Hello BP, I'm running into a problem when offering on properties.
I have been offering on multiple properties at a time because of the fact that I am in a hot market. Is this normal to offer on multiple at a time?
I'm nervous about the fact if 2 go pending at the same time. What happens then? I wouldn't want to lose a earnest deposit.
All of these offers are subject to viewing since they are tenant occupied, could I leverage that and back out just based on me viewing the property and saying I don't like it?
Thanks for any input!
I doubt you would appreciate getting a "bogus" offer on one of your properties as a seller. This is a business - not a game - and not even a strategy that is working for you. And, you need to know what the contract says about return of escrow if that's your concern. I recommend you find a realtor who works primarily with investors (buyers do not pay commissions so it will cost you nothing) to come up with a more targeted and winning strategy. Our inventory is at historic lows and has been for years; the buyer demand far exceeds supply. Yet my buyers are buying within valuation and having their offers accepted because of how and what is in our submission to the seller. If you want to be taken as a serious player/buyer, you're going to need a better strategy. Do yourself a favor and build bench strength by adding an investor focused realtor to your team.
Why not give a very short window for a response from the seller, and if they don’t respond, have an offer ready to make on the next property?
How would you have 2 EMD's locked up at once if you get 2 offers accepted? Are offers being made with the EMD together somehow? If you get 1 accepted and you are already locked up, ask the seller if they are willing to extend timing since you are in another deal. Some sellers will wait and still execute a contract, so you are ready to go when the time comes. You could always assign or double one of the properties, too, assuming that your contract allows for that.