BrokerBryant.com: June 2009

Buyers Making Multiple Offers. What the........................?

Big headHi folks. This post is a follow up to my recent post My Buyer only wants one house. Why make 14 offers? If you haven’t read that one….I’ll give you a brief synopsis. It’s about making offers on multiple properties even though my Buyers intent is to only purchase one of them.

I’m writing this post for clarity. I want to clarify what I’m doing and I need clarity on a few of the comments that were left.

First, a few people mentioned that they MUST have an escrow deposit in hand prior to submitting a purchase offer. If this is a law……….show it to me. I don’t believe it.

Secondly, I had two agents from Georgia comment about what their purchase contracts state about disclosure.

One said:
 
"In GA we actually have something in our contracts specifically for this. A checkbox in which the buyer must disclose whether this is their only offer or if they have others in the hopper simultaneously."
 
The other wrote this:

"Actually, here in GA the Purchase Offer has a box to check for the buyer to either have or not have the right to enter into a contract on another property."

One’s talking about offers the other is talking about contracts. Which is it? I would be SHOCKED if there were a State law in any State that stated a Buyer had to disclose if they were making offers on more than one property. If there is……show it to me. I don’t believe it.

OK….I’m not trying to be a dick....I just want clarity. These things are important. Sometimes things we think are illegal or unethical are not. If I’m wrong..... I want to be corrected. It’s how I learn.

Now let me clarify a couple of things.

  • I only use this tactic on REO properties.
  • I only use this tactic when working with experienced Investors with cash.
  • My Buyers do not back out of contracts. They do however withdraw offers.
  • There is no chance in heck of a Bank signing off on an offer without coming back with a stack of addendums.
  • Offers are presented with escrow deposit being deposited within 24 hours of acceptance.
  • My Buyers are making very strong, over list price, cash offers with the intent of purchasing the property.
  • If the offer is accepted in a timely fashion my Buyers will go under contract.

I think that’s it. Maybe when Wendy and I get finished with “Short Sale Basics” we’ll jump over to “Dealing With Buyers in a REO Market”. What do you think?

Short Sale Basics

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

 

Join Our Facebook Fan Page Check Us Out On Google+ Follow Us On Twitter

 

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

 Copyright © 2017 http://www.brokerbryant.com/ | All Rights Reserved

Comment balloon 76 commentsBryant Tutas • June 29 2009 06:03PM
Buyers Making Multiple Offers. What the…?
share
Hi folks. This post is a follow up to my recent post My Buyer only wants one house. Why make 14 offers? If you haven’t read that one…. I’ll give you a brief synopsis. It’s about making offers on multiple properties even though my Buyers intent is to… more
My Buyer only wants one house. Why make 14 offers?
share
Making offers on Multiple properties. Do your Buyers do it? Mine do. And here’s why. In the Central Florida market right now REOs (bank owned properties) make up a HUGE percentage of the saleable inventory of homes. Most sell very quickly, for… more
Advice for the Brand New Real Estate Agent.
share
Hi folks. On Saturday I participated in a Webinar hosted by Jennifer Alan. I thought it went very well. If you attended I hope you feel the same. Anyway, there was one more question that Jennifer wanted me to answer. Since I didn’t do it on the… more
Upfront & Personal with Your Favorite and Mine… Broker Bryant!
share
OK here's your opportunity to play "Stump the Broker". I hope to see you guys on Saturday. Are you a Broker B (as in, Broker Bryant Tutas ) follower? If you aren't, you're one of, like 5 people on ActiveRain… more
Yes… I can be an arrogant SOB… But not when I'm working.
share
Hi folks I have on occasion been accused of being "cocky" or "arrogant" when it comes to my selling style. Of course the reality is… it's just confidence. I have an over abundance of it. When meeting with a potential… more