Kick53rv3 said: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?
Cares said: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.
trematix said:Cares said: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?
USCTrojanCPA said:trematix said:Cares said: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.
The California Court Company said:it goes both ways. Buyer can have made multiple offers, sellers can accept backup offers and not let the sale falling out of escrow.
USCTrojanCPA said:trematix said:Cares said: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.