Can you submit multiple offers simultaneously?

Question

I am getting ready to purchase a new primary residence, and I have five properties that I’m considering, which have been on the market for a very long time because they need major rehab or a teardown. I am considering putting in low offers on all of them simultaneously to see who might be willing to lower their price, but I have never done something like that before and I am looking for any advice on strategy. I was thinking I would inform everyone that I was submitting multiple offers and include a 24 hour response requirement.

Russell Brazil · Answer

Sure.....you just need to immediately pull the other offers if one gets accepted.

Corby Goade · Answer

You can, and if you include certain contingencies, you can back out of any of them depending on the responses you get from the sellers. That said, this approach doesn't sit well with me, if you are making an offer on a property you should be fully prepared to close, assuming your due diligence goes smoothly. I'd suggest that you rank the properties from "best to least" in your opinion, and send aggressive offers that expire quickly, then move on to the next.

Good luck!

Lynnette E. · Answer

Think of the realtor writing the offers and giving them to the listing agent.  The realtor, if asked, will say that you have five offers out and can only close on one.  That may make the seller decide quickly.  It may also make you look like a flake who will back out of the deal because you are not vested in the house.

Personally if I could only close on one, I'd pick the best one and make a 24 hour offer on that one.  If its still not in play after 24 hours, I'd move on to the next.

Sarah Lorenz · Answer

@Corby Goade Thanks for weighing in--I'll keep that in mind.

Lien Vuong · Answer

I think that's a good strategy if you're looking to be more efficient with your offers.

You should consult with your agent however to make sure that that would be okay in your state. In some states you are bound to a contract once the seller accepts your offer and if two happen at the same time then what? Just something to keep in mind but many people do use this practice and have been successful.

Kudos on thinking outside the box!

Can you submit multiple offers simultaneously?

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