Question about putting offers on homes that are listed as short sales?
Monday, November 23rd, 2009 at
3:55 am
We are actively looking for a home and there are 3 homes out of a BUNCH of homes that we would be happy with. The 3 homes are short sales. Can we submit an offer for more than one home at a time or do we need to submit one – wait to see if it gets accepted/rejected and THEN submit another one?
My concern is if we submit 2 or more offers and they all get accepted, know what I mean?
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You have a valid concern. I’d pick the one I consider to be most desirable to potential buyers (in terms of cost relative to features of the house), and bid on that one first. Chances are, the others will still be available. But you ARE taking a risk.
Your concerns are valid. Yes, you can have a mess on your hands if you place offers on multiple properties, and suddenly more than one accepts your offer. You would be bound to whichever ones were accepted.
The first answer is misleading. You CAN cancel an offer at any time before it is accepted, but if two happen to accept before you can cancel one of them, you have a problem. Once accepted, you cannot cancel. There is no three day rescission after acceptance.
Offer on one property at a time. Make your acceptance deadlines reasonably short, such that you can move on to another if the first fails.
This is a tough one. The biggest reason is the time it takes to proceed with a short sale, most times over three months to close. If you already know that, then you know what you are getting into. I would not recommend multiple offers for that reason.
I am a real estate broker specializing in short sales. You can make multiple offers. The reason is that when you make an offer, it is subject to lender approval AND if any of the terms gets countered, then the offer becomes invalid.
I suggest you make multiple offers and go with the first one that materializes on your terms. Here’s a blog on how to buy short sales:
http://activerain.com/blogsview/1070569/how-to-buy-a-short-sale-a-must-read-for-agents-and-buyers-