Writing Multiple Offers in Sacramento
Writing multiple offers in Sacramento is a very timely blog post written by our very own exclusive buyer’s agent, Josh Amolsch. Enjoy. — JaCi Wallace.
These multiple offers are happening almost everywhere in the greater Sacramento area currently. Inventory, along with interest rates, is extremely low. What’s a buyer to do? Seek the advice of an experienced Realtor with local expertise. Try different strategies that take into account the specific needs of the seller.
How about changing what you are looking for? Look for properties that are overpriced and have been on the market while; these sellers may be motivated. But what about writing offers on multiple homes at once? It seems like a sound strategy, right? As a buyer recently told me, “I don’t want to sell myself short.” Well, I had to tell him that wouldn’t be happening, at least not with me as his Realtor. Yes, I would let go of a buyer who would ask me to transform into that shady agent no one likes.
Writing multiple offers when you can not afford to buy them all, could be interpreted as a violation of Article 1. (National Association of Realtors Code of Ethics) In short, I ain’t risking my license or reputation as a Sacramento Realtor. I am sure my team, who stands as a pillar of excellence and professionalism in the Sacramento mega-region, would appreciate all efforts to avoid a blemish on our brand.
This type of thinking, to write several offers at once when in fact, a buyer only can qualify to buy one house, should be bounced off of a qualified California real estate attorney. An attorney is qualified to interpret California’s good faith and fair dealing law. Why do it as this could get a buyer in hot water, and Realtors could face an ethic’s hearing or worse?
Imagine, a buyer writing multiple offers on five different homes all at the same time. Multiple offers can cause the prices to be driven up and this buyer didn’t truly intend to buy more than one home. Other buyers are now paying $5,000 to $20,000 or more because they had to beat out a half-hearted phantom offer. Yeah, I would be mad too if I was one of those buyers. Or what about those sellers in this scenario that accepted these phantom offers? Now, it would be OK if the buyer could afford all the properties, was pre-approved, and had intentions of buying all the homes they wrote offers on.
Remember, anyone can sue anybody anytime, and it happens. Only a real estate attorney is qualified to determine if there are damages, but why play with fire? Do the right thing by having honest and fair dealings with all parties. Don’t be writing multiple offers in Sacramento when you can only afford to buy one house. When in doubt tell a client they should seek legal advice if they want to pursue this risky kind of behavior.
A few bullet points for buyers trying to get clever in this hot market:
- Get an ethical Realtor and listen to them.
- Don’t write offers on more homes than you can afford to buy at once
- Adjust your criteria for a home if you keep getting offers rejected
- Don’t give up.
For effective guidance & creativity that keeps us all legal and ethical, please give us a call. We will get you into a home, and it is always the right one. Call Weintraub & Wallace Realtors with RE/MAX Gold Real Estate. We can be reached at 916.233.6759