Sign up to get new listings emailed daily! JOIN SIGN IN
Laurie Norton Realty Team
REALTORS®
Facebook Icon LinkedIn Icon Instagram Icon Zillow Icon VCard Icon 

Articles and Advice

Should You Make Offers On Multiple Homes? Here's What To Know

It's a hot seller's market, as anyone trying to buy a home these days must know. Many would-be homeowners are getting frustrated, making offers on homes and then losing out when someone else snatches them up. In the real estate world, this has become the new normal, but it's no less upsetting for disappointed home buyers, who expend time and energy trying to find just the right home.

You may think a clever way to snag your dream home would be to make multiple offers on different houses. However, this option may not be allowed where you're shopping, and even if it was, you want to avoid this practice, as it's generally considered unethical. We'll explain why as well as give some tried-and-true methods for how you can increase your chances of securing that home you've been eyeing.

Why Making Multiple Offers on Homes Is Not Cool
At first, it seems to make sense. After all, if you don't make offers on two or three homes, you tell yourself, you may not ever be able to get an offer accepted.

But think about it. With each offer, you're likely going to have to put down an escrow deposit. Typically, an escrow deposit will be between 1 and 3 percent of the cost of the house. And, as you probably know, these days you should put down as much as possible, or you risk your offer being rejected. Let's say you're looking at a house priced at $275,000. At 3 percent, the deposit would be $8250.

But picture having to put down an offer on three houses simultaneously. Say the houses are all priced close to $275K. You could end up having to come up with escrow deposits of $24,750. Ouch! Then, in a worst-case scenario, all three sellers accept your offer. What do you do?

You will lose the escrow deposit on two of the houses. Further, you can take credit for causing two sellers hardship they didn't need. Since you presented yourself as someone with a serious offer, they likely thought you wanted their houses. What if they were under a lot of stress to sell a house — say, because of an impending move?

What's more, you and your significant other no doubt will be thinking about what you could do with that lost money: save for college, buy furniture, make some renovations, or take a vacation.

Avoiding Multi-Offer Pain
One way to avoid this multi-offer jam-up is to put down a serious offer on your no. 1 preferred home. Ask your agent to communicate that you need an answer that day and that if you don't hear back, you will have to put an offer on another home tomorrow. That way, the seller can't waste your time because they're delaying a response while waiting for a better offer than yours. So you won't lose a chance at your second choice of a home because you delayed too long making an offer.

If you need more advice about making offers for the home you have your sights on, don't hesitate to reach out to your real estate agent. They have the expertise you need to make the process go as smoothly as possible.

Thinking about buying
or selling a home?
I can help make the process easy, get in touch today!
Share on social media

Share On Facebook Share On Twitter Share On Pinterest Share On LinkedIn

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 06/26/2022. The listing information on this page last changed on 06/26/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of MLSPIN MLS (last updated Sun 06/26/2022 9:58:26 AM EST) or NEREN MLS (last updated Sun 06/26/2022 10:00:12 AM EST) or MREIS (last updated Sun 06/26/2022 9:57:39 AM EST). Real estate listings held by brokerage firms other than Better Homes and Gardens Real Estate The Masiello Group may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

Privacy Policy / DMCA Notice / ADA Accessibility

Agency License Information: Better Homes and Gardens® and the Better Homes and Gardens Real Estate Logo are registered service marks owned by Meredith Corporation and licensed to Better Homes and Gardens Real Estate LLC. The Masiello Group Limited fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Better Homes and Gardens Real Estate LLC nor any of its affiliated companies.


Login to My Homefinder

Login to My Homefinder