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Replies (4)
- Michael Emery, "MikeEmery"
- Contributions:7298
Your attorney will tell you that if you sign multiple purchase agreements and they are simultaneously accepted, you are contractually obligated to purchase both properties. A purchase agreement is a legally binding contract.
Now are there ways to get out of a contract? Absolutely. But since you are already going to talk to an attorney, you can pay them to tell you how.
Now are there ways to get out of a contract? Absolutely. But since you are already going to talk to an attorney, you can pay them to tell you how.
- lynrosect
- Contributions:129
You can place some sort of first to accept contingency in each offer. Something to the effect of..this offer is rescinded upon the acceptance of any previous and/or contemporary offer to Purchase submitted by the Buyer. I'm sure your attorney can explain in detail.
- liz cameron, "lizcameronsc"
- Contributions:11
Unless your offer is very low and you know for sure one of them will not work. Otherwise, you will be bound to both contracts. I rather make an offer, but give them only 24 hours to think about it before I made another offer on the other home
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
You can write the terms of acceptance 'upon presentation'. Then, if they do not accept immediately, you are not contractually obligated. Most banks take too long to accept anyways, and come back later asking if your offer is still on the table.
Offers on Two Houses at Same Time?
As a buyer, what are the consequences of putting offers in on mulitple homes at the same time? I've been told before that if, say, two houses happened to 'accept' on the same day I could be legally bound to both contracts. Is that true and what are the possible loopholes? I will be discussing this with my RE attorney as well but wanted to toss this out to the group. I currently have a short sale offer going and would like to increase my odds of getting a home in a timely fashion, understanding the landscape, risks, etc. Thanks in advance for the feedback.
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