Profile picture for MJCLEAN

Put in offers on multiple Foreclosure properties

Why wait on the bank to never get back to you? Put in offers on multiple Foreclosure properties, and snag that great priced property! Use a Foreclosure listing service, and find that discount property in no time!
  • June 18 2009 - US
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (22)

Profile picture for space_acer
Anyone found inflating prices using your method for personal gain should be flogged.    



 

  • June 18 2009
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Profile picture for real estate mike
Just be ready to immediately back out of the other offers if you get one accepted; don't want to get stuck expected to buy two or three properties and lose earnest money. Which reminds me who has that kind of earnest money to throw around in this economy?
  • June 18 2009
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Any agent that advocates having clients place multiple offers on multiple properties is abusing their fiduciary responsibility.
  • June 18 2009
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I'm not condoning it.  But I see a lot of agents submit multiple offers.  When I would go to the caravans, that's all they would talk about.

Sometimes homes have ridiculous amounts of offers on them.  I don't agree with it, but I guess it's the nature of the beast.
  • June 18 2009
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Profile picture for space_acer
Their license should be pulled and barred from RE industry.


 
  • June 18 2009
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Profile picture for space_acer
"I'm not condoning it.  But I see a lot of agents submit multiple offers.  When I would go to the caravans, that's all they would talk about"

That is why all "real' buyers should be on their guard and never trust so called "multiple offers"... they are "Phantom offers"...





 



 
  • June 18 2009
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I've actually had this conversation with an attorney that represents my broker. If you want to see the blood drain from the face of a real estate attorney, just bring up this whole multiple offer scenario.

For real estate agents to recommend to their clients that they place multiple offers on multiple properties is reckless and irresponsible.

For an agent to admit that they advocate this practice is professional suicide.
  • June 18 2009
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Profile picture for HopeThisHelp
when you put in an offer don't you put in the earnest $$?  wouldn't you then lose that? 
  • June 18 2009
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Profile picture for JCC158
I'm a 1st time home buyer looking to place offers next week.  I'm glad I read how shady and greedy people are being by doing this. 
  • June 18 2009
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Just to answer an earlier question.

When an agent submits an offer to the seller, they include a facsimile of the earnest money check, not the actual check. And when the seller accepts the terms of the agreement, the agent either sends the check to the sellers agent or places the check in an escrow account with his own brokerage. The rules vary from state to state.

So earnest money would not be lost if you walk away from a purchase agreement because the earnest money is not presented right away.
  • June 18 2009
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Profile picture for space_acer
We are still not finished with financial scandals as they relate to the RE bust. 
  • June 18 2009
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Profile picture for MJCLEAN
Phantom offers are the bane of most Foreclosure deals. No first time buyer who is new to the whole complicated foreclosure process  wants to be haggled with some random offer the bank says it has, using this leverage to squeeze more cash into their already bleeding investment.
  • June 19 2009
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there is nothing wrong with sending multilple offers provided:
1. you are prepared to buy multiple properties. Many investors are.

2. you send them as each expires. Bank owned REO ALWAYS counter offer with other addendum, so the time that your original offer expires is immaterial. Thus you can send an offer on REO #1, which expires today at 1pm, send another one after 1pm that expires at 5pm today, another after that. Technically, no two offers are live at the same time, so you are not in any violation of anything.

3. You write up the fact that you are sending multiple offers, and you reserve the right to select from any/all counter offers, on each offer.
  • June 19 2009
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My REA wouldn't let me put in more than one offer at a time, even though I wanted to.
  • June 19 2009
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If you read a EMA you are stating that you have funds to close that loan on that house.  If you put in 50 offers, I highly doubt you can close all 50.  Be carefull, if that happened on one of my listings and I found out I would turn you in to the REA.
  • June 22 2009
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Profile picture for John Squier
I believe agents that are doing that are violating their fudiciary duty and doing more harm overall.
  • September 16 2010
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That is great as long as you have the ability to purchase more than one house if multiple offers are accepted.
  • September 16 2010
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This is almost as bad as those late night commercials that flash a photo of a McMansion that says "THIS FORECLOSURE SOLD FOR $500!".

  • September 16 2010
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thread is over a year old... leave the skeletons in the closet, or at least read the answers already on there, and see if yours is novel or different. Responding with something that has already been said 1.5 years ago makes you look like a __________.
  • September 16 2010
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Profile picture for Reallyfedup
Jon,

It's been mentioned enough times now about digging up old questions.  It should be clear by now. 

Maybe you don't have an understanding of the purpose of this forum. This isn't a chat room.  It's a place for people to ask questions regarding Real Estate and to have them answered by those in the know.

There are plenty of current questions being asked that are active topics and need responses.  Please try going to those first.
  • September 16 2010
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First; properties you are offering on are not actually foreclosures but bank owned properties. Agents who deal in this type of property have multiple channels to gain a banks response. If you play with people who play with fire the outcome is n doubt.   
  • September 16 2010
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Jon - to be brutally honest, very little, if anything,  of what you have been plastering all over zillow has been helpful to anyone.....seriously, what is your point, or do you just like to see your photo at the top of the page?
  • September 16 2010
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