As A Buyer, Can I Have Bids Out On Multiple Properties At The Same Time?
The short answer to this question is “yes”, but while it’s possible, it’s certainly not advisable. Here’s why…
In “hot” real estate markets, where buyer demand is high, the supply of available housing is low, and a sense of generalized panic fills the air, it’s not uncommon for prospective home purchasers to get caught up in the frenzy. It’s often in these sorts of climates when my clients approach me asking if they can put forward bids on multiple properties at once, in order to expedite the bidding process and secure a home.
While there is legally nothing stopping them from putting forward bids on as many homes as they want all at the same time, problems will arise more than one of the sellers of these properties decides to accept the buyer’s bids without revisions to the contract.
Of course, the challenge here lies in the fact that the buyers will now be compelled to proceed with the purchase of two or more properties at the same time—a daunting (and likely unrealistic) prospect for most purchasers!
While some purchasers may argue that they can always fall back on their “subject clauses” (e.g. home inspection, mortgage financing, etc.) as a means of weaselling out of one or more of these contracts on the grounds that they are unable to fulfill these conditions, in practice this can prove challenging. In particular, if the seller is suspicious that the buyer might not be operating in good faith in proceeding with the contract, the seller may have tools at their disposal to take recourse against the buyer.
Needless to say, as a purchaser, the last thing you want to have happen is to be taken to court by the seller for enforcement of a pending contract that you have no interest in proceeding with!
In short, sending forward bids on multiple properties is strictly unadvisable, unless you are in such a position where you would be able to proceed with making multiple home purchases at the same time. There are definitely options at your disposal though for how you can expedite your home purchase bidding process, without exposing yourself to undue liability. Your skilled Realtor should be able to provide you with some strategies to this end.
If you have questions about the market or would like to discuss anything mentioned in this article, feel free to send me an email or drop me a line—I’d love to chat. I’m a Vancouver Realtor who is an expert in residential real estate and sell extensively condominiums, townhomes and detached homes.