Checking Out the Goods
Last night we had a great conversation with a newly engaged couple looking to make their first big purchase together. They asked this question:
“Can we still make offers on other property while we’re in contract on a purchase already?”
My question back was, “Would you ask someone to marry you if you were already engaged to someone else?”
Being in contract to purchase a property indicates that you’re committed to purchasing that property. Much like a fiance is committed to his fiancee, there may be an expectation that one not go out for the purpose of committing to another.
Similar to being engaged for marriage, a home purchase contract can include a contingency period when the buyer has the opportunity to “check out the goods” of the property to make sure it’s sound enough to make that final, lasting commitment.
We had a lively conversation about which circumstances might justify the submission of several offers at once. Here are a few things we discussed:
- Only make offers on multiple properties if you can afford to purchase them all.
- If you are waiting for a response from one seller and decide you want to buy another property instead, withdraw the offer on the other property first! (Same concept as NOT asking someone to marry you if you’re already engaged!)
- Work with a reputable agent who can exercise some important controls. Remember, in order for a buyer to be taken seriously, their agent has to be taken seriously too.
By the end of our meeting with this lovely couple, they committed to working with us for the purchase of a HUD-owned property. Since we are approved by HUD to assist our buyer clients, we’ll enjoy knowing that our clients reached out to us already knowing we’re qualified to help them. We can consider it a successful first date!