- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (7)
Best Answer
- SoCal_Engr
- Contributions:5667
Any properly crafted offer is legal. Adding contingencies is also legal. But, that doesn't mean that the seller has to accept your offer. They may demand that you remove contingencies. It's all up to what they'll accept.
However, if you're seriously considering putting in both offers simultaneously, consider...
1 - In my experience, a seller is going to want to see earnest money. Putting in two offers means you'll need to be prepared to put up earnest money on both offers.
2 - As a buyer who is only interested in one of the properties, you need to protect yourself with a contingency to the effect that either offer is void if the other is accepted. However, this may also impact the seller's willingness to accept your offer.
However, if you're seriously considering putting in both offers simultaneously, consider...
1 - In my experience, a seller is going to want to see earnest money. Putting in two offers means you'll need to be prepared to put up earnest money on both offers.
2 - As a buyer who is only interested in one of the properties, you need to protect yourself with a contingency to the effect that either offer is void if the other is accepted. However, this may also impact the seller's willingness to accept your offer.
- Faye Paschall, "Faye Paschall"
- Contributions:3
This market REO 's are not selling as fast. There have been as many as 30 offers or more on a single REO listing. As a buyer's agent I was lucky to get a response on such a property, let alone a acceptance. Usually a counter was involved on the accepted offers. With that being said I would look into response time on the listings your interested in.
- Christine McDaniel, "Christine McDaniel"
- Contributions:414
In Indiana the banks are not accepting contingent offers on REO properties. An offer is not an official contract until the earnest money is delivered. We usually write up an offer on an REO property on our state purchase agreements. Next step is to wait for the bank's acceptance and for them to send their REO addendums. That is basically their "as is" contract that supercedes our purchase agreement. Once a buyer fills out the reo addendums, that is when the earnest money is delivered.
Hope that helps,
Christine
- wetdawgs
- Contributions:26854
Sellers don't look very favorably upon contingencies about selling your current property. However, you can make this contingency more likely to be considered if you have a solid offer in hand on your current property with a date for closing already set. Many people shoot themselves in the foot with this contingency because they haven't even started the process of getting the property on the market (the first step is to declutter, clean and repair).
- GOODCHICK
- Contributions:3
i would be buying one or the other. i would have a contingency for sale of my big $ property. is it legal?
- SoCal_Engr
- Contributions:5667
If you're serious about either, but you'd want to put in some type of contingency on both indicating that the offer is invalid if the other is accepted. But, I'm unsure how the seller (bank?) would respond to such a contingency on your offer.
Of course, there is also the other possibility identified in the prior post - if you're in a financial position to buy both.
Of course, there is also the other possibility identified in the prior post - if you're in a financial position to buy both.
- Joe Hoppis, "Joe Hoppis"
- Contributions:18
Absolutely. If you plan on buying both if they both say yes.
can you put offers on 2 houses at the same time? if they are both REOs? in 93420 CA?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.