Making an offer on 2 houses..legal issue??

Does anyone know if there are legal ramnifications to making an offer on 2 houses (when you only plan on buying 1) in NY? I just took the NYS Salesperson exam and I would say NO because it seems as though you are only legally bound to purchase a home once you go into contract and pay an earnest money deposit. However, I did an Internet search and some people say otherwise..I would just assume they are from other states as each state has its own rules? Am I correct?

Re: Making an offer on 2 houses..legal issue??

You can make offers on 2 homes and until you sign a contract you are not legally bound.

Re: Making an offer on 2 houses..legal issue??

Plenty of sellers accept other offers even after accepting one.

I say you have no legal obligations until you sign the actual contract.

It was a bit different when I was in NC. They may have changed but once you had an accepted offer, you could no longer show the house or accept other offers. The contract was just a formality. It was also suggested to make a $$$ deposit to make an offer to show you were serious with your offer.

NY is different.

Message edited 9/28/2011 10:55:03 AM.

Re: Making an offer on 2 houses..legal issue??

There is no problem with doing that. Buyers do it all the time. Sometimes, they can't decide between 2 houses and want to see which one they can get a better deal on. You never know how negotiable the sellers are until you make an offer. It's common for buyers to make simultaneous multiple offers --- usually negotiations will come to a standstill with one or the other, but if not, you can always withdraw the offer.

And really, in NY, you don't have a firm deal until the contract is signed. As others have said, until the contract is signed, the seller can show the house and hear other offers (and accept a better offer), and the buyer can pull out of the deal.

That's why it's usually in everyone's interest to move quickly when you do have an accepted offer. From the buyer's perspective, if you are doing a home inspection, get the inspector in there asap and really stay on top of your attorney so that the contract gets signed asap. That's why I have my buyer customers line up all their ducks BEFORE we start house hunting. It is too stressful to try to FIRST start researching home inspection companies and trying to find an attorney after you make an offer. Sellers feel more comfortable with a buyer who is ready to move quickly; I think it makes everyone more committed to the deal, mentally, when the process moves forward without undue delay.

Re: Making an offer on 2 houses..legal issue??