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can i make simultaneous offer ?

  • September 13 2009 - Orlando
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Answers (14)

On what kind of properties? (Short sales, bank owned, "regular" sales)?
  • September 13 2009
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Thank you for your reply ... simultaneous offer to bank owned
  • September 13 2009
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or regular sales .. Thanks
  • September 13 2009
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Don't be another 'Drive By Buyer', if you are a first time buyer and feel December 1 looming why not offer a decent price with as few contingencies as possible and get the home you want. This is one reason Short Sales are so messed up and Banked owned are starting to require Escrow be deposited at time of offer.
  • September 13 2009
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If your offers are not getting acknowledged in a timely manner due to it being a short sale or reo and having to go through a number of hands to get to the person having the authority to make a decision, who could blame you for making more than one offer.
This is a highly comptetitive market with these great prices. The first and strongest buyers market in years. That being said you will not be the only offer on the table so to better your chances you have to be the first offer or the strongest offer or the only offer to level the playing field. Make sure your real estate agent and your loan agent are available to you from 8a-5p mon-sat so when they do call asking for things they will be able to help you get your offer accepted. In this age your team better be a phone call,text message, or e-mail away and have some sort of efax handy. I have seen buyers lose when they could have won because they could not get in touch with an agent or loan officer when they were needed.
  • September 13 2009
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I would not suggest this option.  Standard Short sale contracts have a 45 day expiration date and if you do not move forward on an approval in that time frame you can move on or extend.

Gay Middleton
Realtor
  • September 13 2009
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Yes and often... with so many buyer placing purchase bids, you need to come in strong and swift, many times you only get one chance to make an offer and no counter offers go back... good luck, get a strong agent who know how to handle the complexities of buyer needs...
  • September 13 2009
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Yes you can, provided the contracts are properly written to protect you from actually being stuck with more than one enforceable contract or tying up lot's of good faith money. Most agents do not know how to do this or are not permitted too.
  • September 13 2009
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simultaneous live offers, and you could find yourself obligated to buy multiple homes. Write multiple offers if you like, have extremely short expiration times, but don't put multiple live offers out there. (an agent doing this could definitely find his/herself with an ethics case at the local board)
  • September 13 2009
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This is a VERY touchy subject.
There are several ways to slice this, and all of them come back down the fact that this method only causes problems. Financially for you, ethically for your agent and heartache / headache for the seller & sellers agent.

This is why values continue to drop... it may work 10% of the time but the best choice is to make a good offer the first time. An offer that is backed up with statistics and escrow.
Many agents who allow this will soon find themselves at the bottom of the list when they "DO" have a client that is seriously interested in a property.

I explain to my clients that to make another offer they must be capable and willing to withdraw their previous offer with very few exceptions. I always work in the interest of the client, but at the same time this means properly advising clients of the actual market value with adequate protection for the buyer to ensure they are making a solid offer based upon what is known and understanding what may not be known.

My question to you is, "why do you feel you must make multiple offers?"
Is it because you are offering less than market value on every offer?
Is it because you don't feel your agent is giving you the best advice?

My suggestion to my clients is always feel as if they made their best offer and if they fail to be the offer to be accepted, then someone was willing to pay more... plain and simple. There is nothing wrong with losing a property that someone was willing to pay more for, as long as you made your best offer the first time. The GAME HAS CHANGED! Unfortunately the rules are changing daily as well.

It's tough I know.... but I am not a fan of multiple offers, as it usually has very few happy people involved!
  • September 13 2009
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Thanks Brady for your detailed answer. The reason i'm asking is that i don't have enough time to wait for the replies !
  • September 13 2009
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Yes, Atieke, you can make multiple offers.  I'm surprised that everyone seems to be trying to talk you out of it.  It is a VERY common practice in the bank owned market place.  Of course, most agents don't like the practice because it's more work for them.  Preparing one offer is a fair amount of work and every bank has different rules.  Preparing multiple offers at once and keeping track of them is quite time consuming.  Naturally they want their clients to make their best offer right away because that's their best chance of making the sale.

With respect to the sellers, well they are the banks and lenders who got us all into this mess in the first place.  Does anyone care if the practice is a hassle for them?  Think of it as pay back time.

You should always be advised that there is a risk of being obligated to purchase more than one property.  As long as you and your agent write deadlines and conditions carefully and keep track of them, the chances of this happening are very small.  Plus, I've yet to see a bank owned offer accepted without a counter from the bank.  It is 100% your right to reject any counteroffer.  There is nothing unethical about the practice.  It's contracts and negotiation 101.

I do not recommend the practice with short sales.  Gay is right about the 45 day deadline.  You could easily find yourself with multiple accepted contracts and then have long deadlines for lender decisions.

There are some great bargains still available in southern Orange and Osceola Counties.

Good luck and go get 'em,
Mark LeMenager
  • September 20 2009
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Hello Mark,
Being a financial person, i totally agree with you, off course i knew that we might find ourselfs tied in several contracts and as mentionned we have to manage the situation, but IS manageable ... Thank you for your reply and opinion ..
  • September 20 2009
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Thanks for the feedback, glad to hear you liked what I wrote.  Zillow doesn't allow direct links in this forum, but if your interested in southern Orange or Osceola Counties, then click on my picture and you'll get a link to my profile and website.  Check me out and if you like my approach to real estate investing, then contact me.

Regards,
Mark LeMenager
InvestInCentralFlorida
  • September 20 2009
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