FINDING A GOOD DEAL, putting in several offers

1 Reply

Hi Everyone,

I've been through the whole deal analysis process and purchased my first duplex a few weeks ago. 

A question that comes to mind, I keep hearing experienced investors say that they make around 10 offers out of the 40-50 deals they analyze. What do you do if more than one of these offers gets accepted, what do you do if 5 of them get accepted? It's my understanding that when an offer gets accepted it's hard to back out of. So it makes me a little nervous putting in multiple offers.

I appreciate the feedback.

Hi Jack,

Depends on the terms of your offers and properties being offered on, the type of contract (As-Is vs. standard or an equivalent to either), and local laws in your area. For instance, in Florida the As-Is contract states "buyer may determine, at buyer's sole discretion, that the property is unacceptable to Buyer and terminate this contract by written notice...". This election would have to occur within your stated inspection period, hence the importance of what your terms are/were. I would consult with a licensed agent or real estate attorney in your area to ensure you are protecting yourself sufficiently and maintaining both ethical and legal conduct

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