Placing an offer on a house is an inspiring moment.
You have spoken in-depth with your estate agent and decided on the optimum price.
Next, you wait for a response from the seller…
But what if you like two (or more) different houses and want to make an offer on multiple properties?
Keeping your options open in this way is common throughout the UK.
Can I put offers on multiple houses?
Yes, you can put offers on multiple houses in most parts of the UK.
Until an exchange of contracts takes place, you are not required to honour an offer. So, you can therefore pull out of a deal if you wish.
Keep in mind that if both of your offers are accepted, you will need to decide which property to buy.
(Unless, of course, you can afford to buy both!)
The situation is different in Scotland…
You should be more wary about placing offers on multiple houses in Scotland.
This is because, in Scotland, an offer becomes binding once it is accepted.
You could, therefore, be sued if your offer is accepted and you then withdraw from it.
Why might you put offers on multiple houses?
It is common to make offers on multiple houses when you have not yet decided on one property.
After all, you might want to keep your options open.
1. You’re in two minds about location
This situation may arise if you undecided about two different locations. You might want to place offers on properties in each one.
2. You’re uncertain about the seller
You might place multiple offers if you like a property but are uncertain about the seller.
Perhaps they seem untrustworthy to you, or you suspect they will pull out of the house sale.
3. You have different views to your co-buyer
Perhaps you are buying property with someone else – your husband, wife, sibling, etc.
In this case, you both have different views on which property you prefer to buy.
You know it needs to be one of them, but you need more time to discuss the matter.
Pros and cons of putting offers on multiple houses
Pros
Putting offers on many houses enables you to keep your options open.
This is important if you are undecided on a specific property, living arrangement or location.
Some people believe it is advantageous to put offers on multiple houses. This is because it strengthens one’s position as a buyer.
If the seller knows that you can go elsewhere and have other options available. So, they may be keener to rush your deal through.
This is especially true if they don’t have other offers coming in.
Cons
On the other hand, putting offers on multiple houses can cause the seller to doubt your seriousness. Many sellers fear buyers pulling out after making an offer. Or, worse, pulling out after singing contracts.
As a result, the seller may opt for another potential buyer who has only made one offer.
You should also be wary about offering multiple houses with the same estate agent. This can make you appear less favourable to mortgage lenders.
Another disadvantage that it could increase the costs of buying the house.
For example, if your offer is accepted on several houses, you may have to pay for a survey on all the properties, increasing your costs.
The house-buying process is largely built on trust.
Unfortunately, placing offers on multiple houses can erode this trust with the seller. It often results in them turning elsewhere (if they are able to do so).
You are far more likely to end up without accepted offers if you make multiple offers and the seller finds out.
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