Writing Multiple Real Estate Offers
In some segments of the New Orleans real estate market, competition can be fierce among buyers. Most of the time, it’s either something that catches an investor’s eye or those that are priced well for first-time buyers that get the most interest.
We’ve seen some of our buyers miss out on homes for sale because they either weren’t fast enough in making an offer or they were plain old outbid on a property.
As a result of their disappointment, we’ve been asked if buyers should write multiple real estate offers, bidding on more than one house at a time.
The pros of writing multiple real estate offers
If more than one property fits your needs and you know there is likely to be a bidding war, then making offers on them all could be your best bet at getting at least one of them accepted. It’s like throwing spaghetti at the wall and seeing what sticks.
The cons of writing multiple offers
What happens if more than one of your offers are accepted? You’re now in a binding contract to buy all of those properties. Are you financially able to buy more than one? Most buyers are not.
Now, we can get you out of a contract during the inspection period, but is that really fair to a homeowner that is taking their house off of the market in good faith? Not at all. It’s bad karma, in our opinion. When you’re in the position of being the seller one day, you certainly wouldn’t want to find out that a buyer wasn’t acting in good faith when they made an offer on your home.
What’s the solution?
Our recommendation is to move quickly when you see the house that you like. If your real estate agent tells you that multiple offers are likely, listen to their advice and make your highest and best offer first. You may not get another chance.