I'm shopping for a home in CA. Is it OK to bid on more than one home at a time? Is a bid a promise to buy?

Answer 1

A bid is, yes, a promise to buy if your bid is accepted - what did you think it was? You should NOT place ANY bids until you fully understand what you are committing to.

So NO, you shouldn't bid on more than one home at a time unless you will want to buy both of them if both offers are accepted.

Answer 2

I'm a Realtor in CA. When you put in an offer you usually have to put a down payment with the offer at least 10-20% of the purchase price. I'm not so sure you would want to place that much money at stake. An offer on a home is saying that you want the home.

Answer 3

Buying a house is not a game. The contract basically states that you are ready willing and able to purchase the house at the price you put in your offer and under the terms in your offer. You don't bid on more than one house at a time unless you can buy more than one house at a time.

Answer 4

When you submit an offer to purchase a home you are entering into a legal contract. If you make offers on more than one home you run the risk of a lawsuit if the offers on more than one are accepted and you do not complete the contract.

Answer 5

NOOOOO !!!! What on earth will you do if BOTH sellers accept your offers to purchase ?? Are you ready to buy TWO homes ?

And, yes, if they accept your offers to purchase, you ARE bound to honor the contract according to terms.

The ONLY safe way to make such dual offers is to have anything beyond the first containing a contingency covering you in the event that the first offer is accepted. (Hint....any secondary offers will be ignored if you put such a contingency in it.)

Answer 6

If both sellers accept your offer, then you're in trouble...