Submitting Three Offers on 3 Properties at the Same Time

Question:

I am a Buyer’s Agent and I have a buyer who has seen 3 houses. He wants to put in Offers on all of them. They are all holding offers until 7pm Tuesday and no one will consider an earlier presentation time. In this “hot market” he doesn’t expect to win in the bidding wars, but he can’t run the risk of buying more than one property. What would be a good strategy?

Answer:

There are several issues here:

  1. Deposit: assuming you can’t come up with three separate drafts, have one payable to the Buyer’s Brokerage in trust, with a Trust Assignment Agreement,
  2. Staggered Revocables: you need them to run sequentially,
  3. Right to Withdraw Offer: you need the right to withdraw the Offer; that also means a clause for the removal of the seal.

Handled properly, you should be able to participate in all three Presentations, but end up with only one property.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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