Asked by John Mueller, Boca Raton, FL • Tue Jan 20, 2009
I have client who is ready purchase a place up to $270,000 with $90,000 down and no earnest money deposit. He has an excellent credit and was already pre-approved. He wants to make offers on a 3,4 or even 5 properties at the same time and all of them are short sales, but he only wants to buy ONE property. His logic behind that is that he doesn't want wait long for a bank to answer and will accept the very first respond and to cancel all other offer. Because he doesn't know which bank will answer first, that's why he is trying to make more then one offer.
How do you handle something like that and what would be a safe avenue to get out of other contracts in case if one is accepted?
Thank you for your time.
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