Question Details

Sara, Home Buyer in Sacramento County, CA

can a buyer have offers out on more than one property?

Asked by Sara, Sacramento County, CA Sat May 24, 2008

Help the community by answering this question:

Answers

7
It's not advisable. What would you do if they are all accepted? BTW, your question is so basic to the industry that it suggests that you should consider getting agency representation. There are many more important matters that you will not know to ask, or that you will find no answers for from anyone but your agent.
2 votes Thank Flag Link Sat May 24, 2008
If you get into more than one contract, couldn't you cancel one of them during the inspection contingency?
0 votes Thank Flag Link Mon Jul 21, 2008
That's not what the contingency or option period is for. It only pertains to that one property.
Flag Fri May 15, 2015
Yes, they just need to have verbage in their offer giving them final authority on whether or not to take a signed deal from the seller. You don't want to end up with multiple contracts if you only want one.
Web Reference: http://GetPrequalified.com
0 votes Thank Flag Link Sat May 24, 2008
Sure you can! Just be ready to buy them all! It's better to make an offer on one at a time. Let the negotiations take place, and when you have the answer in writing and it is YES, then that's your house! If the negotiations result in NO, in writing, then you can move on to the next property.
0 votes Thank Flag Link Sat May 24, 2008
You can put as many offer in as you like. Make sure you have a good Realtor helping you with this so you do not get acceptance on two homes...and put yourself in a very uncomfortable position.
0 votes Thank Flag Link Sat May 24, 2008
In our market in Las Vegas there is a need to make multiple offers from one Buyer on more than one property. Some of the homes for sale are Short Sales and require not only the Seller's approval of the offer but the Seller's Lender to approve a pay off on the Seller's Existing Mortgage of less than is owed.

This takes time. It is frustrating to wait and have other offers from Multiple Buyers come in on the property while my client awaits a response from the Seller's Lender.

I turn the table and level the playing field. I use a clause in my offers that allowes the Buyer to control his own destiny.

While we have an offer on a home we continue to look for even better deals. They are coming on the market daily.

My clients do not risk obligating themselves to purchase more than one home as a second signature is required to ratify the offers they have out to Sellers. Here is the clause that I use:

"Any Counter offer or Acceptance of this Offer to Purchase will not be valid without the Buyer's second signature of a later date than this original offer; to validate this Purchase Agreement.
The Buyer is making offers on more than one home simultaneously and wishes to purchase only one home.
The Buyer's Validating Second Signature shall be above their original signature on this original Offer to Purchase and dated later than this original date.
A timely response from the Seller will be appreciated."

In our market here in Las Vegas there are multiple offers on most properties. I just make it more realistic for the Buyers to have multiple properties in play as well.

Without that second signature the offer is not Valid.

We have gotten multiple acceptances and chose one and Validated that offer and went to escrow. The other, less favorable Sellers are informed that this Buyer is not interested in Validating those offers.

I teach a down and dirty hands on Investment Analysis Course that is one hour long. The attendees walk away with tools to Automatically analyze their current investments and make better decisions on purchasing more investments in this Great Market.

If you are ever in Las Vegas, email or give me a call and you can set in. It is $25 for an hour that will give you much value for the $ and time spent.

The classes are not larger than 15 attendees and not smaller than 10. It is fast, clear information and moves quickly. I always stay after to answer questions.

I include the "Multiple Property Clause" in that course so you already gained that for free.

My Investors are coming back in droves. We are finding that the increasing rental rates and declining property values here are making our analysis pencil out quite nicely.

I hope this can work for you.

Let me know if I can help further.


George Head
Prudential Americana Group REALTORS
702-496-2222 cell
OwnLasVegas.com

PS... Did you catch the term GREAT MARKET? It is a fabulous market for BUYERS.
Web Reference: http://OwnLasVegas.com
0 votes Thank Flag Link Sat May 24, 2008
You can make offers on as many properties as you are willing to BUY when your offers are accepted.Remember in placing an offer it becomes a binding contract when executed by the seller as long as they have not made any changes to the offer you made to them. If you are concerned that a 2nd choice of property will get away while your tied up with #1 place a time restraint on the Seller as to when the decision to accept or counter will be. Is your market area moving fast enough to worry?
0 votes Thank Flag Link Sat May 24, 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