Expert: Lori Frankfort - 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 should my agent word the purchase agreement (offer)?

Thanks

Answer
Hi Mark.  Yes, you can do that, however your agent will probably not want to.  It's bad for an agent's relationship with other agents.  

Basically, in any offer to purchase real estate you have a 3-day right of recission.  Therefore, if all 3 offers were simultaneously accepted you would have your agent call the other 2 and tell them you changed your mind.  If one was accepted and you decided to go with that one before the others have given you an answer then your agent just lets them know you want to retract your offer.  All of these communications should happen in writing.

You should know that it's considered bad ethics on the part of your agent to do so, and therefore your agent may try to discourage you from submitting 3 offers simultaneously.  It has to the potential to ruin the agent's future relationship and thus future transactions with the other agent representing the Seller.

Best,
Lori Frankfort