Question on making 2 offers on 2 properties...

Asked by Joanna, Chicago, IL Mon Jun 16, 2008

I live in IL and made an offer on a short sale property on May 24th. The bank needs 60-90 days for approval, but I put on the offer a closing date of July 15th, with the hopes that I might here back sooner. As I was waiting, I started looking at other properties, and I have seen another property that is already foreclosed and bank owned that I want to make an offer on. It says the response times are 24-48 hours.

If my offer on the 2nd property is accepted, I will withdraw my offer on the 1st property. I would rather have the 2nd property.
Can I make an offer on this 2nd property while I am waiting for the 1st property?

Or do I have to withdraw my offer on the 1st property before I can put in an offer on the 2nd property?

Thanks in advance for any information on this situation.

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Derrick Alli…, , 45640
Mon Jun 16, 2008
In ohio I would withdrawl the first offer in writing before acceptance and put one in on the 2nd home. You could also make a contingency in the 2nd offer that states the offer is contengent of other offers you have written. Always be sure you can prove the outcome of the offers in writting. For example, if the first offer was accepted and the 2nd was also, with a contengency of other offers you could get out of the 2nd offer. Always make sure you are represented well with a Realtor (a member of the National Association of Realtors)!
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Laura Karamb…, Agent, Downers Grove, IL
Mon Jun 16, 2008

If you really prefer the 2nd home over the 1st, I would talk to your agent so that they can assist you. Then I would suggest that you may want to withdraw your 1st offer before writing on a 2nd. You run the risk of buying both homes. It sounds like the last thing you would want is to be in a situation where both of your offers are accepted.

Good Luck!
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