I am a new investor. Searching through MLS is good. The only issue is that any property I try to put contract I am facing tough competition. I usually have the loan and inspection contingencies in all my contracts I place. My question is If I go for multiple contracts e.g place one contract and while waiting for the answer go for the second one and maybe a third one. Is there a way that I can withdraw from the second or third if the first one is approved or withdraw from the first one if the second one is approved. How would it relate to EMD (earnest money deposit).
The issue I am facing is sometimes I have to wait too long to get an answer because the agent is in the process of collecting the contracts. This is waste of time for me. Is there any way I can accomplish placing multiple contracts and blackout if ONE of them is approved. Any tips would be nice.
@Amir Saeed You sound like me when I started... outbid 11 times before I got my first... Yes, my first had inspection contingency. Multiple offers out... yep i've done that too. As a licensed agent now, I will warn you... I've heard stories of people losing EMD because they were not expecting replies over the weekend etc, no way to get around the waiting aspect... I would suggest you go in with your highest and best with contingencies.. if you think of low balling an offer in our neighborhoods, you'll likely get outbid by someone like me with cash and no contingencies... Perfect example, last house I won... about 2 weeks ago... I went in 20% over asking price on MLS... i'm sure there where 5+ offers around asking... but this house is a long term keeper for me, so I made sure it was mine..
You say you have the inspection contingencies, so what's the problem? Yes, you'd need to put up EM on accepted contracts. But be aware, if you're making offers without viewing the properties first, your offer won't be taken as serious as they know there's a better chance you'd back out.
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