Home Buying in 92405>Question Details

Tnp, Home Buyer in 92405

Is it illegal, unethical or looked upon poorly for a buyer to make two offers at the same time on two standatd sale or two Reo sale properties?

Asked by Tnp, 92405 Fri Nov 26, 2010

Help the community by answering this question:

Answers

9
I encountered a good bit of this as the federal first time homebuyer tax credit deadline neared - it can be unnerving to both buyer and seller. If there are several properties of interest, I generally advise to prioritize them and go out with your first choice, letting the agent know that a prompt response is needed, as there are others under consideration. But there is always the risk that your second choice may disappear as you wait to hear back from the first. While it isn't the best of practices, it is not illegal and can be managed in situations in which you have an attorney review period during which either party can withdraw without recourse. Here in NJ the contract is binding after both parties have signed and you've cleared attorney review, or waived it. The concern comes in if you have more than one offer that is accepted - that should be avoided, unless you want to run the risk of buying both.

Choose an agent to work with that you respect - and that has the experience and knowledge to guide you all the way along the way, including navigating successfully to close.

Good luck to you,
Jeanne Feenick
Unwaveirng Commitment to Service
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Sat Nov 27, 2010
Most buyers currently are in the position that they have to place multiple offers on homes with the hopes of getting one of their offers accepted. This is a very competitive market for homebuyers.
0 votes Thank Flag Link Wed Jun 19, 2013
Tnp;
Respectfully would like to know how you would feel if:
--You had your home for sale
--You got all excited because someone made you an offer
--You subsequently find out the buyer was writing paper all over town.
It happened to me.......I looked upon it Poorly with a capital "P".
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sat Nov 27, 2010
Some sellers or agents don't like the practice(typically encountered in Short Sale offer), but the seller is telling the buyer that the sale is contingent upon the bank's approval.

If the same is true the other way, the purchase is contingent upon bank approval.

In other words, the offer isn't really accepted until the bank approves the deal. If you have a short sale addendum allowing the timeframes to begin AFTER bank approval, you'll still be within your rights to withdraw from the transaction according to contingency periods (as may be provided in your contract).
0 votes Thank Flag Link Sat Nov 27, 2010
Hi Tnp,

Typically the seller has 3 days to respond. If your a little uneasy about making multiple offers try making one on the first property, waiting 3 days then making the second offer if they don't respond. That way your following the normal offer protocol but maximizing your chances for acquiring a property.

Good luck!
Chris Blasic
0 votes Thank Flag Link Fri Nov 26, 2010
Hi there TNP. Interesting opinions here. it is generally not recommended on Standard sales, REO can be a little different. It really all depends on what you are trying to achieve. If you have a specific reason for considering doing his then you should have a strategy in place to achieve success with this. There are lots of factors to consider , such as the property, the owner, motivation to sell. reason to sell, your offer, is it all cash? how much down, ficos. strength of the offer in general. Your agent and their ability to package the offer.

It takes a lot of thought and strategy to get your offer accepted especially on the best properties especially if there are multiple offers, but there are many proven ways to do this.

I wuld recommend discussing this with your agent.

Hope this helps. if so can you give me a thumbs up

Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
0 votes Thank Flag Link Fri Nov 26, 2010
not illegal, definately not the thing to do when it's a regular sale. but on a REO where it is priced to be a bidding war???? Then I think the listing agent has brought it on themselves, especially when they say in the remarks that they won't even tell a selling agent if there are other offers on the table.
0 votes Thank Flag Link Fri Nov 26, 2010
Hi TNP,

I don't like doing that. That's like throwing spaghetti on a wall and waiting for something to stick.
That just wastes the listing agents time. Have your agent talk to the REO listing agent and see if your offer is competative.

As for a standard sale why don't you have the listing agent and your agent arrange a meeting with the homeowners and negotiate a sales price.

I know it's not like the good ol' days when real estate agents used to communicate in person or buy landline and tell the other where the highest and best was.

Best regards,

Jes Sierra, B.Sc.
Realtor® 01772408

Century 21 Beacside
Chino Hills, Ca


If this helps give me a thumbs up.
ll
ll
v
0 votes Thank Flag Link Fri Nov 26, 2010
Definately not - as long as you intend to buy both. It's always considered bad manners, some might say unethical, to submit two offers when you only intend to buy one. I'm sure you're about to receive a boatload of comments why this is an unethical practice, but I think you already understand that, so I'll close out by saying best of luck.
0 votes Thank Flag Link Fri Nov 26, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer