth it to you? If you need more than 3-5 daysto decide, it might be.You are not committed until you put your downpayment and sign contract. Is the seller you bail out on going to be happy with you? I think not. Is is illegal or dangerous absolutely not! If youare not represented by a buyer's agent , please feel free to email me and/or visit my website http://www.lihomechoices.com
0 votes Thank Flag Link Fri Jun 19, 2009
Put in as many offers for as many houses as you like; keep in mind once in contract that's it.

0 votes Thank Flag Link Fri Jun 19, 2009
Part of the underlying premise of making an offer on a home is that you are bargaining in good faith. When ever you make multiple offers without disclosing you are doing such is akin to bargaining in bad faith. In most instances, disclosing in writing in the offer that you are making multiple offers on homes is sufficient to protect your integrity and to bargain in good faith. Others might not like the practice but the disclosure is what is what is important.
0 votes Thank Flag Link Fri Jun 19, 2009
You can go ahead and put in the second offer as long as you stae on an addendum that your offer is contingent on the response from the offer that you have submitted on a house at XXXXX list the address.
0 votes Thank Flag Link Fri Jun 19, 2009
Yes. But.......you need to be careful. In Texas (differs by state) you have 7 days after the contract is accepted to withdraw the offer. It's called your option period because you can "opt" out. If the offer has been made, but not accepted and signed by the other party, you can withdraw at any time. BE SURE to use an agent when buying a house. It doesn't cost you anything. It costs the seller. The agent knows the state realty laws and can guide you all the way to closing. Good hunting!
Web Reference: http://corkysells.com
0 votes Thank Flag Link Fri Jun 19, 2009
If you want to put in an offer on the second house, you need to rescind your offer on the first one first. Otherwise you could wind up buying two houses. Bad idea.

Another strategy is to contact the listing agent of the first house and see if a quicker response is possible. You could also feel out the first listing agent see if you are in the ball park on price and try to get a sense of whether the seller of the first offer will accept it or counter at close to your offering price.

A third thing to try is research activity on the second home and ask the agent for that listing how much activity they've experienced and whether they anticipate multiple offers. You could also ask straight up what kind of price the seller is expecting, to make sure the anticipated selling price isn't out of your range.

Finally, think about why you like the second home more. If it's about location and schools, then I can understand why you would like it more. If it's about condition and the first house can be brought up to par to the second one, and be had at a more reasonable price, you might want to stick with the first one if you think it's a surer bet.

Good luck!
0 votes Thank Flag Link Fri Jun 19, 2009
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