I'm hoping someone can steer me in the right direction.
is there a suitably worded clause that I can use when making multiple offers to avoid getting too many accepted at once?
I mean something like …'this offer expires if another offer accepted first…' Or something along those lines so that once one offer is accepted, all others become null and void…
tia
dok
Hiya
It's a tough one because you risk losing credibility if you make it known that you're placing multiple offers. If I was the vendor and it came down to two purchasers – I wouldn't accept an offer from the person who's openly placing offers everywhere.
However, at the same time I can see your point – and you really don't want to have to wait around to hear from a vendor in regards to their decision while other opporuntities present.
All in all, I'd just stipulate a short timeframe for the offer. Give them a 24 hour timeframe to decide – that way, you could make 7 offers a week
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Lets be honest though. There's not a real lot a credibility to lose as a buyer. A agent doesn't care if your a man, woman or tomato. They still get a commission if a tomato buys the house ( more interested in sellers anyway, who Pay their commission). How often do you purchase property, say a active investor maybe up to 5 properties a year that's pretty active. And of that unless your in some all country town the listing agents are all going to be different. Or 9 times out 10. Are you really going to lose credibility if
you happen to try buy off the same agent again. They still legally have to submit all offers to the vendor.
I would and have just put out offers with just normal conditions regularly and I have said to agents before. After they have had my offer for 2 weeks (clearly searching and playing my offer on other people for a higher offer) and they have come back and said oh we will accept that offer. (Reliesed it was a good
offer now, vendor getting nervous at losing the fish)
You just say (if you bought elsewhere or you don't want the property). I'm sorry but you took 2 weeks to get back to me that offer isn't valid anymore. I've purchased elsewhere.
its only a offer, not a contract. Don't be filling in and signing to many contracts. That would lend itself into a pickle.
Otherwise if all the agents are making you go straight to contract ( as some real estate agency's do) just include
""subject to purchaser having a 7 day due diligence period, if for any reason the results of this due diligence are not satisfactory to the purchaser. The purchaser reserves the right to withdraw from the contract via written notice to the agent within and up to the 7 day period for a total refund of all deposit monies paid"
Can also extend this to 10 business days if you can get away with it. That gives 2-3 weeks depending what day you buy. But most vendors are happy with a week. If you pull
out it's only a week lost in the selling campaign
Sellers know you are looking at more than one property and that price plays a key role in any decision a buyer will make so the way I do things in this situation is for want of a better term make a reverse offer.
I suggest a price I consider would interest me and get them to make me a personalised offer. If they choose not to you know they won't accept your price and if they do then during the course of negotiations you can say no and suggest a better price or accept the offer. It just a ploy to keep you legally non committed.
This strategy is most useful when there is a lack of buyers and less so when there are multiple buyers, however, when you're competing for a place then when a seller makes the offer they can often be lower than you might reasonably expect (if it went to auction for example). So rather than a bidding war where the buyers make offers and the seller plays them off you get them to make you an offer and accept it if it stacks up. That can euchre the other buyers.
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