Can a Las Vegas or Henderson Buyer Make Multiple Offers on Homes?

Reblogger
Mortgage and Lending with All Western Mortgage Broker # 14210

Renee has a great post for buyers looking for properties in the Las Vegas. When inventories were low it was customary that buyers made multiple offers on different properties to ensure they were going to get at least one offer accepted. What happens when two offers get accepted? Read this.  

Original content by Renée Donohue~Home Photography B.1000860.LLC

Originally Posted:  Las Vegas Buyers Making Multiple Offers on Properties

What will Renee say today?The answer is to the pressing question is "YES, Las Vegas Buyers can Make Multiple Offers on Properties!"  It was the absolute norm when we dwindled down to very little "sellable" inventory during the tax credit buying frenzy.

There are a couple of "HOWEVERS" that need to be made to that statement.  Preface: I am not giving contractual or agency advice with in this post nor am I a lawyer or CPA.

That being said...

The next logical questions a Las Vegas buyer will ask......

What happens if more than one offer is accepted and I only want to buy one property?

What happens to my earnest money deposit (EMD)?

To make a long winded post short your contract should always disclose what you are doing and give you an "out" if you are doing this.

Language should always be put in the contract that clearly states the Las Vegas buyer is doing this (disclosure) and how the contract is to be ratified upon acceptance of the seller. Just make sure everything is spelled out in the contract so there will be no confusion!  Always seek the advice of a lawyer when there is doubt!

Will it hurt the buyer's odds of acceptance?  It definitely could hurt a seller to accept an open ended contract that gives a Las Vegas buyer an "out" - just because they went fishing and caught the big one - the other big one that is.

If you are already in a ratified contract with no disclosure or no out for your activities past the due diligence period, you should be worried about what will happen to your EMD.

Banks and servicing entities do take their short and sweet time making decisions.  All is fair in this game as long as it is disclosed and you have your exit strategy :)

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         Kenny Salame                                                                                                  Equal Housing

Kenny Salame
Senior Loan Officer
All Western Mortgage Inc.
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Suite 380
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