Playing the Multiple Offer Game in Orange County Real Estate

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Playing the Multiple Offer Game in Orange County Real Estate

Rules of Engagement for Buyers Making Multiple Offers on Homes in Orange County

Parker Brothers hasn’t quite gotten around to updating Monopoly to include the tactics successful Orange County home buyers are using in today’s tricky Real Estate market.  So I’m laying down some rules to follow for buyers out there shopping for homes on Baltic Ave, Boardwalk and everything in between.

Rule No. One  – You can only make One Offer at a time on an REO or Standard Sale

Homes that are owned by the bank and homes with Equity Sellers must be dealt with one at a time.  Outside the entrance to Multiple Purchase Offer Land.  These sellers will respond to your offer in a matter of days.  You must play with each of these offers until it reaches a final conclusion, where you either open escrow or walk away and then make an offer on another home.   If you go to Escrow, that’s a different game altogether.  If you walk away and make another offer, you may be able to get into Multiple Purchase Offer Land on your next try.

Rule No. Two- Multiple Purchase Offer Land is for Short Sales

The only homes in Multiple Purchase Offer Land are Short Sales.  The objective of entering Multiple Purchase Offer Land is to make an offer on a Short Sale that actually gets accepted by the seller, and is then submitted to the lender for approval.  While you are in Multiple Purchase Offer Land your offers on Short Sales may get rejected by the seller, countered by the seller, provisionally accepted as a Back Up offer, or fully accepted. At this point in the game, you are working toward getting a Short Sale offer accepted by the seller AND submitted to the bank for approval.  Once you’ve reached this goal, you win a Golden Ticket.  This holds your place as first in line on that home.  First Dibs.  And now that offers goes into the Crock Pot –  where it simmers and stews for months on end.  And the outcome is uncertain and unpredictable.

Rule No. Three – You Must Have a Golden Ticket to Rule Multiple Purchase Offer Land.

Now that you have a least one Golden Ticket, you rule Multiple Purchase Offer Land.  You’re Multiple Purchase Offer Royalty.  King or Queen of the royal Crock Pot.  Lots of waiting around doing nothing, quite frankly.  Unless you’re especially anxious or overachiever oriented and you want to go for Multiple Golden Tickets.  Go back to Rule No. Two and repeat as many times as necessary.

Rule No. Four – Trying to Find Something Better While You’re in the Crock Pot

First Rule No. Four – Uncomfortable with the uncertainty of the Crock Pot, you may decide to go after an REO or a Standard Sale.  However, you must adhere to Rule No. One.  You can only go after one at a time.  And then you have to decide – if they accept your offer, do you go for it and open Escrow?   Or do you walk away and stay committed to watching the Crock Pot?  You can only follow one fork in that road.

Second Rule No. Four – If you Open Escrow while you are in the Crock Pot with your Golden Ticket, don’t cancel the Golden Ticket transaction until you have actually funded and closed on the other house.  You never know when you’ll be happy to have the Crock Pot in case you find out the other house has ghosts, a cracked pool, and needs a new roof.

Just to recap – one at a time offers for REOs and Standard Sales, go for the Golden Ticket when offering on Short Sales, and don’t jump out of the Crock Pot too soon.  Happy House Hunting!

I’m Leslie – just keeping it real in Orange County Real Estate.  949-678-3373

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