Home Buying in Wisconsin>Question Details

Jgorsegner, Home Buyer in Midwest, WY

What is contractually binding? If I put in an offer on one house (short list) and another offer on a second

Asked by Jgorsegner, Midwest, WY Mon Apr 21, 2008

house and both get accepted and meet all contingincies? Am I now an owner of two properties or can I back out of one?

Help the community by answering this question:

Answers

3
I'm not sure what you mean by "short list", but I suggest you contact your attorney. A signed offer to purchase by seller and buyer becomes binding after acceptable delivery, which in Wisconsin is spelled out in lines 22-33 of the WB-11 Residential Offer To Purchase.
0 votes Thank Flag Link Fri May 9, 2008
Jgorsegner,
I'm not sure from your questions whether you are working with a Realtor or have a Real Estate Attorney. Either way you are putting yourself at risk of having accepted offers on both properties.
This could lead to some messy legal ramifications. As the other agent said, you should get some legal advice.

I have prepared offers for my Buyer clients on more than one property, but held the others back until we knew whether #1 offer was accepted or rejected. Then moved on to #2. I would never want to put them in jeopardy. Good Luck on your search.
Web Reference: http://www.GoPackerUp.com
0 votes Thank Flag Link Mon Apr 21, 2008
This is a great question to ask your Realtor and/or your legal counsel. State laws vary but in general this is risky business. If both offers are accepted, you may find yourself with enforceable contracts on both houses. There are ways of being prepared to have another offer 'ready to go' on another house if your first offer is not accepted. But again, every State is different. You also may want to consider what you may risk by making two simultaneous offers without disclosure to the other parties. In other words, if you prepare an offer on home A without disclosing you are also offering on home B will you have committed 'fraud' if both are accepted and your can't perform. My advice in general to buyer's I represent is to choose the 'best house' for you and then make your strongest offer.

Wish you great success in finding your perfect home and I would advise you talk with your Reatlor about your concerns here.
0 votes Thank Flag Link Mon Apr 21, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer