Buying or Selling a Home/Multiple offers

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Expert: Jim Root - 12/9/2007


Question
"Can I (thru my agent) make simultaneous offers to let's say 3
different properties and if all 3 accept my offer, then proceed with the one
that I like?
If this scenario is possible, how is the purchase
agreement (offer) worded?

Thanks"


Answer
MARK--

You really need to discuss this matter with a Licensed Real Estate Agent and/or Attorney in your State, as the laws & regulations governing Realty transactions differs somewhat from State-to-State! BUT READ ON!

If the "rules" in your Real Estate Marketplace don't disallow multiple simultaneous offers to purchase, I'd
suggest that SOME "special wording" on each Offer to Purchase that disclosed that other Offers were being made & that the Acceptance of any of the Offers was "subject to"
your "Final Approval!" This not only to protect YOU, but to be FAIR to the Sellers involved!

So again, check with a local Realtor and/or Lawyer about the legality of such a scenario & if legal, find out  what wording needs to be used to ensure that the Sellers are informed AND that you have a "Right of Refusal" of ANY of the Offers accepted!

Good luck with your efforts to buy a home & at the "Best Price!"--JIM  

Buying or Selling a Home

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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