Can I write offers on more than one home at a time?

By
Real Estate Agent with RE/Max Infinity - www.AmySellsAZ.com DRE# SA528757000

phoenix real estate

With bidding wars the norm for buyers in the Phoenix metro area, it's not surprising that this question comes up frequently these days.  Buyers are getting tired of writing an offer, waiting for the bids to be reviewed and then losing the bid only to have to start over again. 

"Why don't we just write offers on the 3 homes that I like and see which one sticks?"

There are only two ways you can write offers on more than one property at the same time. 

1.  You can afford to purchase all of the homes you are writing offers on at the same time and have the pre-qualification letter from your lender to prove it

or

2.  You clearly state on your offer that this offer is one of multiple offers you are making on different properties and that you will decide if you want the home after the seller has accepted your offer.  In Arizona, we have a form specifically for this purpose that must accompany a "multiple" offer on a property.

The problem with option 2 is that a seller is not likely to give your offer any consideration since you won't come across as a serious buyer.  Think about it.  Why would a seller choose your offer over the other offers received when you're basically saying you're not even sure if you want it?

I know it's frustrating.  One of my buyer's agent just wrote the 29th offer for one of her FHA buyers and voila...offer accepted.  Patience and perseverance is the name of the game in today's real estate world here in the Phoenix metro area.

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RE/Max Infinity ~ 2450 S. Arizona Avenue ~ Chandler, Arizona 85286
Direct 480-250-3857 

RE/Max InfinityChandler, Sun Lakes, Gilbert, Tempe & Ahwatukee Real Estate

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Topic:
Home Buying
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writing offers on more than one home

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Rainmaker
462,390
Amy Jones
Voted Chandler AZ Best Realtor® for 3 years
RE/Max Infinity - www.AmySellsAZ.com

Tammie~ I agree..totally!

Michael ~ Yes..29 offers.  21 of those offers were written with another (part time) agent and the buyer got tired and contacted us to try a different avenue.  8 offer later...a home.  It's a tough market out there!

Gary ~ 29 offers...one at a time!

Donald~ Don't know what the rules are in your area...but in Arizona it MUST be disclosed that a buyer is making multiple offers which is usually suicide when a buyer is competing with dozens of offers on the same property.

Cheryl ~ Yep...29 offers!

Kathryn ~ what a difference a few months makes, right?

Kathryn ~ That's the problem we have here too.

Brian ~ The BUYER put them in order of preference?  Unfortunately...in our market today, sellers are receiving dozens (one seller received 43 offers on their property the first day it was listed.  SO...it IS a problem for a buyer trying to get an offer accepted when competing with 42 other offers while including an addendum that states..."Well, mr seller...here's my offer.  Please accept it over the other 42 offers even if I'm saying I may not want it."  Not going to happen.

June 04, 2012 10:58 AM
Ambassador
1,348,996
Anna Banana Kruchten
Phoenix Real Estate Agent, CRB, CRS 602-380-4886
Phoenix Property Shoppe

Amy I get asked this question all the time, particularily with investors.  My answer is the same as your. Can you afford to buy them all?  If yes - sure let's write em up.

June 04, 2012 05:52 PM
Rainmaker
116,301
Frank Iglesias
Atlanta, GA Real Estate Investor
Working With Houses, LLC - Atlanta Real Estate Investments

Post two sums it up.  In our market, buyers are constantly frustrated at losing multiple offer homes over and over again.  They bid above list and market value and more and still lose.  Multiple offers stating you have the right to offers on other properties saves everyone time.  

As a Seller, if I think someone is serious, I don't let the multiple offers on multiple properties bother me.  If I counter, one of the contingencies is they have to switch to being on my property.  Banks tend to do the same (unless the Buyer is an investor).  Simple as that.  

One offer at a time is great until you are in a hot market where every nice property has a bunch of offers.  That wastes a ton of time and Buyers start looking at you as the expert to start saving them time!

June 04, 2012 08:46 PM
Rainmaker
462,390
Amy Jones
Voted Chandler AZ Best Realtor® for 3 years
RE/Max Infinity - www.AmySellsAZ.com

Anna~ Really the only answer there is..now if only all agents played by the rules.

Frank ~ Problem is...when the buyer finally decides which home they want AFTER the seller accepts their offer, time is wasted.  As a seller I would lean towards taking the offer that might not even need a counter.  Now THAT's a time saver!

June 04, 2012 10:08 PM
Rainmaker
335,335
Lloyd Binen
Silicon Valley R since 1976;408-565-8177
Certified Realty Services

Amy,

29 offers?  Oh that's painful.  I sure hope it closes.  Good topic when buyers are offering on short sales and then have to wait and wait and wait for the lender's response.  Too often the idea of writing multiple undisclosed offers comes from the agent.

June 05, 2012 10:33 AM
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Amy Jones

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