Client want to make offers on few short sale properties. How to handle this?

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.
Regards,
Jan Mueller

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3
Joan Lorberb…, Agent, Boca Raton, FL
Tue Jan 20, 2009
With the way he wants to proceed with no earnest /consideration money I seriously doubt there will every be a contract he'll need to "get out of other contracts." You should speak to your broker and or an attorney. And, so should he.
0 votes
Scott Miller, Agent, Boca Raton, FL
Tue Jan 20, 2009
Hi Jan,

I strongly recommend always using an attorney's services for this type of deal. We don't practice law and need the best talent when handling transactions like this....I am posting below, the name of a very experienced attorney that handles short sales and foreclosures. Even if you have another attorney you use, I still suggest you call Dan and use him.

Daniel A. Kaskel, Esq.
Sachs Sax Caplan
Attorneys at Law
301 Yamato Road, Suite 4150
Boca Raton, FL 33431
Direct Dial: 561-237-6822
dkaskel@ssclawfirm.com

GOOD LUCK,

Scott Miller, Realtor®
Estate Specialist
Commercial RE
Business Broker
Realty Associates
561-716-4060 direct
561-451-9377 fax
http://www.LoveBoca.com
Web Reference:  http://www.LoveBoca.com
0 votes
Nadine Mauro, Agent, Lake Worth, FL
Tue Jan 20, 2009
Talk to your broker or your title company.

Nadine Mauro
Regency Realty Services
561-414-0864
0 votes
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