Profile picture for laofeely

Potential ramifications in placing offers on more than one home that's under foreclosure?

Potential ramifications in placing offers on more than one home that's under foreclosure?   We are looking to purchase a home that's in foreclosure. There are potentially two that are suitable. It would depend on what the bank would agree to accept. One home is on Hubzu the other is with a local bank.
  • February 20 2014 - US
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Answers (2)

Profile picture for craigfial
As mentioned below, it's probably OK to write offers on more than 1 property, as long as you have Contingencies if both sellers accept your price and terms which is RARE!

Hedging your bets is always a good idea when looking at distressed properties.

HUBZU is not easy to work with, and the Buyers Premium can make the deal overpriced.  I've purchased several homes with them and it's NEVER easy, but if you're willing to put up with their issues, you can get a good deal.
Don't hesitate to make an offer even if it does not meet the reserve.  They sometimes will negotiate while the auction is ongoing.  I also believe they have inside bidders, but can't prove it like Auction.com which is a total waste of time.



 
  • February 20 2014
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I have written contracts that have respond by date that says "until withdrawn"  You could write that in and rescind an offer as soon as one is accepted.   you would need to check with a Realtor in your state to make sure this is OK because some contracts specifically state that you are not making multiple offers.  Goo Luck
  • February 20 2014
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