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Old 07-21-2009, 10:39 AM
 
Location: Clarendon Hills
36 posts, read 125,761 times
Reputation: 23

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Hi.......

Does anyone on here find any issue with submitting two offers at the same time?

My friend thinks that it is unfair due to the fact that one of the offers is definitly going to not go through which is tying up the sellers time (and money in a way).

From a sellers standpoint I think I would be annoyed but I really don't see anything wrong with it from a buyers perspective.

Thoughts?

Thanks
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Old 07-21-2009, 10:41 AM
 
250 posts, read 680,004 times
Reputation: 75
I see nothing wrong with it at all.....why not, save time, get things rolling.
A seller should be happy their getting an offer at all.
I would put in 3 or 4 if there where that many houses I liked. Roll the dice and see what happens.
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Old 07-21-2009, 10:41 AM
 
Location: Barrington
63,919 posts, read 46,315,757 times
Reputation: 20672
Sellers can negotiate multiple offers so there is no reason why a buyer could not make multiple offers on different homes. Assuming you are represented by a buyer's agent, I would use the same agent to make both offers. Make certain that your contract gives you an out in the unlikely event both are accepted.
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Old 07-21-2009, 11:31 AM
 
Location: Salem, OR
15,474 posts, read 40,094,672 times
Reputation: 17243
I've done it before and I just attached a multiple buyer offer addendum to the contracts. You do need to make sure that you don't commit yourself to purchasing two homes. Some folks don't make it clear that they are doing multiple buyer offers, and I think that could come back to haunt you.

You can get out on the home inspection contingency, but we have a good faith clause in our contracts and a buyer misrepresentation of financial status clause in our contracts which would come into play here.

If you aren't going to be open about it, talk with a local attorney about your contract before you proceed to make sure that you are covered.
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Old 07-21-2009, 11:36 AM
 
341 posts, read 1,528,380 times
Reputation: 256
I did this. The sellers knew I was submitting multiple offers, which created some urgency.
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Old 07-21-2009, 11:58 AM
 
Location: Boise, ID
8,046 posts, read 28,307,451 times
Reputation: 9468
From the standpoint of your agent's broker, you need to make sure of 2 things.

First, as others have said, that you write in a legal out, in case both offers come back before you have a chance to rescind one. For example, if the agent is out of the office, and comes back in to find both offers accepted and sitting on the fax machine. Then you would be legally committed to buy both houses if you haven't written in a way out.

And second, you may be obligated to write Earnest Money checks for both transactions, even if they never get cashed, depending on the laws of your state. In Idaho, checks get deposited when a deal is accepted, but if your state requires them to be deposited on writing an offer, you may have to either come up with twice the EM, or write that into the contract as well. The broker may want this handled a certain way.

As others have suggested, I would suggest being open about the fact that you are doing this. Some sellers may not like it, but it is more likely to work in your favor, at least in a buyer's market. If you are buying in an area or price range where things are still selling quickly, and yes, they do exist, you are more likely to get rejected offers back.
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