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 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.
"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?
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