Making multiple offers, how to?

[Bane]

To the realtors on the board. I am currently interested in 3 houses. 2 are short sales, one is a forclosure. How do I word my offers so that I can offer on all 3 and see which one pans out? I know people did it a lot during the height of the bubble, but I don’t know what to write.

Also, I was told today that on short sales even after your offer is accepted if the bank gets another offer that is better they can change their mind. Is this true?

Help on both fronts greatly appreciated.

Thanks

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[recordsclerk]

You may be able to pull this off with homes that are overpriced. If you are trying to buy something nice that is well priced they will just toss you offer out the window. You need to make strong offers with little contingency for well priced homes. Study your sub-market and get to know what you are willing to pay for what you get. If something comes on the market that you want and is overpriced, wait until it sits on the market for awhile and make a lowball offer or wait until they lower the price to where you think it’s a good price and make a reasonable offer. Also if you are going to make offers on forclosures you will have to be pre-approved in most cases through their lender. In most cases banks will respond to your offer within 3-5 days, so no need to make repos compete for your buisiness. Also when making offers on short sales, it’s not recommended to piss of the seller since they don’t really care what price the home sells for. They would rather take a lower bid from someone that doesn’t offend them.
If you are a cash buyer in this market, then your strategy may work.
You also may want to wait until the end of this year or maybe next couple of years for the best deals.
Good Luck

[jimklinge]

Use the form SSA, the short sale addendum (revised 11/07). Mark on paragraph B that your 17-day inspection period begins the day you receive the bank’s approval of your offer. That’ll get you 1-3 months extension of your inspection contingency time to shop the market. If your offer is finally accepted by the bank, and you still like the property, you’re in a position to purchase it – go get your inspection and appraisal then.

Paragraph A also puts a limit on how long you are willing to wait to receive the bank’s answer, but you could include that in your standard offer-expiration paragraph.

Get a good agent to help you.

Jim the Realtor

[jimklinge]

Use the form SSA, the short sale addendum (revised 11/07). Mark on paragraph B that your 17-day inspection period begins the day you receive the bank’s approval of your offer. That’ll get you 1-3 months extension of your inspection contingency time to shop the market. If your offer is finally accepted by the bank, and you still like the property, you’re in a position to purchase it – go get your inspection and appraisal then.

Paragraph A also puts a limit on how long you are willing to wait to receive the bank’s answer, but you could include that in your standard offer-expiration paragraph.

Get a good agent to help you.

Jim the Realtor

[jimklinge]

Use the form SSA, the short sale addendum (revised 11/07). Mark on paragraph B that your 17-day inspection period begins the day you receive the bank’s approval of your offer. That’ll get you 1-3 months extension of your inspection contingency time to shop the market. If your offer is finally accepted by the bank, and you still like the property, you’re in a position to purchase it – go get your inspection and appraisal then.

Paragraph A also puts a limit on how long you are willing to wait to receive the bank’s answer, but you could include that in your standard offer-expiration paragraph.

Get a good agent to help you.

Jim the Realtor

[jimklinge]

Use the form SSA, the short sale addendum (revised 11/07). Mark on paragraph B that your 17-day inspection period begins the day you receive the bank’s approval of your offer. That’ll get you 1-3 months extension of your inspection contingency time to shop the market. If your offer is finally accepted by the bank, and you still like the property, you’re in a position to purchase it – go get your inspection and appraisal then.

Paragraph A also puts a limit on how long you are willing to wait to receive the bank’s answer, but you could include that in your standard offer-expiration paragraph.

Get a good agent to help you.

Jim the Realtor

[jimklinge]

Use the form SSA, the short sale addendum (revised 11/07). Mark on paragraph B that your 17-day inspection period begins the day you receive the bank’s approval of your offer. That’ll get you 1-3 months extension of your inspection contingency time to shop the market. If your offer is finally accepted by the bank, and you still like the property, you’re in a position to purchase it – go get your inspection and appraisal then.

Paragraph A also puts a limit on how long you are willing to wait to receive the bank’s answer, but you could include that in your standard offer-expiration paragraph.

Get a good agent to help you.

Jim the Realtor

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