Writing multiple offers on multiple properties at the same time is a sign of panic. You will be more successful in finding your dream home by working with a real estate agent with strong negotiation skills and by developing a strategic plan for finding that home. You also have to be willing to overbid appropriately to stay competitive.
It is possible to find your dream home in this marketplace. I have closed 5 buyer transactions with first time homebuyers in the last 60 days, two of which were FHA 3.5% downpayment buyers who received closing cost credits from the seller. Get focused in your search, be aggressive in your offer structure and work with a great agent.
Good Luck in your search for a home...one offer at a time.
Broker Associate #01142186
In this case you will have to make up your mind real fast as to which one you want to call yours.
Once you decide which again, should be done ASAP, You open escrow on that one. If all goes well, you will be in your new home soon.
Much Success to You
Kawain Payne, Realtor
Why don't you at least try being upfront with the sellers? Just because you can find an "out" doesn't mean that that's the best course of action.
Consider the seller's perspective. He or she thinks your offer is legitimate. (Sure, you say it is, but you have no intention on closing on multiple properties.) They certainly go through an emotional roller-coaster. They may also take other steps in anticipation that the sale is likely to occur.Then you pull the rug out from under them.
Yeah, it's legal. Yeah, it's done. But it doesn't make it right.
What goes around comes around.
Good luck with your purchase!
You can back out of one based on the inspection contingency, or
you can sell the contract if the verbage is correct and make money abnd still buy the home you like.
Letâ€™s go buy & sell some real estate.
Albert M. Goldberg Broker
Thirty Plus Years Experience
You can choose to purchase multiple homes.
You can choose to buy only one.
It appears, that unlike most buyers today, you are in the enviable position of having multiple choices. Most buyers are currently faced with multiple offers.
However I think it's always best to be upfront with sellers and pick a property put of these who accepted your offer - at the same time let the other accepted offer know that you have to cancel so that they can work with other buyers.
Hope this helps!
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If the seller's were to accept both your offers as is you would be obligated to send your deposit to escrow. However, if you did not send your offer into escrow you would be in contract violation and the seller's only right at that point is to cancel. Which is what you probably wanted anyways.