Buyer submits offers on multiple short sales with no intention of buying them all!

Just curious how you are all dealing with your buyers who want to make offers on multiple short sales. What do you think the legal implications are? How ethical do you think it is? How do you balance wasting everyone's time with your fiduciary duty to your buyer client?

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Permalink Reply by Jeff Payne on February 1, 2012 at 6:44am

Sean, what happens after 30 days when none of them have been approved?  Is there a provision to extend automatically?

Permalink Reply by Sean Crosier on February 1, 2012 at 7:07am

See attached... I normally write only 30 days to give my buyers a quick exit strategy (although you can always get out bc of inspection contingency). If it takes longer than 30 days but it lookos like were close to an approval, we will usually mutually agree to extend.

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Permalink Reply by Bryant Tutas on February 1, 2012 at 12:53am

A buyer can make offers on as many properties as they choose. However they should only have CONTRACTS on properties they are willing to close on.

Permalink Reply by Sean Crosier on February 1, 2012 at 6:19am

Good point of clarification. That is what I meant. Accepted offers.

Permalink Reply by Mike Rosania on February 1, 2012 at 6:55am

While on topic of commited buyers, I seen that some short sale agents use some type of addendum explaining what the buyer is agreeing by potentially going under contract with a short sale listing. I am very interested in seeing what some of you guys may be using and willing to share as I would like to have something where the buyer signs off upon submitting an offer. Sorry if a little off topic but didnt want to start up a new thread!!

 

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