Home Buying in Santa Monica>Question Details

JC, Home Buyer in Araby Eight Com'l Es...

Can you make offers on multiple properties? If more than one accepts, what happens?

Asked by JC, Araby Eight Com'l Estates, Yuma, AZ Thu Mar 6, 2014

Just wondering what happens if you bid on a few places and they all accept. Can you at that point drop out of the ones you don't want anymore?

Help the community by answering this question:

Answers

9
Its up to the agent you are working with, but most offers require you to put up an escrow deposit once the offer is accepted. You also mention below sellers are taking too long to consider your offer. One thing that can be done is make your offer expire in a short period of time, such as a few days. If lots of sellers are sitting on your offers over 2-3 days either you are only considering foreclosed properties or you are making low offers, which causes the seller to drag their feet waiting for a better offer to come along.
0 votes Thank Flag Link Thu May 29, 2014
It all depends on the terms of your contract, you need to be very careful once you have escrow on one property, often buyers over look the terms.
0 votes Thank Flag Link Thu May 29, 2014
JC,
This is not favored in the industry! However, you can do this if you keep your contingencies in tact before rescinding from your offer without losing your initial deposit (typically 3% of purchase price).

Leah Walczak
Keller Williams Realty
Real Estate Agent
BRE Lic: #01941570
213.500.5802 (Direct)
310.482.2200 (Office)
LeahLovesHomes.com
0 votes Thank Flag Link Thu May 29, 2014
Hi JC
If you gave a deposit you run the risk of losing it if you are not backing because of what you have listed as contingencies. I would reccomend only outting offers on homes that you plan on buying. Best of luck to you.
0 votes Thank Flag Link Thu Mar 6, 2014
Yes you can drop out as you still have your contingencies. However from a practical perspective, unless you are writing offers across a wide geographical area... most agents know each other and a Buyer can develop a reputation, which can in turn prejudice agents and sellers against you. It is advised to only make offers on properties you intend to buy. That said, if there are two properties you truly like, there is no harm in writing an offer on both. Inventory is low and most offer situations progress very quickly, so it is doubtful you will have offers out simultaneously.
0 votes Thank Flag Link Thu Mar 6, 2014
Make offers only on properties you'd be delighted to buy. If you get an acceptance on more than one and you don't intend to purchase more than one, make your decision and drop out fast so the seller can move on.
0 votes Thank Flag Link Thu Mar 6, 2014
Yes, you can drop out if you get more than one offer. We don't recommend writing tons of offers...but certainly it's common these days to write more than one.

Offers themselves are not binding...also they certainly should be made with solid intent.
0 votes Thank Flag Link Thu Mar 6, 2014
You could lose your deposit. Just send me an email if you have any further questions.

Alex Greer
Loan Officer
NMLS #1056079

http://www.TheMortgageOutlet.com
408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Thu Mar 6, 2014
Ming,
This is a strategy that you will find few agents willing to participate in. Yes, contracts can be written to give you ways out if more than one party accepts, but one element of making an offer is called Good Faith. That means you are serious in your intent to buy and are not wasting everyone's time.
While you see how this strategy may benefit you as a buyer, it hurts sellers and other buyers who are also pursuing purchases.
My advice is to find an outstanding agent who understands your goals, the current market and can help you get the home you really want.
0 votes Thank Flag Link Thu Mar 6, 2014
JC,
I'm not aware of any law prohibiting this, but I'm not a lawyer and every state has their own laws. I discourage the practice because there are better solutions and it violates the integrity of the system and is not operating in good faith.
If you aren't getting a response, but a deadline on your offer and if it passes you have your answer, move on. If that seller comes back and either accepts your offer or counters while you're in the midst of another negotiation, decide which home you prefer and focus on this offer.
A great agent can work through most of the problems. I've not had this be an issue in my 13 years.
Flag Thu Mar 6, 2014
The problem is that most sellers don't respond fast enough and I'm not only interested in one property at a time. Just as a seller will receive multiple offers and can pick the one they find the most appealing, I feel like I also need to know which seller will accept my offer so I can seriously weigh which property I will buy. If you're saying this is illegal, that's one thing and I won't do that. But if you're saying this is legal and the seller prefers I am locked into only that one property, it just seems like it is a feeling that only tips the benefit towards the seller and against the buyer.
Flag Thu Mar 6, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer