Making an offer process?

Question

I suppose there is a little more to this then simply running around and throwing numbers out there to listing agents.  Does an offer have to be submitted in legal binding contract form so that the seller could sign if accepting the offer?

For instance say I don't have time to check out a property and from what I have see so far from pictures etc I want to get an offer out there to get my foot in the door, knowing my bottom price to test the waters before I have a shot to go actually view the property.

I assume I have to work through my agent to make the offers for me?  Speaking properties on the MLS.

Jon Holdman · Answer

Well, sort of.  It depends on what the inspection contingency says.  You may have to give the seller an opportunity to do something about what you find.  And this contingency does make your offer weaker than an offer without such a contingency.

I would be less worried about making five offers and getting two acceptances than making 20 offers and getting no acceptances.  Especially if you're making lowball offers.

Some agents are wise to these shotgun offers where you've not actually looked at the property yet.   They may push back and say "look, then make an offer".

Sean Gallagher · Answer

ok so I can use the inspection contingency in my favor and say i've made an offer on 5 properties and 2 were accepted, I check them both out and the one I dont want I just go.. ehh my inspection didn't go well.  I guess I could dislike anything in that scenario

Jon Holdman · Answer

You can put an inspection contingency in your offer.  That's actually pretty common.

If its on the MLS you really have to go through an agent.  Even if you go around the agent and contact the seller directly, their listing agreement will likely mean the listing agent will still get paid.