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Multiple contracts

Posted by Suzette Fagan on October 16, 2012 at 1:47am in Short Sale Discussions
am a cash buyer and have been waiting for approval of short sale for 2 months. There is another house that I see that I want to buy. It's also a short sale. Both sales are wells Fargo mortgages. Can I put in multiple contracts to ensure that I get one of these properties?

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Replies

  • Drew Ludlow October 21, 2012 at 10:28am
    I would say this would be a material fact that you should disclose to all parties since acceptance of one offer would affect your ability to close the other offer/contract. It would be ill-advised to play these shenanigans.
  • Wayne Brooks October 18, 2012 at 6:05am

    This is one reason why we require buyer inspections immediately after owner acceptance, not after lender approval.  It prevents the seller's property from being tied up by a buyer who may have submitted multiple offers, with the intent of walking away from most of them with the post approval inspedtion period.

    After 2 months, assuming the package was complete, and timely submitted, you should be close to an answer.

  • Jeff Payne October 16, 2012 at 2:22am

    Would you do that if they were not short sales? What would your plans be if more than one short sale were approved at the same time? Buy all of them?

    • Suzette Fagan > Jeff Payne October 16, 2012 at 2:30am
      The likelihood of that happening is almost nil. No I would not be able to buy two houses but from the buyer's point of view...If this was a non-short sales listing, I have see where buyer have,submitted multiple bids. I just don't want to,waste my time...
      • Jeff Payne > Suzette Fagan October 16, 2012 at 7:35am

        A "bid" and a contract are two totally different things.   A bid is just that..an offer.  A contract is a legal binding instrument.  Are you going to disclose to the listing agent that you are placing multiple offers and also accepting multiple contracts?

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