Mar
20
May I make another offer on another house? legal?
By
Will I be legally bound to purchase two homes???
I’m not rich. I’m definately not qualified to purchase two homes. I just found out, from my realtor, as I was signing the papers, that the house is a “short sale” …. and that “short sales” are not always “short” or “fast”!!!!!
I need to spend my money fast!
Do you have any ideas?
Should I put another offer in on a different house? (This house is seller owned, not bank owned, not anywhere close to foreclosure…)
“Short sales” are the worst, huh? Thank you for that information! I’m new to this!!!!!!
Wow! All very helpful!!! Personally, I did not know that I could add a time limit to my offer! Wow! great idea! Thank you everyone!!!!!!!!!!!!!
Repossession
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3 Comments
March 21st, 2010 at 2:06 am
Most short sales never go through because most lenders are so slow about responding. I’d say that you would be safe by making another offer on a different property. Besides within the the 14 days there are many legal ways to back out of an accepted offer for example: The house doesn’t pass your inspection, you don’t like the easement on the title report,
March 23rd, 2010 at 4:08 am
if it didnt get accepted then hell yes,offer someplace else.shot sales are the worst. they wait till they get the highest bidder.bank owned is a little better.get with the realtor,and see if there was a deadline. if not,pucker up.it will take about 3-5 months.
go to realtor.com for houses. live where you want to live.not your realtor.
March 24th, 2010 at 10:17 pm
You can make offers on multiple properties. However, an accepted offer creates a contract. So, if two of your offers are accepted, you will be contracted to purchase two homes.
Solutions: (1) Place time limits in your offers, e.g. this offer open until XXXX date. (2) If an offer is accepted, withdraw your other offers. You may withdraw an offer anytime before it is accepted. (3) Ask sellers to make an offer to you. Then, when you obtain a few, accept the best one.
Ask a lawyer, or a competent real estate agent, to assist.