Buyers: Make One Offer at a Time
In trying to get a leg up, some buyers, at conceivably great risk to themselves and the sellers, are submitting offers on a number of properties all at the same time. People are throwing out these simultaneous bids, predominantly on short sales and bank-owned homes, in the hopes one will stick. If they intended to purchase all of them, and had the ability to do so, this would not be an issue. Conversely, if they disclosed their gambit to each seller in writing, the sellers would then have received full disclosure; however, the offer might not be viewed as a serious one.
As a member of the California Association of Realtors (C.A.R.) Professional Standards Committee, I heard about this problem last month at the most recent gathering of C.A.R. It was highlighted as being widespread throughout the state.
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