Can I submit multiple offers at once?

16 Replies

Can you submit multiple offers at once?

Sure, why couldnt you?

I do this all of the time once we start negotiations: "What if I offered $X all cash, or offered $Y with the owner carrying (some percentage)?"  I don't think this is what you mean though...

I don't see why you couldn't submit multiple offers as long as you plan on following thru if they all get accepted. 

If you mean making offers on multiple properties in the hopes of getting several accepted and cherry-picking the best deal - not recommended since you risk ticking off agents, lenders, and even sellers (especially banks or other investors) who you may need to do business with in future - UNLESS as mentioned by Chris K. you have the cash to do multiple purchases at once (most lenders will not want to have you financing multiple properties at once).

If you are having a hard time getting offers accepted, you can do it (I have), but you risk putting yourself in the same situation as above.

If you are offering a seller multiple options (price vs. terms) for you to buy the house (as mentioned in first reply above), no problem there if the seller and their agent (if any) are willing to consider something other than full payment.

I wouldn't unless I was prepared to be under contract to buy all the homes I have offers on. 

I think we need a little more clarification around what you are actually asking.  Are you talking about placing simultaneous offers on multiple properties or submitting multiple offers - with different terms/prices - for the same property?

Going to bring back this thread since my question relates to it. As @Hattie Dizmond   mentioned above, my personal question is: Can you submit multiple offers with different terms and prices for the same property?

@Cody Steck Yes. Some situations will obviously work better than others. Is it owned outright? FSBO? Listed? REO? That all comes in to play.

The specific property I am looking at is a 4-plex on the MLS and is owned free and clear. I wanted to submit an all cash offer, partial seller finance/bigger down payment offer, and a large seller finance/little money down offer.

@Ryan Dossey

It seems like common sense to me but do I need an addendum saying something to the effect of "acceptance of this offer voids other offers submitted by the buyer on this date XX-XX-XXXX"?

@Cody Steck  You don't need an addendum.  But, if I were you, I would ask to present my offer directly to the seller.  Explain that you have multiple scenarios, some where you will be able to make higher offers on the property, and it would be best if you could speak to the seller, with their agent present.  All they can do is say no.  If they do, you go right back to the scenario where you submit multiple offers.

@Cody Steck Did the multiple offer strategy work for you? Did you send (3) LOI's or (3) 15 page purchase offers? How were they presented?

@Dave Van Horn I heard your podcast today.....Fascinating! Have you submitted 4 or 5 offers on a multifamily property? If so, what were the scenarios? Were they LOI's or full blown offers? What are the most common offers and what did the sellers except?

Hi @Royce J.

Yep, the mobile home park outfit I raised money for submitted multiple offers often. Creative financing or auxiliary financing is common in commercial world. The amount of offers can heavily depend on the seller, the property, etc. It's usually verbal or a LOI at first, especially if you're getting really creative. It starts with a conversation between principals and brokers.

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