Let’s just say that in a 2 week period I’m looking at +100 properties.
In the 3rd week I want to make offers on maybe 3 to 5 of the properties.
In making offers on these…I know that I could probably only proceed with 1 or 2 of them. But I’m making offers on up to 5…to increase the likelihood that a couple are accepted.
My question is…
If 3 or 4 get accepted…
How can I “bow out” on a couple of them…without loosing money from any type of initial deposit, etc.
An offer is an offer and not a contract until it is accepted. Odds are that the 5 offers you submit will not be accepted as presented and as such you will in essence receive a counter on your offer. If it is not to your liking or you get better counters on other deals you can just no accept the counter or even counter the counter.
Even if all 5 are accepted you should have inspections that you can do and turn down the property because of something you do not like. During this option period you can back out for any reason and receive the earnest money back and only lose the option money. I usually put like $20 bucks up as option money and tell the agent os seller that I will be spending hundreds doing the inspections and that $20 is all I want to risk. I recently put up $100 but it was on a $700K deal