Home Buying in Ridgefield>Question Details

Kim Wilson, Home Buyer in Ridgefield, WA

Is it better to have multiple offers out on homes? My husband and I currently have an offer on a short sale home and as expected we're getting

Asked by Kim Wilson, Ridgefield, WA Wed Oct 7, 2009

little information back from the bank. The property has a few other offers on the home as well. We're wondering if it would be better to put out multiple offers on homes (short sales, bank owned, for sale by owner, etc) or not. We're worried that having too many offers and earnest money checks out is a risky move. We don't qualify for the $8k credit so we're in no hurry to buy but have been approved for a USDA loan and are looking at our options.

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Kim, since your question was written in October of last year I hope this was settled and you are currently living in the home of your dreams. However, I wanted to ask you a question. Why are you asking in this post and not to your agent? Maybe you are not using an agent? Are you aware that when buying, the seller pays the commission in most cases. You need to have an expert working for you. Deciding to buy without an experienced agent puts you at a disadvantage. If the home is listed with an agent, you won't save any money. That agent won't be representing you. He/She has to be honest and deal fairly but it is not to your advantage to forgo using an agent.

I recommend that buyers use an experienced agent that will help them avoid common pitfalls in today's real estate transactions. Things are constantly changing in real estate laws and if you haven't bought a home in the last year it will feel like you've never done it before. Many changes took affect this month alone! It takes a professional that daily keeps up with these changes to stay on top of it all. My web site has a section that discusses some of the recent changes in the real estate and lending world. I also have a section that will allow you to search all the homes listed in the RMLS. Check it out! http://www.ClarkCoHomesAll.com.

Best Regards,
Teresa Lamb
Summa Real Estate Group
Web Reference: http://ClarkCoHomesAll.com
0 votes Thank Flag Link Mon Apr 12, 2010
Kim: Does your current purchase and sale agreement allow for you to continue looking at other properties? If so, you are free to hunt and make offers on as many properties as you like, as long as each contract you sign allows you to continue looking at other properties.

This is a fairly common purchase contract term when playing the short sale game.

If you know anyone who thinking about buying or selling a home, I appreciate referrals.

My website is below.
0 votes Thank Flag Link Mon Jan 11, 2010
If I were your agent, I would recommend only one offer at a time because if you have multiple offers out there, one or all could be accepted and once accepted you'll be expected to fullfill the contract.

Misty Collins
SilverPointe Properties
0 votes Thank Flag Link Sun Oct 18, 2009
Better than what?
Is the idea to find yourself in contract to buy multiple homes?
0 votes Thank Flag Link Wed Oct 7, 2009
Be careful about having too many offers out at once. Make sure that you know all the facts of the contract and what your ways out are. If you miss a contingency deadline, you could end up buying more than one house.
0 votes Thank Flag Link Wed Oct 7, 2009
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