Home Buying in Miami>Question Details

Monica, Home Buyer in Miami, FL

Would it be wise to do multiple offers to have as backups on Short Sales?

Asked by Monica, Miami, FL Thu Jul 17, 2008

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5
Monica,
NO never make more than one offer, If you really like this place a lot make the highest offer possible,
Be patient the banks take weeks even month befor they answer.
0 votes Thank Flag Link Fri Jul 18, 2008
Most likely NOT! A valid and serious offer is accopanied by a good faith earnest money deposit. By making multiple offers, you would be tying up a significant amout of funds. Another drawback is when more than one offer is accepted, can you, would yo want to be obligated to close on more than one?
0 votes Thank Flag Link Fri Jul 18, 2008
Hi Monica,
No it would not be wise and could be very costly if all offers were accepted. It would be best to do one offer at a time with the help of a real estate professional.
Web Reference: http://www.Destindoug.com
0 votes Thank Flag Link Thu Jul 17, 2008
all it takes to make an offer a contract is for the selling side to agree to your terms--you could end up buying multiple properties without intending to.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Thu Jul 17, 2008
Ask your Realtor how she would handle that situation. Is there standard language included - or a clause you can add - to protect you from having to buy more than one property? You can write multiple offers - but what if two or three of your offers are accepted at the same time? Personally, I think it's a little like playing Russian Roulette with your money.
0 votes Thank Flag Link Thu Jul 17, 2008
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