Is there a “trick” to putting multiple offers down at the same time? I mean, if I put down 10 offers and 5 come through, but can only afford to do 2 deals do I need to be prepared to lose my earnest money on 3 of those deals or is there some way out without losing my earnest?
You really think that your going to get 5 accepted offers if you put out 10? If that happens I gaurantee your offering way too much. For the sake of argument let’s say it does happen… if they are good enough deals then pick the two easiest and wholesale the others.
I’m saying for instance, because I know people around me making multiple offers and getting more than 1 excepted at times.
When you say wholesale it, the banks don’t allow assignments so how do you wholesale these? Double closings?
Either double close or add your buyer to the contract as a partner and then after closing sign a quit claim deed for your agreed fee. I’ve never done this but have read that is how people do it. <~~ disclaimer!! LOL
One of the problems is that the banks choose the title company, NOT I. So, depending on whether or not their title co does double closings depends on if I can do double closings.
I’ve dictated title companies before when buying reos.
Could it perhaps be a local thing? I was talking to a local investor that does many reo’s and he said the banks will only use their own title co’s.