Can You Put Offers On Multiple Homes?
As a home buyer, there’s nothing worse than making an offer on your dream home, entering a bidding war, losing to the other buyer and having to repeat the process over and over again. If you’re enduring these struggles as you shop for homes in competitive markets, you might consider putting offers on multiple homes at once to better their chances of getting accepted.
Making offers on multiple homes can be a dicey decision. That said, it’s best to have a real estate professional on your side if you’re going to take the risk. At Mark Spain Real Estate, our team of experienced agents can help you make informed decisions about buying a home. If you’re considering making offers on more than one home, let us give you some exclusive insight. Read below to learn more about making offers on multiple homes at once.
Can You Put Offers On Multiple Homes?
Can I Make Offers On Multiple Homes?
As a home buyer, you can make offers on multiple homes at once. In markets where inventory is sparse, and buyer competition is high, you might consider taking the multi-offer route to get a leg up on other buyers and increase your chances of closing on a home sooner. However, if you choose to use this method, you must ensure you do it right. Otherwise, you might undergo legal ramifications and financial loss. The best rule of thumb is to consult your real estate agent and attorney before moving forward with multiple offers.
How Can I Protect Myself When Making Offers On Multiple Homes?
If you decide to make multiple offers at once, you’ll want to take extra precautions to execute things correctly. Along with advice from your trusted real estate attorney, you’ll want to abide by the following principles when making your offers:
Be Honest
Honesty is the best policy, especially when making several offers at once. As a buyer, you and your agent should disclose your strategy to each seller and their agents. When you receive your first offer acceptance, you must also pull your offers from the other sellers. Otherwise, you will mislead them into thinking you’re still interested in the property. You’ll also want to retract these other offers immediately, or you could get into trouble.
Provide Separate Earnest Money Deposits
Each of your home offers will include an earnest money deposit for your escrow account. So, make sure you are financially capable of writing multiple checks before making your offers. You should also ensure you’re financially prepared to lose your deposits, as making multiple offers puts you at a higher risk of not earning all earnest money back.
Include Contingencies
One of the smartest strategies for making multiple bids at once is to include contingencies in your offers. This way, you can make the acceptance of one offer conditional on if another seller is already moving forward with one of your other offers. If you don’t include these contingencies, you are more likely to have multiple offers accepted at the time, which could lead to legal and financial consequences.
The Bottom Line
While making offers on multiple homes can have its advantages, it also runs the risk of legal and financial ramifications. That said, you will want to take the above-mentioned precautions and talk to your real estate agent and attorney before making any concrete decisions. 
By working with an experienced industry professional at Mark Spain Real Estate, you can make informed decisions on your home purchase. Whether that means making multiple offers at once or keeping your focus on one property alone, our team will guide you every step of the way.
Sell or Buy a Home with Mark Spain Real Estate
Are you thinking of making an offer on a home? The industry professionals at Mark Spain Real Estate are here to offer our expertise. With decades of valuable industry experience, our team of real estate experts promises a seamless and stress-free buying experience! Check out our Guaranteed Offer Program for the potential to receive a competitive cash offer on your home in only 21 days. Contact our agents today!
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