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Placing offers on multiple properties simultaneously

Discussion in 'The Buying & Selling Process' started by SuperDan, 21st Jun, 2016.

  1. SuperDan

    SuperDan New Member

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    I'd like to place multiple offers on multiple properties, but I can only buy one.

    Of course, I can simply withdraw my other offers as soon as one gets accepted.

    The common law postal rule could get me in trouble, but I can negate this by putting this on offer.

    What I am nervous about is two offers being accepted simultaneously, e.g. agent rings me advise me of acceptance and while I'm on the phone call another sends an sms text message advising acceptance... them I'm stuck with two legally binding contracts!

    Any advice of what I could do? Maybe a clause in my offer advising something along the lines of I'm placing multiple offers and can only buy the first accepted one? How would I word this?

    Any advice?
     
  2. thatbum

    thatbum Well-Known Member

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    Maybe just don't have multiple offers going at once. I can't think of many situations where you would need to - especially considering the state of the Perth market.
     
    monalisa likes this.
  3. SuperDan

    SuperDan New Member

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    Yes, that's what I'm currently doing, but now I'm waiting for vendor to get back to me... and they might not accept... There is a second house I'm equally interested in, but I have to wait first to find out what happens with first offer, before I can make this second offer... seems like waste of time when I don't mind which one of the two I buy.
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Make them one day apart with a 24 hour expiry?
     
  5. Marg4000

    Marg4000 Well-Known Member

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    Why let another party control your options. Maybe give the first offer a deadline at which time you will cancel the contract and pursue the other property ? Should bring a decision.
    Marg
     
  6. k88k

    k88k Member

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    Hi all,

    If in the event u have multiple offers.

    Is a verbal and/or email offer a legally binding contract, once the vendor agrees to the offer?

    Isn't it when you actually sign the contract/put a deposit down that it is then legally binding?

    Can you not retract your offer?

    Many thanks, newbie to the iP game,

    K.
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    A contract for land generally has to be in writing - email could suffice. Actually an oral acceptance could lead to a binding contract, but it would be unenforceable.
     
  8. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    This is a good position to be in.

    It allows you to have posture and put forward an offer with a condition "If this offer is not accepted in writing by X time on X date, it will be automatically withdrawn." (words to that effect).

    I feel it's always best to chat to the agents and explain the reason (so you can make an offer on another property of interest and not have two offers simultaneously accepted). Usually they'll jump into action.

    Doing this also puts time pressure on the vendor (to decide) and agent (so they can't play your offer off others for long).
     
    legallyblonde likes this.
  9. David Kaity

    David Kaity Member

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    If it is only two properties you are interested in, make both offers subject to building and pest inspections. If they are both accepted, you can use the building and pest inspection condition to back out of one of the contracts.

    Solicitors have confirmed for me in the past that as long as there is something about the house that you're not satisfied with, you can still use that as an excuse under the building and pest report condition to back out, without the report identifying anything major.

    Double check with your solicitor.
     
  10. Marg4000

    Marg4000 Well-Known Member

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    Yes, definitely check this first.

    My daughter pulled out of a contract under the B&P clause because of undisclosed termite damage. Her solicitor told her that she would have to supply the report to the vendor's solicitor to substantiate her action, but the other party did not ask for it. (Qld)
    Marg
     
    legallyblonde likes this.
  11. legallyblonde

    legallyblonde Well-Known Member

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    I was going to say the same thing.. Except with finance... Two or more offers, subject to finance... Depending how many you can get approved for... Should be fine
     
    Perthguy likes this.
  12. Perthguy

    Perthguy Well-Known Member

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    I would not try that in Perth.

    Subject to finance would be a safer bet but I would still get advice.
     
    legallyblonde likes this.