Can you make multiple offers on many Olathe, KS. short sale and distressed homes?

Can you make multiple offers on many Olathe, KS. short sale and distressed homes?


Question: We have made an offer on an Olathe, KS. home that is a short sale. As of today, the seller has approved the offer but the seller's lender has not. We are aware of how long short sales might take so we have been keeping an eye on other homes in our price range. Another home in Olathe just came up for sale and my husband and I are very interested in making an offer. Would we need to withdraw our current offer on the other house first? My husband is thinking that it is ok to make multiple offers on different homes and wait for one of them to get accepted. Any advice? 
Janet P. from Lenexa, Kansas

Answer: Yes you need to cancel the first offer before you make another offer unless you intend to buy both homes.

It is important to remember that your first offer is a binding contract and the seller is expecting you to perform and make good on your intention to purchase. If you back out, it’s also important to remember that it affects many people (including those who have already spent many hours working on the transaction such as title officers, lender, bank personnel, real estate agents, etc.) as well as the seller who could face a foreclosure if there is not enough time left to resell the property after cancelling the offer.

Unfortunately in this real estate market we see a lot of this going on and some buyers treat buying distressed homes like a game. They are always looking for the next best thing and not being willing to stick by their decision until completion. It’s hard to know they do not value the time or hard work of those trying to help make dreams come true. I have heard of some buyers putting multiple offers on many short sales and playing the waiting game. First bank that approves they will accept and they will cancel all of the other offers.

In addition, I had a short sale with Wells Fargo that was sent to the legal department for 2 months because the negotiator found out that the buyer had multiple offers on homes. I was told after the file closed that the mortgage lender was preparing to present a case to a district attorney regarding what the buyer was doing. 

I appreciate that you’ve taken time to think about it and ask the opinion of others because it shows your conscientious of your decisions and how they affect others.

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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