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49 Comments on CAN I MAKE OFFERS on more than 1 home at the same time?
haaaaaa - good for you for nicely "Firing" them! They either had been given the wrong info by Ms. Big Agent, or were clueless. Nothing but trouble!
I faced this just the other day with a nice couple that had just been outbid for the second time! While you can understand their reason for asking still not a good idea is it!
Hi Scott,
I'm with you on this one. Offer in writng accompanied by an escrow check and a pre-qual or pre-app letter. Our contracts have changed here in south west florida, where the deposit does not have to accompany the offer but it has to be stated in the contract when it wil be paid... on acceptacnce or within a certain time period. As a listing agent I would not accept anything less.
Two different offers on two different homes? That lady has a skewed perspective on buying real estate.
Hi Scott. Pretty amazing behavior by both that buyer & Mrs. Big National Agent!
That said, I've been asked about multiple offers as well. My experiences have been due to short time available for a home search and or/ slow responses from a seller when another home of interest pops up. As long as the buyers can produce earnest money and a prequal letter for each I think it is OK to do a reasonable written offer. Letting the seller know there are other options in the mix can work for the buyer.
Bruce
Hi Scott, nice story. And I hope she finds something in your state becasue I hope she doesn't start looking here. What nerve!
Scott:
That is the one thing I don't like about the seller's market we are now in. Multiple offer, low inventory and buyers worry that they will never get the home they want. But making multiple offers at the same time is not a good idea. I know agents who will write multiple offers for a buyer, that is a bad idea.
Scott, I don't think it's unethical at all! In fact, I put in 2 offers on 2 different properties with the SAME listing agent! I called her and explained what we're doing, that the first one that accepts our offer will sell their house. Out of the ordinary? Yes. Did my buyer get a house? Absolutely.
Making multiple offers on multiple homes is a recipe for disaster and any agent who is engaging in that practice with their clients should have their clients disclose it in the offers they make. It's criminal not to, in my own opinion.
Yep lots of red flags on that one. Walk away.
There are no issues with making multiple offers. If you write up the purchase contract properly, it can be done.
It really depends on your market and what kind of properties you are making offers on. Our normal practice is to make multiple offers at the same time. I've presented as many as 12 at once for a buyer looking to purchase 1 home. BUT all offers were made on REO properties. It is practically impossible for any of these offers to just be signed off on by the asset manager and place my buyer under a binding contract.
REOs always require the buyer to sign the thick package of addenda prior to the asset manager signing off on it. If we blast out 12 offers we may get 2 or 3 that give a verbal accepotance. When they do we go look and decide which one works for the buyer. That's the one we go under contract with. The others we just withdraw the offer.
This is all perfectly ethical and legal.
By the way whether or not something is unethical or illegal is not really an opinion. If you are a REALTOR(R) then we have a Code of Ethics. there is nothing in our code that would prohibit the proactice of submitting multiple offers.
I'm also not aware of any laws that would make this an illegal practice.
Nor are there any MLS rules and regulations against this.
If any of the above existed then they would also need to prohibit the Seller from receiving multiple offers. Why should the seller be the only one who has the right to pick and chose? Makes zero sense.
An offer is just that...an offer. A buyer can make as many as they want.
Scott - I've had to explain many times the problem with making more than one offer at a time.
I have to disagree with you on this one.
While it's not a common practice, we have made purchase offers on multiple properties. Each offer utilizes an "Option Period" which is part of our Texas standardized contracts. This option allows the buyer to purchase the unrestricted right to terminate the contract for a certain number of days at a minimal cost. If more than one offer is accepted, the buyer simply "opts" out of the one they do not wish to purchase.
While this is not an everyday approach, it can be effective in heavy seller's markets.
Again this only works here because of the way our contracts have been written.
Tom
Sounds like your broker needs to have a heart to heart with the other agent's broker/manager and figure out if there is any truth to what is being told. Real Estate Agency 101 teaches us that the Statute of Frauds requires all contracts in real estate to be in writing.
But you also bring up a valid point with countering the "multiple offer" mentality of many buyers who try to thow as many offers at the wall to see which one sticks...With seller permission, we require all offers to be submitted with a cashier's check for the good faith deposit. We also require that the home be inspected immediately and often times even before short sale or lender approvals are received. This way, the buyer has a "vested interest" in the property and will be much less likely to back out on a whim. Our listing, our rules. Play the game or move on elsewhere!
I cannot imagine taking the time to write an offer without a pre-approval and earnest money check in hand. What was that Realtor thinking? Peter is right, run away!
Scott-I like your direct approach. I totally agree with you buyers need to take the steps that are needed to get the job done. This is serious business if you want to get the #1 property on your list.
I agree with Bryant. Sellers entertain multiple offers sometimes without disclsoure to the buyers agents. In Texas we have an opinion period to opt out for any reason. If you have buyers who don't LOVE a particular house but need to buy why not submit more than one offer and take the one who best meets your clients needs. is that fair to a seller? Maybe not but who do I represent. I am getting my buyers the best deal for them; not for the seller.
I have done this in the past. Written 2 offers on the same day, submitted with EM copies and lender approval as we were offering less than asking expecting to be countered on both. Buyer would then decide if either counter would be in the range they were willing to pay. Neither was and we moved onto a better home at a better price. No CONTRACT until all parties agree in writing. If both had come back with no counter, buyers would have opted out of the one they preferred less. Sad for the seller? Maybe but do the sellers entertain multiple offers? Do you think sellers MIGHT counter multiple offers?