Making an offer while closing on another property

1 Reply

Good evening BP community -

So, I’m closing on a property with conventional lending in Georgia and another deal crossed my desk this morning.  My agent called the sellers agent and apparently there is another offer thus, I’ll need to make a decision by tomorrow morning to submit an offer.  However, my question is if I can make an offer if I would intend to utilize conventional lending again to purchase this second property?  

I have plenty of capital to place a 20% down payment.  

Another idea that I brainstormed with my agent is paying more capital in up front earnest money to convince the seller to wait until I close on the first property to begin the closing process on the second property.

Thanks for your responses in advance.

You can do a bridge loan where they can close contingent of the funds from closing A to closing B.  The title company could arrange secured funds from 1st to 2nd closing.  This way here the funds are protected through title, escrow.  Just ask if your lender can order a rush closing that's what we do and it's just a small charge of a couple hundred.