Can we make offer on multiple properties at the same time? Please help

[Asad]

I have a silly question. Can you please help me?

We are looking for a property. If we found a suitable property and put an offer for that – Does not mean that vendor will except our offer and we will get that property – is n’t it?

Is it ok --- to put offer on multiple properties at the same time? What will happen if more than one offer accepted at the same time whereas we are ready to buy just one? Can we then keep the best deal and say other offers ‘NO’?

Another question, if we make an offer – ideally how many days we need to wait to get a feedback? After how many days we can think that it is over and void?

Hope you will share your experience and help us.

[snifter]

As far as I know, you can put in multiple offers. Until you sign the contract there is nothing binding and there is still the 48 hour cooling off period on that. An offer is just that, an offer. The vendor may accept an offer from someone else so you won't have anything tying you. Or you can say you are withdrawing your offer. I think we came close to putting two offers in on properties but the one we really wanted got back to us within a few hours and we agreed on things so never put in an offer for the other house.

 

As far as how long, it depends. Agents tended to tell us when they wanted final offers in by if there was a lot of interest. We went to some opens and were told that offers needed to be in by 5pm the next day as they already had half a dozen already (might have been fibbing on this) or told it was best offer by a certain date and that was sometimes brought forward if they had a really good offer made they wanted to present (in our case, we had a week till closing but they moved the closing date to 5pm on the Monday, the day after the open as they had a serious offer in and wanted to get that presented, turned out it was $17,500 over the top list price so no wonder).

 

Ask the agent is your best bet. If you register an interest, leave your number and take an offer form they usually let you know if they've had offers they are going to present and that if you want to submit one you need to get it in by such and such a date/time. They won't hang around for you to dither if they have other offers that are decent. Also ask what sort of position the vendor is in, ie have they found a property yet, building new, waiting till their house is under contract, set on a quick completion or needing to wait a while, if they are keen on no chain, any of those can help swing things. In our case it was that we had no property to sell and could complete pretty quickly for them. For someone else I know it was them offering a long completion date (3 months plus) as the owners were building and had been expecting to have to move out and rent but this offer meant they didn't need to, so they went with it. A couple of houses we put offers in for simply went to the highest offer. One of them was a huge amount over the listed range and another we missed out on by $5,000 on our offer but actually, very happy we didn't get that house now as we love this one more.

[sidestep]

Just clearly state that any offer is subject to finance and if you want to pull out just say "computer said "no"".

[Asad]

Great suggestion. ha ha ha

Just clearly state that any offer is subject to finance and if you want to pull out just say "computer said "no"".

[Asad]

Thanks a lot snifter for sharing your experience and valuable suggestions.

As far as I know, you can put in multiple offers. Until you sign the contract there is nothing binding and there is still the 48 hour cooling off period on that. An offer is just that, an offer. The vendor may accept an offer from someone else so you won't have anything tying you. Or you can say you are withdrawing your offer. I think we came close to putting two offers in on properties but the one we really wanted got back to us within a few hours and we agreed on things so never put in an offer for the other house.

 

As far as how long, it depends. Agents tended to tell us when they wanted final offers in by if there was a lot of interest. We went to some opens and were told that offers needed to be in by 5pm the next day as they already had half a dozen already (might have been fibbing on this) or told it was best offer by a certain date and that was sometimes brought forward if they had a really good offer made they wanted to present (in our case, we had a week till closing but they moved the closing date to 5pm on the Monday, the day after the open as they had a serious offer in and wanted to get that presented, turned out it was $17,500 over the top list price so no wonder).

 

Ask the agent is your best bet. If you register an interest, leave your number and take an offer form they usually let you know if they've had offers they are going to present and that if you want to submit one you need to get it in by such and such a date/time. They won't hang around for you to dither if they have other offers that are decent. Also ask what sort of position the vendor is in, ie have they found a property yet, building new, waiting till their house is under contract, set on a quick completion or needing to wait a while, if they are keen on no chain, any of those can help swing things. In our case it was that we had no property to sell and could complete pretty quickly for them. For someone else I know it was them offering a long completion date (3 months plus) as the owners were building and had been expecting to have to move out and rent but this offer meant they didn't need to, so they went with it. A couple of houses we put offers in for simply went to the highest offer. One of them was a huge amount over the listed range and another we missed out on by $5,000 on our offer but actually, very happy we didn't get that house now as we love this one more.

[Keith & Linda]

Not wishing to say others are wrong as regards offers, but an offer is made by means of a contract signed by you and awaiting the sellers signature in agreeing to your offer, not by word of mouth. Of the several houses we have bought and sold in Aus (Brisbane) then this was how it had to be done.

As a buyer your usual get-out clauses are - Subject to - Finance, Pest inspection & Building inspection, all of which you must make sure are in the contract when you make the offer. But the best get-out clause used on me was by a solicitor's assistant when putting a contracted offer in they just simply wrote "subject to due Diligence" Which in the end they used but you do not get to know why/what reasons, and that is the one which will go on all my future offers.

The risk of putting in several offers at the one time would be ensuring you keep on top of them regarding the due dates for inspections and cancellations etc.

Good luck.