Making an offer on a home will initiate the process of buying the home if the seller accepts, but there are people who want to know if it is all right for them to make multiple offers on homes. In other words, can you or should you make offers to buy several homes at the same time? While you can do this, it is probably not the best idea, and here are a few things to know about why you should use extreme caution if you decide to do this.
What an Offer Means
Making an offer on a house is not a minor event by any means. An offer is a contract, and it is something that states your desire to buy a house. You should not make an offer unless you know for sure that you want to buy a house. Once you make the offer and the seller signs it in acceptance, it is a contract that you cannot break just because you feel like it. In other words, an offer is a big deal. Therefore, writing up offers for several homes at the same time is an even bigger deal, because you could end up with contracts to buy all of the homes you offered to buy.
The Risks of Making Several Offers
When sellers accept offers, the deals are binding. This means the first risk is that you might be locked into deals to buy several homes. Do you want to buy several homes, or are you just hoping to buy one?
Secondly, each time you write an offer, you are required to give a deposit with the offer. While there are valid reasons that allow you to get your money back, there are also reasons that would prevent you from getting this money back. Changing your mind about a deal is not a valid reason to back out of a deal, but this might be the only reason you can come up with if you are locked in with several deals. So, the risk in this is that you could lose the deposits you put down on any homes you do not end up buying.
Are you hoping to buy a house soon? If you are, you might want to start looking for the right house to buy and make an offer on it when you find out. Your realtor can walk you through the process and give you advice about buying a house.