CAN I MAKE OFFERS on more than 1 home at the same time?

By
Real Estate Agent with Godzyk Real Estate Services

A Buyer in the Manchester NH area asked a unique question yesterday. They asked "if they could make offers on more than one property at the same time?" To clarify I asked if they wanted to say make an offer on 1 Main Street and then before it gets either accepted or rejected to make an offer 2 Anywhere Street? They said yes exactly. They wanted to make offers on homes until one gets accepted. 


 

With a deep breath I began to explain to them why this was not a good idea. The first question I have for you Mrs. Buyer is "Are you prepared to Buy more than 1 home right now?"

Well of course not, I only want to buy 1 home states Mrs. buyer.

Mrs. Buyer than you should be making only 1 offer at a time. When that offer is no longer active, you should then make an offer on your second choice.

Mrs. Buyer getting testy replies "I do no want to wait, I do not have time to wait, I need a home now." She then adds "Mr. Agent I do not know why you have a problem as my other agents have never had a problem with me putting in several offers at a time."

OTHER AGENTS?  As my hands go up and red flags wave as they were in the path of a Hurricane. One of my first questions was are they working with another agent. So the correct question was are you working with more than 1 agent maybe???

 

They still did not see a problem with putting more than 1 offer on a home at one time. I was not going tog et through to them so I let them know to make an offer I would need them to sign the Purchase and sales agreement, I would need a good faith deposit to accompany the offer and would need their pre-quailiffication letter.

"We did not need any of those things with Mrs. Big national agent down the road - she took our offers without getting a deposit or pre-quailifciation. We have made several offers the last couple of months, She said we could do that after our offer was accepted." stated Mrs. Buyer.

"Mrs. Buyer who are you pre-quailified through again?" I ask (having asked that in my initial conversation getting a different answer raisng flag number 2).

"We have not met with anyone, we told Mrs big national agent and she said we were fine." says Mrs. Buyer which then followed up with Mrs. big national agent is alot easier to work with than you.

Well Mrs. Buyer "that is becuase I do things the RIGHT WAY." Mrs. Buyer replies "well I do not like your way." Well Mrs buyer "I can not help you." When I work with a buyer I offer them my full service and expertise to assist them through each step of the buying process. There are no short cuts when buying.

In Conclusion Mrs Buyer went back to Mrs big national agent where they continue to make offers. They actually had the nerve to try to put an offer in on one of my new listings. It came in the method of a phone call. When I told Mrs big national agent all offers have to be in writing and accompanied with a deposit and a pre-quailification letter, she huffed and puffed that she did not have time for that.  This is a prime lesson for buyers and even sellers to choose a full time and full ervice agent that will take the time to assist them through each step of the Buying or Selling process. You can take a short cut and get shorted on the service you will receive.

How do you think that will work out?

 TIPS OF THE WEEK

WHAT CAN YOU DO IF YOU WANT TO BUY A HOME?

 

1. GET PREQUAILIFIED with a local and Trusted Loan Officer. The biggest factior in buying a home is whether you can get a mortgage, how much they will loan you, how much you will need for a down payment and closing costs and what price range you should be looking at.

2. HIRE A BUYER AGENT: Here in NH a buyer can usually hire a buyer agent at no cost to them. The Buyer Agent gets paid their commission from an amount the listing agent has possted in the MLS. As a buyer you really should have an agent who guides you through EACH step of the Buying process.

HOW DO YOU KNOW HOW TO HIRE A BUYER AGENT?

1. Choose a FULL TIME Agent. You want an agent whose sole job is working in Real Estate. You want to make sure they are available when needed to answer questions or be guiding you through the buying process.

2. Choose a Full Service Agent. Sure discount brokers may charge slightly less but you can get substantially LESS in the service you receive. You want someone guiding you trhough EACH step, not just the easy one's leaving you on your own through teh harder or stressful ones.

3. Choose a LOCAL agent. Too many agents from out of town and even out of state are looking for you to hire them. They may not know your area, your neighborhood, not know your children's schools, where you shop, which church you go to and may not be able to be there on a moments notice when needed.

4. Choose an Experienced Agent. Not every agent is experienced with all types of homes, areas and types of sales. Choose an Agent that is Experienced in SELLING Homes. It is what we do and what we do well.

5. Choose an agent who will ASSIST YOU THROUGH EACH STEP of the Buying process. There is nothing worse than being left to fend for yourself. Your agent should be there through each step, answering your questions, guiding you and giveing you peace of mind.

 

WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!

If you are thinking of buying a Home please contact us. We offer you assistance to get a free pre-quailification for a mortgage,along with some of the BEST CUSTOMER SERVICE through each step of the Buying Process.

 

 

Please call for a FREE MARKET ANALYSIS to let you know what the value of your home is.

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!

We stand by you through every step in selling your home.

