Author Topic: Offer on two properties at the same time?  (Read 881 times)

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Offline Kick53rv3

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Offer on two properties at the same time?
« on: July 01, 2021, 07:08:32 PM »
After losing about 5 bids now, we feel like we are missing out on some other options that came out the same week. Is it possible/legal/recommended to make multiple bids then retract offer as soon as one of them comes back?

Offline USCTrojanCPA

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Re: Offer on two properties at the same time?
« Reply #1 on: July 01, 2021, 08:00:23 PM »
After losing about 5 bids now, we feel like we are missing out on some other options that came out the same week. Is it possible/legal/recommended to make multiple bids then retract offer as soon as one of them comes back?

Yes it is and what many buyers are doing in this market. You can retract/withdraw an offer even after it's accepted before the deposit is due.
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Offline Cares

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Re: Offer on two properties at the same time?
« Reply #2 on: July 01, 2021, 10:44:50 PM »
It used to be frowned upon to offer on multiple homes but in this market you need to do anything to get an advantage. I certainly have offered multiple homes for buyers and cancelled one of the accepted offers. You're not hurting the seller anyways, they probably have 3-4 solid backup offers if you cancel early.

Offline trematix

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Re: Offer on two properties at the same time?
« Reply #3 on: July 01, 2021, 11:25:45 PM »
It used to be frowned upon to offer on multiple homes but in this market you need to do anything to get an advantage. I certainly have offered multiple homes for buyers and cancelled one of the accepted offers. You're not hurting the seller anyways, they probably have 3-4 solid backup offers if you cancel early.

cant you back out anytime before the contingencies are lifted anyway even if you give a deposit?

Offline USCTrojanCPA

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Re: Offer on two properties at the same time?
« Reply #4 on: July 02, 2021, 05:22:42 AM »
It used to be frowned upon to offer on multiple homes but in this market you need to do anything to get an advantage. I certainly have offered multiple homes for buyers and cancelled one of the accepted offers. You're not hurting the seller anyways, they probably have 3-4 solid backup offers if you cancel early.

cant you back out anytime before the contingencies are lifted anyway even if you give a deposit?

Yes you can but it just takes a few days to get your deposit back.  Unless contingencies are removed via a Contingency Removal Form, a buyer can cancel escrow and get all of their deposit back.
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Offline The California Court Company

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Re: Offer on two properties at the same time?
« Reply #5 on: July 02, 2021, 07:59:13 PM »
it goes both ways. Buyer can have made multiple offers, sellers can accept backup offers and not let the sale falling out of escrow.

It used to be frowned upon to offer on multiple homes but in this market you need to do anything to get an advantage. I certainly have offered multiple homes for buyers and cancelled one of the accepted offers. You're not hurting the seller anyways, they probably have 3-4 solid backup offers if you cancel early.

cant you back out anytime before the contingencies are lifted anyway even if you give a deposit?

Yes you can but it just takes a few days to get your deposit back.  Unless contingencies are removed via a Contingency Removal Form, a buyer can cancel escrow and get all of their deposit back.
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Offline USCTrojanCPA

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Re: Offer on two properties at the same time?
« Reply #6 on: July 02, 2021, 09:00:51 PM »
it goes both ways. Buyer can have made multiple offers, sellers can accept backup offers and not let the sale falling out of escrow.

It used to be frowned upon to offer on multiple homes but in this market you need to do anything to get an advantage. I certainly have offered multiple homes for buyers and cancelled one of the accepted offers. You're not hurting the seller anyways, they probably have 3-4 solid backup offers if you cancel early.

cant you back out anytime before the contingencies are lifted anyway even if you give a deposit?

Yes you can but it just takes a few days to get your deposit back.  Unless contingencies are removed via a Contingency Removal Form, a buyer can cancel escrow and get all of their deposit back.

Correct you are.
Martin Mania, CPA
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CA CPA License # 107675
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