Profile picture for user76217906

If I am in escrow am I able to put an offer in on a different property?

I am 2 days into escrow we have the inspection in 2 days.  We have submitted our earnest money.  The second property is in our ideal and current neighborhood we found it on our evening walk.  Its in our price range but many properties have been going for higher then asking and if we don't get the ideal property I want to continue with the losing of the current escrow property.  So can we put an offer in another property while we are in escrow?
  • June 13 2013 - Encinitas
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Answers (6)

Profile picture for user1598751
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  • June 13 2013
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Profile picture for Tony Cannon

I am not a real estate attorney nor contractual lawyer who, along with your real estate agent, can provide you with the best advice.
In preparation for a further discussion with one of the above individuals, you may want to note the following:

Your contract probably has an inspection contingency period. If you are using the CAR RPA-CA form, the default period is 17 days after contract acceptance. If the Buyer's Inspection Advisory is also included with the RPA, then look at the last part of section 15 where it says "personal needs, requirements, and preferences of buyer". What that means is the buyer can back out for just about any reason up to the point of removing their inspection contingency and get their deposit back.

Are there buyers in your same situation who make offers on two properties at the same time? You bet. Do I like the idea? No. But if I'm your buyer's agent, finding you the right home at the right time is my job.

  • June 13 2013
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No. You would have to cancel the purchase agreement on house #1 to proceed with house #2. You assume that house #1 won't close but we presume that house #1 WILL close. This means you are on the hook for TWO homes if you present an offer on house #2.

What happens if you write a contract on a home you don't want to buy (and in which you have no contingency to use to exit the contract)? You could be sued by the seller of the home for breach and non performance of contract. This could result in losing earnest money - and more.
  • June 13 2013
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Profile picture for user76217906
Ok I wasn't clear before....I don't want, nor can i afford both homes.  We submitted an offer a week ago it was accepted.  We put up earnest money yesterday.  Today on our evening walk at the home we rent, we came upon a home for sale.  We would rather buy this home its in our neighborhood our kid goes to daycare here, friends etc.

I want to keep things moving forward on the home in escrow and put an offer in on the home in the current neighborhood.   I want to do this in the event that our offer doesn't get accepted in the home in our neighborhood we can still buy the home that is in escrow.

I don't want both homes, I just want to know since I am in escrow does that eliminate my ability to put offers on other homes?
 
  • June 13 2013
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Just be careful, you could end up owning two properties.
  • June 13 2013
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Profile picture for wetdawgs
If you can afford both properties, go for it.   If not, stick with the one in hand. 



  • June 13 2013
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