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Rainmaker
478,285
Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

If you are making offers on more than one house, you will need an earnest money deposit for each house....not just one deposit for all of them.

I do not make multiple offers...I prefer to have a good buyer that makes a good offer and gets it accepted.

Buyers that cross their fingers and want to throw darts are not my type of buyer...

Eve

Mar 30, 2018 10:07 AM
Rainer
121,463
John Bear
RE/MAX - Lake Bluff, IL
I'm Too Busy For Your Referrals!

Totally not recommend said my real estate professor, weaseling your way out of deals would tarnish your reputation as an agent as well.

Mar 30, 2018 11:14 AM
Ambassador
1,988,294
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   In a screaming hot seller's market, where there is no inventory, maybe.  But in a normal market or buyer's market?  No.  Aside from tying up additional deposit money (per Mike & Eve Alexander Eve's comment), how will you get through the contingency period without spending money on inspections, and then dissing the results for capricious reasons?  Is that fair to Sellers? 

Mar 30, 2018 10:32 AM
Rainmaker
2,304,472
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Of course you can make multiple offers...just be prepared to have more than one accepted and lose some money in the process if you pull out.

Mar 30, 2018 10:00 AM
Rainmaker
547,900
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I suggest that if they're going to do that, stagger the offers and ask for a day response time and if rejected, then fire off the next one etc.
Unless you're willing to disclose that you are making multiple offers on multiple properties but only intend to buy one.
Unless you plan on buying more than one.
I make great deals for my clients. But if a steal is more important than a good deal . . . they may not understand fully how this works. You get what you pay for, and price is never the only consideration.

Mar 30, 2018 11:04 AM
Rainmaker
1,319,812
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

HOMEiZ.COM HOMEiZGROUP Sure making offers on more than one house is legal. However, the offeror should be prepared to potentially end up purchasing more than one property. Its not as easy as just losing an earnest money deposit. The purchaser could default and end up in court. The purchaser could insert weasel clauses in the offers, but a smart agent representing the seller will see through these and alert the seller.

I would not recommend my client to make multiple offers.

Mar 30, 2018 10:09 AM
Rainmaker
1,044,969
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

In this market it is not uncommon for people to write on multiple homes.  I've had a few of my listings be in this boat last year.  Sometimes you can tell your home is the "backup" home by the delays in response from the agent.

 

It's a sucky position to be in as a seller, not doubt.  You take one offer over another and then they back out because the first choice took a number they wanted.

 

Buyers need to be able to cover the EMD for both properties.  Out here they have 3 days to get it in, so they could stretch.

Mar 30, 2018 03:23 PM
Rainmaker
447,383
Dan Tabit
Northstone Real Estate Inc. - Sammamish, WA

Good Faith is a term thrown around that too often isn't understood or followed. If I write an offer for a buyer "in good faith" it's understood that if the offer is accepted, they will move forward in the transaction.  While they may have legitimate contingencies which allow them to escape, like an inspection, if two or more offers were simultaneously accepted, I don't believe using this avenue to secure properties and clear the field from other parties is done in good faith if they only qualify for one purchase. 

I'm sure others do this, and in crazy market conditions it may seem practical, I'm just protective of my reputation for when things go back to a more "normal" market. 

Mar 30, 2018 02:07 PM
Rainmaker
63,656
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

I personally do not like doing Multiple Offers, I think it weakens your offer.

But we are used to this type of market here in Phoenix. We actually have an addendum called the Multiple Offer/Multiple Counter Offer which informs the two parties that there are multiple negotiations active. It also requires that both parties have agreed to any offers/counters before it becomes fully executed. This keeps buyers and sellers from agreeing to multiple contracts.

Mar 30, 2018 11:01 AM
Rainmaker
917,895
Corinne Guest, Managing Broker
Barrington Realty Company - Barrington, IL
Barrington, a Luxury, Country Suburban Lifestyle.

Buyers can do whatever they want and in some markets might choose to do so. Do I advise it, no, not unless you want to buy more than one house or say hello to a judge everyday. Therefore they cannot do it with me.

Mar 30, 2018 10:55 AM
Rainmaker
532,477
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

No, one offer at a time.

Mar 31, 2018 06:59 AM
Ambassador
3,301,908
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

As an investor I have done it many times, but then I was prepared to buy multiple homes too.

Mar 30, 2018 08:23 PM
Rainmaker
1,307,612
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

Yes. EMD is not wired till offer is accepted and escrow is open, so no harm in there. 

Mar 30, 2018 05:01 PM
Rainmaker
511,667
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

The basis of entering into a contract is that both parties are being honest. If you write an offer on more than one house at the same time but you have no intention of buying both and, in fact, cannot afford to buy both, you are being deceitful and underhanded. If the sellers’ agent is aware of what is being done, the buyer’s agent could be subject to an accusation of breach of ethics. I have seen it happen.

 

Mar 30, 2018 04:17 PM
Rainmaker
458,442
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

I recently received an offer on a listing of mine and the agent made it clear that the buyers had made offers on 2 properties.  In our very low inventory environment, I can understand that the buyers wanted to secure at least one of the units, but it came off poorly because the agent put verbiage into the contract that allowed the buyer to void a ratified offer at their sole discretion. 

