Home Buying in Portland>Question Details

Malcolm Dunc…, Real Estate Pro in ,

If I write a back up offer on a property that is a short sale pending, can i still write an offer on another property.

Asked by Malcolm Duncklee, , Sat Apr 13, 2013

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Malcolm, You can write as many offers as you like. If you are in a back up position, you have no commitment to that transaction. Once you get into first position on your initial offer, then you should stop making offers. In this market with tight inventories, it is critical to hire an agent who has the experience in getting their buyers offers accepted. As an agent with extensive experience working as a listing agent for short sale, I have been involved in a number of multiple offer situations. My conclusion is.....some buyers agents are extremely poor in writing offers that result in getting their buyers the home...Others are excellent. For tips on how to get your offer accepted so that you are NOT the back up buyer call me. Tom Foster 760 831 7223
1 vote Thank Flag Link Sat Apr 13, 2013

If your back up offer has not been accepted by the lender of the property you should be good to go. It important that any offers terminated prior to the mutual acceptance is done immediately to protect your earnest money.

That said, it would be wise to be writing these simultaneous offers with the same agent as they will be the first to have new information to relay to you so you can make the decision to pull out in time for the reasons stated above.

Refer to your agent regardless.

Good luck!

1 vote Thank Flag Link Sat Apr 13, 2013
There can be real danger making "multiple offers" on property. The reality is that unless done property, you could end up buying more property than you set out to own. Make certain that you are working with an experienced agent that can protect your interests with wording that allows you to exit the agreement(s) for any reason and without penalty.

Good luck,

0 votes Thank Flag Link Fri Apr 19, 2013
Once a seller has missed some payments they are in default and if they want to sell they have to have the banks approval to sell so when you get an accepted offer with a seller they really cannot sell the house until the bank approves it or counters the agreed to price. many buyers write offers on short sales and will look at the first one back from any bank. I had one real estate company ask for the earnest money to be held in escrow until there was some response from the bank to slow buyers down since their money was then held by the escrow company but this is totally against what the short sale addendum says but we got the house in the end. Good luck to you. tom Inglesby
0 votes Thank Flag Link Thu Apr 18, 2013
Great Question Malcolm! The important thing to note is that you shouldn't have two offers accepted at one time, unless you intend to purchase both properties. Acceptance is between a buyer and a seller, NOT a buyer and the bank. I know a lot of agents allow buyers to do this, but If you're going have more then one offer under contract with a seller at the same time, it's only fair to disclose and get approval from all sellers involve. Or just write offers on one short sale at a time.
Web Reference: http://TheJesseDillTeam.com
0 votes Thank Flag Link Sat Apr 13, 2013
Absolutely! In fact, you can have multiple offers out at the same time (and many people do!) because until you've ratified an accepted contract, you are under no obligation whatsoever.

I believe that as this market continues to gain steam, we will be seeing this more and more.
0 votes Thank Flag Link Sat Apr 13, 2013
Only if you can purchase both should the first fall out on the property you plan to do a back up on.
0 votes Thank Flag Link Sat Apr 13, 2013
As a back up offer you should have a clause allowing you to withdraw that offer at any time until your offer moves into first position.
0 votes Thank Flag Link Sat Apr 13, 2013
Yes you can Malcolm - If you write a second offer & it is accepted you would just terminate your other offer that is in back up position - Hope this helps.
0 votes Thank Flag Link Sat Apr 13, 2013
You could get into a squeeze there; but the chances are very small.
0 votes Thank Flag Link Sat Apr 13, 2013
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