Myth: Let’s make offers on multiple homes at the same time to secure one contract!

Myth: Let’s make offers on multiple homes at the same time to secure one contract!

Let's make offers on multiple homes in this hot market. We need to secure something quickly. Is this myth true? Welcome to today's episode of Myth Versus the Truth.

Many times we get some buyers that will say, let's just submit offers on all the properties that I've shown them, or out of five, maybe two. However, we have to keep in mind the legal aspect of it. If we go ahead and make multiple offers on, say, for instance, two or three homes at the same time and a seller accepts it, you're going to be legally obligated to stay with that contract. And we understand the emotion, we understand the concern of trying to secure a property in this hot market. But we need to be wise and very careful that we don't get ourselves into trouble.

So let's talk about the aspect when you are a listing agent representing a seller, we get sometimes multiple offers from an agent. And I know that there are Agents that they sometimes advise their buyers to, oh yeah, let's do it, let's go ahead and let's do multiple offers in houses. And let's not forget something. They also mentioned that they can cancel at the time of the inspection. That is very common. So what happens if the inspection comes good? If you don't have anything to request, you will get a legal issue. Do you want to gain a legal issue? Do you want to have your deposit in jeopardy? Do you want to have some months before you get your deposit back? That's the aspect of that position you have to see yourself. Because you are binding in a contract, so you are obligated to that contract. Which basis you're going to use to get out of it. I let you think and take a good decision about it.

My friend, you have to understand when you as a buyer, you are writing an offer, you signing the offer, you're putting a deposit and you sending that offer. Even suppose you have maybe three days to put the deposit and you say, hey, I didn't put the money yet. Still you are legally obligated. And if you have a deposit in place, forget about it because it is your signature. So you got to be very careful what you're signing. Remember, they always say what you say and what you sign, you got to be very careful. We are here and just wanted to get you educated on that. When we make an offer, we always give a seller like maybe two days to accept. Now, if the seller does not come back in two days, we can make another offer. And then if that previous seller comes back after the third day or fourth-day ball is in your court. Either you take it or let it go, but your deposit is safe.

You have no stress about the home buying process. So we just wanted to let you know that. Purchasing a property or anything involving real estate can be stressful. Buying or selling or investing, it's a stressful moment in your life. That's why it's very important that you hire a very qualified agent with lots of experience. That would save you the trouble and absorb all your stress. Hopefully, this information helps you to make the right decision. See you next week. In another episode of Myth versus the Truth.

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