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Realistically, don't most states have a 'buyers remorse' period during which you can pull out for whatever reason? A week or ten days?
There is no "buyer's remorse" period in the Texas contracts. There is an "Option Period", where the buyer has the unrestricted right to terminate, BUT they must purchase that right, real money up front. If the buyer does not turn in that money within 2 days, they do NOT have an Option Period and thus if they back out of the contract, earnest money goes to the seller. This up front fee is NOT the earnest money. These are two completely different parts of the contract.
There are always ways to structure an offer so that you won't be locked into contracts to buy two properties at once. It would be foolish to lose any deposit money, regardless of the lower offer price involved.
And, you can write a contract with a short acceptance period. Perhaps 24 hours. That let's you move on to the next before you lose out on it.
That's what we did.
After the bust, foreclosures were everywhere. However, the response time was very, very slow. We had 7 offers out, all with escrow checks. We put in short acceptance periods to prevent any obligation. We received acceptance and counter offers after the expiration date. We were free to take them or leave them without obligation.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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In CA, the seller has 7 days (standard, it can be more or less) to deliver pertinent documents and disclosures to the buyer. The buyer can reject the transaction based on seller disclosures and need not do any inspections themselves.
I have done this many times for clients when in the business. I always used the following clause in the contracts, given to me by a very good real estate attorney.
The buyer is making simultaneous offers on three (use correct number) properties. The buyer agrees to accept the first of those offers that is accepted by the sellers and has notified the listing agent, and the other offers are automatically canceled at that point of time, and are no longer offers. The selling office is holding a $10,000 check for the deposit on the first accepted offer, and there is no deposit for the other two offers as they would be automatically cancelled and not in effect.
It makes it so there is only one valid offer accepted. It is the only safe way to make multiple offers, because if they are accepted without this clause you may find there is no way out of buying multiple properties at a time you only want one, and at best you will lose the deposit on the other accepted offers.
It also eliminates counter offers. The buyer is going to accept or reject the offer as is, so they can be the first one that the selling agent is notified as accepted. This tactic is often used, when one is trying to make low ball offers, to see if one of them will accept the offer. It puts a strong incentive to accept the offer as is.
I have done this many times for clients when in the business. I always used the following clause in the contracts, given to me by a very good real estate attorney.
The buyer is making simultaneous offers on three (use correct number) properties. The buyer agrees to accept the first of those offers that is accepted by the sellers and has notified the listing agent, and the other offers are automatically canceled at that point of time, and are no longer offers. The selling office is holding a $10,000 check for the deposit on the first accepted offer, and there is no deposit for the other two offers as they would be automatically cancelled and not in effect.
This is certainly one way to do it. The added benefit is that it puts a little extra pressure on the Seller to make a decision in a timely fashion.
I have done this many times for clients when in the business. I always used the following clause in the contracts, given to me by a very good real estate attorney.
The buyer is making simultaneous offers on three (use correct number) properties. The buyer agrees to accept the first of those offers that is accepted by the sellers and has notified the listing agent, and the other offers are automatically canceled at that point of time, and are no longer offers. The selling office is holding a $10,000 check for the deposit on the first accepted offer, and there is no deposit for the other two offers as they would be automatically cancelled and not in effect.
It makes it so there is only one valid offer accepted. It is the only safe way to make multiple offers, because if they are accepted without this clause you may find there is no way out of buying multiple properties at a time you only want one, and at best you will lose the deposit on the other accepted offers.
It also eliminates counter offers. The buyer is going to accept or reject the offer as is, so they can be the first one that the selling agent is notified as accepted. This tactic is often used, when one is trying to make low ball offers, to see if one of them will accept the offer. It puts a strong incentive to accept the offer as is.
You can if you have a "dependent on financing" clause written into the offer. Alternatively, you could have a "dependent on inspection" clause as well. We included both on our offer when we bought our house and our realtor explained they were both "walk-away" clauses (meaning we could invoke either to walk away from the deal with no repercussions).
I submitted an offer for a bank owned property last Thursday. I was looking for a pool house with a good price. I looked everywhere without luck. Today while checking my e-mails I found a mail from a real estate agent containing a list which includes a beautiful house with a beautiful swimming pool, so I contacted my agent and make an appointment to go and see the property. PS. As off today, the offer I sent, has not been answered yet.
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