Can I Put In More Than One Offer At A Time?
Ok so you already know my realtor (or rather my investor's realtor is a dork) he said that we can't put in more that one offer at a time. we have to wait untill an offer is rejected to put an offer on any other house. is that right? sounds messed to me.
BTW this is in Utah.
Thanks,
Josh
[addsig]
how does this realtor know that you couldn't buy both properties? or 50 properties?
He is a buddy with my buddy.
My buddy puts up the money and the realtor knows his financial situation and the way he is structured now he can't buy more than one at a time. But the realtor said it is ilegal to do two or more at a time. Then he finds these houses with a $20k to $30k spread and it takes weeks to hear back and to close. We finally closed today on one. we looked at it about 4-5 weeks ago. we have been looking since august. it has taken that long to get anywhere! I am pretty disappointed with the whole thing.
Josh
may I ask what type of properties you are putting offers in for. I buy HUD homes and I always put in 3 or 4 offers. You never know which one will be excepted. If I get too many I just cancel the one or ones I don't want. also you said you were dissapointed that you had to look since August and just closed on one with a spread of 20 or 30k. Where else can you make that much money in a few months? Real Estate is not a get rich quick scheme.[ Edited by carpo on Date 11/13/2003 ]
Your agent works for you, if you aren't happy with what he is doing, find another agent. As we all know they are a dime a dozen. Congrats on getting one though. Where are you from in Utah?
Andy
Most bank loss mitigators will ask you to place multiple offers for the best deals. Even through a RE agent. They will even do creative financing to an extent.
if you have the means to close on more than one property then you might want to shop around for another agent...
When you present an offer on a piece of property, the agent is required, by law, to present it to the seller. He can in no way restrict you to making an offer on several properties at one time, regardless of what he knows about your financial capabilities. When you sign a binder (in NY), you have three days to withdraw your offer. Tell your agent that you want to know if you have an accepted offer before that time period has elapsed or you will withdraw the offer. If he does not comply, have a talk with the broker of record for that office, or more simply, find another agent that will comply with your wishes. (I am a licensed R.E agent in NY).
You can make as many offers as you want. The problem is that to write up an offer takes time. This agent knows that he can't write up offer after offer after offer and hope to make a living.
Spread the work around.
Have you considered that more than one offer may be accepted at the same time? Do you have a 'Weasel Clause' that allows you to choose which one you will accept?