This put a lack of trust between the buyer and seller, which was overcome when the other unit went under contract and my seller was able to negotiate a higher sales price.  Not a fan of the practice and it seems to have backfired on the buyers.

Mar 30, 2018 02:03 PM
Rainmaker
769,825
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

Not unless they want to own more than one house or damage your reputation in the process. The only time that was "cool" was in the short-sale market, you basically had to. But not advisable in today's market.

Mar 30, 2018 01:42 PM
Rainmaker
2,246,956
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

As a listing agent I try to weed out those multiple offer strategy people. My advice to buyers & their agents: Focus on the target house and you just may get it. The Earnest money is supposed to test if people are real....

Mar 30, 2018 12:01 PM
Rainmaker
4,500,593
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is not a recommendation that I would make.

If done, the contract wording needs to provide protection.

Mar 30, 2018 10:57 AM
Rainmaker
657,114
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Maybe not illegal, but not too moral, either.

Mar 30, 2018 10:53 AM
Rainmaker
4,166,904
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

I've never done that.... one home at a time.... no one on my team walks that thin wire.... they're sure to fall sooner or later.... not on my watch...

Mar 30, 2018 10:42 AM
Rainmaker
1,349,668
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

There is nothing in the code of ethics against it. I personally do not do it but I  know plenty of agents that do. I always try to focus my clients attention on only 1 property at a time.

Mar 30, 2018 10:39 AM
Rainmaker
4,147,912
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It is perfectly legal if done correctly.

Mar 31, 2018 06:21 AM
Rainmaker
641,645
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

As long as the purchase agreements provide inordinate protections to the buyer, primarily conciliation of agreement at buyer sole discretion. this practice is a good way to get a house in a hot market.

It is playing hard ball real estate and requires clear analysis of risk and resources.

The deposit IS NOT AT RISK until ALL contingencies have been satisfied. That is at least 3 easy exits for the buyer (sole discretion) and the seller has no defense.

A buyer in Florida can say, 'Changed my mind' and walk away. Sole discretion means they need not provide justification, however, justification is easy to fabricate.

So, protecting the SELLER becomes the responsibility of their hired professional.

Mar 31, 2018 06:18 AM
Rainmaker
2,587,944
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

It is legal and only a great idea if the buyer is prepared to purchase 2 or more homes at the same time. 

Mar 31, 2018 06:07 AM
Ambassador
2,642,398
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

It differs state by state...

Mar 30, 2018 11:36 PM
Rainmaker
2,561,601
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Deposit only goes in after an offer is accepted.  

Mar 30, 2018 03:16 PM
Rainmaker
2,562,083
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Legal yes, but not a good business practice. The sellers will blame you and your reputation will suffer. And the buyer will get amnesia about losing earnest money deposits. You could be a big loser!

Mar 30, 2018 01:39 PM
Ambassador
3,522,811
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Can they do so? Sure. Is it legal? Sure. Is it risky? You bet. And it's not something I would recommend or support, nor do I want to get a reputation in the agent community of doing this.

Mar 30, 2018 01:09 PM
Rainer
165,271
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

I would suggest against it. I don't think that many buyers understand that they are really in a contract and on the hook if accepted. Multiple accepted offers would likely cause issues or they would lose money and reputation. 

Mar 30, 2018 12:43 PM
Ambassador
1,322,792
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I don't advise it.

Mar 30, 2018 11:35 AM
Rainmaker
2,827,715
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

A buyer can do that but it should be properly disclosed per your state requirements. 

Mar 30, 2018 10:59 AM
Rainmaker
3,437,752
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

If the buyer can only buy ONE house, they should write only on one property.  BUT, with our frenzied market, have accepted an offer, only to find out they got accepted on another one they want more.  We are still seeing about 25% fallout and some of it is because of this!  

Apr 03, 2018 08:30 AM
Rainmaker
3,509,359
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Very dangerous to do so.  Could end up in court if more than one accepts your offer but youcan't buy both

Apr 01, 2018 08:00 PM
Rainmaker
622,143
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

We do not advise that unless the client is willing to purchase two homes. In fact I think it's a material fact that needs to be disclosed to the seller, otherwise I believe that agent and buyer to be deceitful.-Kasey

Apr 01, 2018 07:02 AM
Rainmaker
269,335
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Buyers can do this, but they do run the risk of losing their earnest  money if they cannot terminate based on a legitimate reason. 

Mar 31, 2018 05:40 PM
Ambassador
3,585,099
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

My investor clients regularly make several offers at one time but they have the bucks to buy them all. I tell typical buyer clients that if they want to do that they should be prepared to buy multiple houses. 

Mar 31, 2018 02:01 PM
Rainmaker
3,912,513
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Mar 31, 2018 10:24 AM
Rainmaker
2,823,415
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Sure - providing the Buyer is willing and able to buy all of them.

Mar 31, 2018 06:21 AM
Ambassador
3,854,995
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

HOMEiZ.COM HOMEiZGROUP - excellent answer from Mike & Eve Alexander 

Mar 30, 2018 08:36 PM