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Old 02-17-2022, 12:37 PM
 
25 posts, read 25,577 times
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I'm posting this question here because I'm not sure if this is something unique to Colorado

I'm a first time buyer and trying to navigate this home buying process. But my realtor informed me last week that I can only place an offer on one home at a time. Is this true?

I looked online and I didn't see anything verifying her statement. Considering how competitive this market is I definitely wouldn't want to place all of my eggs in one basket.

 
Old 02-17-2022, 02:23 PM
 
2,046 posts, read 1,117,310 times
Reputation: 3829
I've never been told that, but I also don't recall if we've ever put more than one offer in at a time. I suspect that we did have multiple offers in at a time, but I could be wrong.
 
Old 02-17-2022, 02:23 PM
 
Location: Santa Fe, NM
1,836 posts, read 3,169,923 times
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So what would you do if more than one accepted? Are you prepared to buy two homes? There may be no law against it, but it is truly unethical, and I doubt many agents would agree to it. The seller may reject a good offer from someone else thinking you were going to buy it, and then you back out. In the meantime, the buyer with the good offer that was ACTUALLY going to follow through with the contract has moved on. Think of this from the point of view of the seller.
 
Old 02-17-2022, 02:45 PM
 
2,046 posts, read 1,117,310 times
Reputation: 3829
Quote:
Originally Posted by beezle1 View Post
So what would you do if more than one accepted? Are you prepared to buy two homes? There may be no law against it, but it is truly unethical, and I doubt many agents would agree to it. The seller may reject a good offer from someone else thinking you were going to buy it, and then you back out. In the meantime, the buyer with the good offer that was ACTUALLY going to follow through with the contract has moved on. Think of this from the point of view of the seller.
I think they'd just defer to the next best offer. I don't think this is really a big problem in Colorado's market, considering there are usually multiple offers competing for a single home.

People back out of their offer after it was accepted for all sorts of reasons, such as things coming up in inspection and the seller refusing to make certain concessions.

None of it's personal, it's just business.
 
Old 02-17-2022, 04:10 PM
 
Location: Just south of Denver since 1989
11,833 posts, read 34,454,569 times
Reputation: 8991
If you have the wherewithal to buy both then yes you can. If you get both accepted, and you have to cancel one, it is not acting in good faith.
 
Old 02-17-2022, 05:03 PM
 
25 posts, read 25,577 times
Reputation: 15
Thanks everyone. I understand now.
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