MY RECENT NEIGHBORHOOD REPORTS

1. Spotlight on GRANITE HILLS CONDOMINIUMS in Hooksett NH

2. Spotlight for the EASTWOOD CONDOMINIUMS in Manchester NH

3. Spotlight ON DERRYFIELD GREEN CONDOMINIUMS in Manchester NH

4. Spotlight for the PATIO TOWNHOUSE CONDOMINIUMS in Manchester NH

5. Spotlight on WILLOW BLUFF CONDOMINIUMS in Manchester NH

 

 

PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME

PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME

SUPPORT LOCAL BUSINESS!!!

ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Linda Sabo 08/30/2012 06:46 AM
  2. Gloria Valvasori 08/30/2012 07:26 AM
  3. Zoila Khouri 08/30/2012 12:53 PM
Topic:
Home Buying
Location:
New Hampshire Hillsborough County Manchester
Groups:
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Tags:
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Rainmaker
287,121
Travis "the SOLD man" Parker; Associate Broker
Team Linda Simmons, Enterprise, AL 36330 - Enterprise, AL
email: Travis@theSOLDman.me / cell: 334-494-7846

haaaaaa - good for you for nicely "Firing" them! They either had been given the wrong info by Ms. Big Agent, or were clueless. Nothing but trouble!

Aug 30, 2012 10:00 AM #30
Rainer
177,569
Rosalie Evans
Meritus Group Real Estate - Sioux Falls, SD
The Evans Group, Sioux Falls, SD Homes For Sale

I faced this just the other day with a nice couple that had just been outbid for the second time! While you can understand their reason for asking still not a good idea is it! 

Aug 30, 2012 10:49 AM #31
Rainer
53,128
Susan Shaw
Premiere Plus Realty Co.Marco Island, FL - Marco Island, FL

Hi Scott,

I'm with you on this one.  Offer in writng accompanied by an escrow check and a pre-qual or pre-app letter. Our contracts have changed here in south west florida, where the deposit does not have to accompany the offer but it has to be stated in the contract when it wil be paid... on acceptacnce or within a certain time period. As a listing agent I would not accept anything less.

 

 

Aug 30, 2012 11:26 AM #32
Rainmaker
465,358
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

Two different offers on two different homes?  That lady has a skewed perspective on buying real estate.

Aug 30, 2012 11:38 AM #33
Rainmaker
262,480
Bruce Kunz
Bruce Kunz @ Veltri & Associates, 866-483-5874 x464 - Howell, NJ
REALTOR®, Howell NJ Homes for Sale

Hi Scott. Pretty amazing behavior by both that buyer & Mrs. Big National Agent!
That said, I've been asked about multiple offers as well. My experiences have been due to short time available for a home search and or/ slow responses from a seller when another home of interest pops up.  As long as the buyers can produce earnest money and a prequal letter for each I think it is OK to do a reasonable written offer. Letting the seller know there are other options in the mix can work for the buyer.
Bruce

 

Aug 30, 2012 12:16 PM #34
Rainmaker
314,120
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Scott, nice story. And I hope she finds something in your state becasue I hope she doesn't start looking here. What nerve!

Aug 30, 2012 02:43 PM #35
Rainmaker
681,336
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Scott:

That is the one thing I don't like about the seller's market we are now in.  Multiple offer, low inventory and buyers worry that they will never get the home they want.  But making multiple offers at the same time is not a good idea.  I know agents who will write multiple offers for a buyer, that is a bad idea.

Aug 30, 2012 03:59 PM #36
Rainmaker
542,279
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Scott, I don't think it's unethical at all! In fact, I put in 2 offers on 2 different properties with the SAME listing agent! I called her and explained what we're doing, that the first one that accepts our offer will sell their house. Out of the ordinary? Yes. Did my buyer get a house? Absolutely.

Aug 30, 2012 04:02 PM #37
Ambassador
2,027,923
Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

Making multiple offers on multiple homes is a recipe for disaster and any agent who is engaging in that practice with their clients should have their clients disclose it in the offers they make.  It's criminal not to, in my own opinion.

Aug 30, 2012 05:17 PM #38
Ambassador
1,293,925
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Yep lots of red flags on that one. Walk away.

 

Aug 30, 2012 05:47 PM #39
Rainmaker
160,731
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

There are no issues with making multiple offers. If you write up the purchase contract properly, it can be done.

 

Aug 30, 2012 08:05 PM #40
Rainmaker
1,092,012
Bryant Tutas
Bryant Tutas-Tutas Towne Realty, Inc - Poinciana, FL
Broker/REALTOR, Tutas Towne Realty, Inc

It really depends on your market and what kind of properties you are making offers on. Our normal practice is to make multiple offers at the same time. I've presented as many as 12 at once for a buyer looking to purchase 1 home. BUT all offers were made on REO properties. It is practically impossible for any of these offers to just be signed off on by the asset manager and place my buyer under a binding contract.

