Is it normal for realtors to only put one bid in at a time for me , I’m having trouble finding a realtor who will put in multiple bids due to the fact that we may get accepted into contract?
@Nick Sorensen Unless you are planning on buying multiple properties, I can see a realtor not wanting to put in multiple offers at the same time. If you had two buyers accept your offers, you are legally obligated to buy them. Why would a realtor risk their reputation having two offers accepted and then telling one owner, sorry he changed his mind (which is not a valid reason to break a contract)?
If there are that many deals in your area, waiting the 24 hours to hear back about an offer isn't going to hurt your business.
@Theresa Harris thank you so much for the feedback and time. We thought that but wanted to make sure.
Put 12 hours expirations in and submit an offer at 8am and 8pm. Or 9 hour expiration if your realtor doesn’t work 12 hour days.
Sellers usually ignore offer deadlines anyway but your realtor can feel better about multiple offers.
I’ve made multiple offers on properties for years. I’ve never Had the “problem” of multiple offers being accepted without a counter of some sort, I wish.
I submit multiple offers for my clients.
If they receive multiple acceptances the more they have to choose from! ;))
In Arizona, buyers get a 10-day inspection period to cancel and receive their earnest money deposits back.
Buyers can also rescind offers that have not been accepted yet.
I've submitted 20-30 offers a week for a rehab investor client and know others that do the same!
It's not an issue for my clients, I encourage it.
Good luck Nick! ;)
I think it will be more "Area specific". By us there is usually an "attorney approval time" where it can be killed for any reason. (common is 3 days). So sure you could put in 50 offers and if all accepted have the attorney disapprove 49. Of course I would guess they will start charging per letter written.
I fully understand why an agent would not want to put in more than one (there is dealing in Good Faith to consider when putting in an offer). If I offer you 20K then the expectation should be that you will accept it if I agree. Once you start to "walk away" a few times, your name gets out there quick.
...here in Arizona, you can also assign your contracts (if the seller agrees) to other buyers, so if you get a great deal accepted but can't keep it, you can still satisfy the seller by finding them another buyer willing to take your place. And you can even collect an assignment fee from your assignee and make a few thousand dollars (wholesaling)!
Cheers to your success Nick!
Submitting Multiple Offers is a slippery slope that many Realtors will avoid because they don't know how to do it properly.
The typical Arizona residential contract has a provision "Buyer warrants that Buyer has disclosed any information that may materially and adversely affect Buyers ability to close escrow or complete the obligations of this contract"
Placing multiple offers without the ability to purchase multiple properties is risky and has resulted in lawsuits so it's an area to be very careful. Is it ethical?
Are you being fair to the seller if the intention is to cancel one of the offers? Answer those questions to the Department of Real Estate or a Judge.
It can be done and one way is to simply disclose the buyer is placing multiple offers.
I make around 3-5 offers a day, but then again I'm offering to where if my offer is accepted I will make sure the deal gets closed. If you can't do that, then I would recommend going with shorter response times.
If a hot deal hits the market and I'm trying to put pressure on the listing agent I'll do a 2-3 hour response time sometimes. You can also do other things to make your offer more appealing (Waiving contingencies for example)
This is in Arizona though where we don't have to deal with attorneys
But like others have said, if you do not have the ability to close on multiple properties, then the realtor is correct in not submitting multiple offers for you at the same time. It's a good way to burn your reputation as an agent