Home Buying in Foster City>Question Details

Dina, Home Buyer in Foster City, CA

Can you put an offer on multiple REOs at the same time?

Asked by Dina, Foster City, CA Sun Sep 7, 2008

I ask because I am a first time home buyer and have been placing competitive offers on 4-5 bd REO homes in Tracy and my offers have been the 2nd best each of the past 6 offers. My limit is $280 and I have been offering $260 - 270 $5000 Deposit. By the time my offer is rejected on a house, my second or third choice is already pending. My current agent says we cannot put multiple offers on REOs - is that true? If not true - what should I refer her to so she can work more aggressively on my behalf. I feel like I am losing out on my first home because we are submitting one offer at a time.

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GREAT QUESTION: Yes you can we recommend for your clients to do so. If you are in a bidding war allows you focus on several properties. YOU LOSE NOTHING, it matter of an agent willing to produce the paperwork HOWEVER it is all templates, You have NO OBLIGATION TILL THE CONTRACT IS EXECUTED by both parties http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Sun Sep 7, 2008
Did your agent give any rationale? In a market where REO properties move quickly, there's nothing wrong with writing offers on multiple properties at the same time. Should one offer get accepted, withdraw the others.

One at a time could still work ... if your agent is familiar with bank owned homes and the quirks of different lenders (what they tend to accept, for example) it could help a great deal.
1 vote Thank Flag Link Sun Sep 7, 2008
My agent says that we would lose the $5000 deposit if we had multiple offers and more than one seller accepted our offer. Would I not still have some shortened period of time to decline to accept the acceptance of my offer? Also, is there any particular difference depending on the fact that I am searching in CA - the answers so far are not from any CA realtors (as far as I can tell - but appreciated just the same :0)
0 votes Thank Flag Link Sun Sep 7, 2008
I'm in the same boat as a first time home buyer in california, and my agent recommended putting in more than one offer out there on homes. Esspecially since you can use you're "good faith" money for all of them. So instead of dishing out a check for each home, you only put one out there.... and hopefully get a bite on one house you're interested in. So far we are setting up to put in an offer on one home and still checking for more to offer on. CA apparently is in a bidding war right now (at least up in the Plumas Lake area)... so don't get hopes set on any one home. Leave your options open. Good luck!
1 vote Thank Flag Link Sun Sep 7, 2008
Yes you can...if your agent is telling you you can't get a new agent... run don't stop... you need to make sure you have contingencies in the contract to back out if necessary. The wording should also specify that the deposit is given to escrow after acceptance of offer. Once again if your agent currently hasn't been able to do this for you I would look around and get some recomendations from friends that have used a good agent in the past and then interview them.
Web Reference: http://www.maui4rent.com
1 vote Thank Flag Link Mon Sep 15, 2008
Hi Dina:

It can be done, but I would be extra careful when I do that. There is normally an experiation on your offer, and make sure you understand the dates and conditions in the contracts. You just don't want to be accepted in two offers. There is an inspection period where you typically can backout of contract if you changed your mind. Also, I dont know if many people will know that you put in more than one offer, but it's always good to make sure all rules are followed so you don't lose your deposit.

Sylvia
1 vote Thank Flag Link Mon Sep 15, 2008
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
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Simply put in a better offer on the reo property you really want, many reo homes are selling at or over their listing prices. if you make multiple offers do you have $5k deposit fore each, if so what happens if you make 4 offers and they are all accepted? are you ready to own 4 homes? again make your best offer on the house you really want. also you know there are deals outside of reo properties as well, bidding on reo's is not for the faint of hgeart and requires alot of time and patience. expeand your search and make your best bid, you will find your dream home. good luck
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Tue Sep 16, 2008
Thanks for all of the answers - especially agents. I find this site to be very useful as a first time buyer in getting second and third opinions. Sometimes agents are reluctant to answer my questions over the phone when I am let them know I am working w/another agent. Keep your fingers crossed for me - I am waiting to hear if I get my offer accepted on my dream house today!
0 votes Thank Flag Link Tue Sep 16, 2008
Yes you can and in this market you will mostly have too. Rember each offer is just that an offer.
0 votes Thank Flag Link Sat Sep 26, 2009
Hi Dina..My advice is you go through the listing agent only...They are eager to make a sale and they won't have to split the comission...
0 votes Thank Flag Link Thu Jun 23, 2011
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