Can you submit multiple offers

But it might cost you money in the form of a lost deposit. Much depends on the wording of the contract and your local laws. In most cases, the act of making multiple offers on homes is not really the issue. But proceed with caution. Problems can arise when more than offer gets accepted at the same time. In such cases, the buyer would have to choose which house they want most, and cancel the other contracts. And this could lead to the loss of earnest money. Many agents consider it to be unethical, as well.

And speaking of that…. In addition, homes in the same market may be Active for only days, before they have an executed contract, which gives buyers little time to wait for a response before they might miss out on another opportunity. I see it being akin to a seller having several options when they have multiple buyers. I also … Read more ». FIRST, the question and the response above is ambiguous. Offers versus Option Periods…totally two different things.

Those in Option Periods are not offers, they are executed contracts. I would never do that. However, in a hot market of multiple offers to sellers, especially when my buyer has a critical deadline, my … Read more ». Why is it ethical and accepted in the Real Estate industry that agents work together to help drive up the bidding on a house by letting buyers know that X number of other people are interest or have made an offer.

This type of behavior encourage interested buyers to over bid on property that can lead to a bidding war on a property. Yes both agents and the seller win out getting a higher price on the property.

Now if a buyer is trying to get the most bang for their dollar, similar to a seller wanting to get … Read more ». Agreed completely. Why are sellers on a pedestal while buyers are supposed to beg and beg while waiting to see if their offer is accepted?

She said she will terminate two of the contracts when she decides which one she wants to buy. Is this ethical? No laws or rules prohibit your buyer from making offers on more than one property at a time.

Similarly, the Code does not bar you from representing a buyer making simultaneous offers on multiple properties. If the buyer has a termination option for all three properties, she has the contractual right to terminate two—or all three—of the contracts within the termination option periods. However, there is a risk involved that you may want to communicate to the buyer. If any of the option fees are not paid within the time prescribed, it may be deemed that the buyer does not have a valid termination option.

In that case, the buyer may not have the ability to terminate one or more of the contracts, which could leave the buyer contractually obligated to purchase more than one property.

Just remember to include specific dates for this in the lease-back contract. That way everything is legal, above board, and enforceable should an issue arise.

If you are looking for a house, we can help. We know the Lakeland, FL area extremely well and have helped buyers and sellers navigate the housing landscape for more than a decade. We look forward to working with you! Ever wondered how your real estate agents get paid? What is Days on Market DOM in Real Estate is another terminology Joe Boylan explains in his article that you should pay great attention to this when searching for homes. These tax advantages of owning a home and fulfilling the American dream cause many to abandon their plans to continue renting for an indefinite period.

He explained more about the tax advantage of owning a home in his article. Danny Margagliano wrote that while newly built homes offer lots of advantages like modern appliances and customizable features, older houses offer more flexibility to the buyer, both in cost and location. With over 20 years of combined experience of selling or buying , we would love to share our knowledge and expertise.

Petra can be reached via email at petra petranorris. Read below or add a comment Great info. Buyers can get into some tough financial situations if multiple offers are not written up carefully by an experienced agent or an attorney. Save my name, email, and website in this browser for the next time I comment.

Call The Danger of Putting Simultaneous Offers on Different Homes When putting an offer on a house without an inspection period and signing a real estate purchase agreement, you will, in almost all cases, be required to submit an escrow deposit along with your offer. Proof of Complete Approval Submit your offer with complete approval, not just a pre-approval letter.

Make a Cash Offer Cash is definitely king when it comes to buying real estate. Make a Higher Than Asking Price Offer Keep in mind that if you are financing a home, whatever house you buy will have to appraise for the amount you offered. Be Flexible Another attractive option is to be flexible with your closing date.

He explained more about the tax advantage of owning a home in his article Danny Margagliano wrote that while newly built homes offer lots of advantages like modern appliances and customizable features, older houses offer more flexibility to the buyer, both in cost and location. Gabe Sanders says:.

September 18, at pm. Leave A Comment Contact Petra. This field is for validation purposes and should be left unchanged.