The Real Estate Encyclopedia
Why Shouldn't I Send Several Offers For Different Properties At The Same Time?
Category - Home Buying Questions - General Home Buying FAQ's

When a buyer submits an offer to a seller, the purchaser should expect the seller to sign the offer and return the document unchanged.  Once the offer is accepted and signed by the Seller, a binding agreement or valid contract between buyer and seller exists.  If the buyer does not have proper broker representation and takes matters into his/her own hands and submits several offers at the same time, the buyer runs the risk of having more than one offer accepted and signed off on by the seller.  In this case, the buyer is legally required to purchase both properties. 

 

A responsible broker will ensure the buyer’s offer is either accepted or terminated before submitting another offer on a different property.  If a contract is terminated, written notification must be submitted by the terminating party to ensure the contract has been legally ended before a new offer is presented on a different property.



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Category(s)
Home Buying Questions - Buying Legal & Closing FAQ's
Home Buying Questions - General Home Buying FAQ's
Real Estate Information Sources - Real Estate Information General
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