A couple of years ago when the market was hot there were buyers writing multiple offers on different homes in hopes of winning at least one bid. Their excuse was....we can back out of them during the first 10 days of the contract, right? Wrong! This is fraud.
It's back and it's happening again. We just had a buyer request to submit multiple offers with this same reasonng this morning. It is time to re-visit this case study.
When a buyer writes multiple offers knowing full well they can't afford to buy all of the homes it is fraud. Think about this situation for just a minute.....
If you were the seller and you accepted an offer thinking it was a bonafide offer made in good faith...only to find out later it was one of multiple offers the buyer had made...how would you feel? A bit prickly? The contract looked pretty but it was ready, willing and able to stick you.
The buyer knew full well the he/she could only afford one home. Yet they proceeeded to write multiple offers and ended up winning 3 bids. The buyer has just bought 3 homes and can only afford one. Now what? They can make it look like they're simply backing out during the home inspection period but this is fraud. But wait....where is their agent in this scenario? Why is the agent allowing this to happen? Or perhaps the buyer is using multiple agents so nobody knows what is happening.
What about the other 2 sellers that believed they had a willing, able and ready buyer only to have the buyer back out during the inspection period? And making it worse the sellers turned down other ready, willing and able buyers for the fraudulent buyer's offer. Ouch!
Seasoned agents most likely have run into this situation and know how to handle it correctly. Newer agents, perhaps not? Now is a good time to renew this case study and make sure we're educating our buyers, sellers and agents properly.
Let's keep our contracts legal...not prickly.
Prickly Real Estate Offers
Anna "Banana" Kruchten
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