During the housing boom, where demand was high compared to the inventory of homes for sale, it wasn't uncommon for a home seller to receive multiple offers from different buyers. Then, sellers were in the happy position of being able to pick the best offer that came in. Today, some buyers may find the best value by making multiple, simultaneous purchase offers on several different homes.
Normally, a buyer's purchase offer is valid during the offer period--the time stipulated for the seller to respond, say, 48 hours. If the seller signs the offer, a contract is created.
For a buyer to make several simultaneous offers on different homes, the offers should always include a special clause declaring the offer not valid until the seller approves--again, within a specified time frame. In this case, the offer is validated by the seller and returned to the buyer, but the contract only becomes ratified when the buyer approves it.
In this multiple-offer scenario, sellers compete for the buyer's contract, and the buyer gets to pick the best of the counteroffers that come back approved by the sellers.
Multiple purchase offers are not for everyone. Talk with us to find out whether a multiple-offer strategy could work for you in today's market.
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