REOs always require the buyer to sign the thick package of addenda prior to the asset manager signing off on it. If we blast out 12 offers we may get 2 or 3 that give a verbal accepotance. When they do we go look and decide which one works for the buyer. That's the one we go under contract with. The others we just withdraw the offer.

This is all perfectly ethical and legal.

Aug 30, 2012 10:52 PM #41
Rainmaker
1,092,012
Bryant Tutas
Bryant Tutas-Tutas Towne Realty, Inc - Poinciana, FL
Broker/REALTOR, Tutas Towne Realty, Inc

By the way whether or not something is unethical or illegal is not really an opinion. If you are a REALTOR(R) then we have a Code of Ethics. there is nothing in our code that would prohibit the proactice of submitting multiple offers.

I'm also not aware of any laws that would make this an illegal practice.

Nor are there any MLS rules and regulations against this.

If any of the above existed then they would also need to prohibit the Seller from receiving multiple offers. Why should the seller be the only one who has the right to pick and chose? Makes zero sense.

An offer is just that...an offer. A buyer can make as many as they want.

 

Aug 30, 2012 10:58 PM #42
Ambassador
1,598,146
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 800-610-7253 DRE01267479 - Costa M

Scott - I've had to explain many times the problem with making more than one offer at a time.

Aug 30, 2012 11:46 PM #43
Ambassador
519,557
Tom Branch
RE/MAX Dallas Suburbs - Plano, TX
Broker, CDPE, SFR, ACRE, Plano TX Ambassador

I have to disagree with you on this one.

While it's not a common practice, we have made purchase offers on multiple properties. Each offer utilizes an "Option Period" which is part of our Texas standardized contracts. This option allows the buyer to purchase the unrestricted right to terminate the contract for a certain number of days at a minimal cost. If more than one offer is accepted, the buyer simply "opts" out of the one they do not wish to purchase.

While this is not an everyday approach, it can be effective in heavy seller's markets.

Again this only works here because of the way our contracts have been written.

Tom

Aug 31, 2012 04:35 AM #44
Rainmaker
302,061
Martin Kalisker
Synergy Metrowest, Inc. - Brookline, MA
Synergy Metrowest, Inc.: MA Real Estate & More

Sounds like your broker needs to have a heart to heart with the other agent's broker/manager and figure out if there is any truth to what is being told.  Real Estate Agency 101 teaches us that the Statute of Frauds requires all contracts in real estate to be in writing.

But you also bring up a valid point with countering the "multiple offer" mentality of many buyers who try to thow as many offers at the wall to see which one sticks...With seller permission, we require all offers to be submitted with a cashier's check for the good faith deposit.  We also require that the home be inspected immediately and often times even before short sale or lender approvals are received.  This way, the buyer has a "vested interest" in the property and will be much less likely to back out on a whim.  Our listing, our rules.  Play the game or move on elsewhere!

Aug 31, 2012 09:56 AM #45
Rainmaker
15,873
Peter Matyko
Keller Williams Realty Advantage - Oviedo, FL
Keller Williams Realty
Wow scary scenario run dont walk away
Aug 31, 2012 01:11 PM #46
Rainmaker
759,439
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

I cannot imagine taking the time to write an offer without a pre-approval and earnest money check in hand.  What was that Realtor thinking?  Peter is right, run away!

Aug 31, 2012 03:09 PM #47
Rainmaker
1,021,930
Adrian Willanger
206 909-7536 TheHomeFunnel.com - Seattle, WA
Profit from my two decades of experience

Scott-I like your direct approach. I totally agree with you buyers need to take the steps that are needed to get the job done. This is serious business if you want to get the #1 property on your list. 

Sep 01, 2012 05:46 AM #50
Rainmaker
127,363
Faye Taylor
Floresville, TX
Faye Taylor

I agree with Bryant.  Sellers entertain multiple offers sometimes without disclsoure to the buyers agents.   In Texas we have an opinion period to opt out for any reason.  If you have buyers who don't LOVE a particular house but need to buy why not submit more than one offer and take the one who best meets your clients needs.   is that fair to a seller?  Maybe not but who do I represent.  I am getting my buyers the best deal for them; not for the seller. 

I have done this in the past.  Written 2 offers on the same day, submitted with EM copies and lender approval as we were offering less than asking expecting to be countered on both.  Buyer would then decide if either counter would be in the range they were willing to pay.  Neither was and we moved onto a better home at a better price.   No CONTRACT  until all parties agree in writing.  If both had come back with no counter, buyers would have opted out of the one they preferred less.  Sad for the seller?  Maybe but do the sellers entertain multiple offers?   Do you think sellers MIGHT counter multiple offers?  

Sep 06, 2012 08:41 AM #51
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