Downside for making multiple offers at the same time?

this what I would do. Make offer on apt you like. with no contract you can get out of first easy

There is nothing wrong with putting in multiple simultaneous offers.

You might consider letting the sellers know that you are bidding on more than one apartment.

The one downside I can see is that if you do it too much, you can get a rep as a non-serious buyer who just makes lowball offers on everything and never follows thru. But if you're only talking about 2 apartments, I don't think it's an issue, and yes, you can withdraw the offer on either or both at any time before you sign a contract of sale.

Oh gosh if you are serious about buying, submit as many offers as you'd like. i think the most I ever submitted at the end of attending open houses on Sunday was 3, and if memory serves me right I made 6-7 offers total over the course of 8 weeks. You are not obligating yourself to purchase the apartment by placing an offer; I realize in other states offers are handled very differently, but here in NYC it's wheel and deal time. That was one of the advantages of using a broker, she just took care of that communication, relaying back to me the seller's comments. I remember one seller's agent wanted to financial information with the offer, and that was fine.

If you like the second apartment more, it is more reasonably priced, and the first apartment's seller is not coming down to the amount you are willing to pay for it, why not cut the first place loose and go full-on for the second apartment?

Our current apt turned up while the contract for another one was in preparation. The first broker was furious, of course, but them's the breaks. This was pre-ACRIS, so never did find out when the first one sold or for how much.

i am planning on starting to look more frequently and eventually put in bids in the next month or two. when i do, i will put in low ball bids on several properties at once. this is a buyers market and i will feel as bad for the sellers as they felt for the buyers when the tables were turned.

"them's the breaks" is right. i am not going to worry about upsetting a seller or certainly upsetting a broker if it means i get a better place at a lower cost.

As a recent seller, my apartment was on the market till the contract was signed and back to my lawyer with a check. Any seller should assume that it's fair game until that happens...for both the seller and the buyer. It's your money and home...buy what you want!

smacstein...exactly right.

i was a recent seller too and if someone came in with a higher offer even after we had accepted the bid, i would have taken it.

I think SMac makes the best point: sellers are certainly going to court other buyers until the contract is signed ... there is no reason why a buyer can't pursue other apartments at the same time.

30 Years has a point but one that is probably more valid in a bull market. No smart seller (or broker) will discount a potential buyer because he or she views the buyers as a bit slutty.

The downside that I see is that the mortgage market is tight, and so we're in a world where some buildings are more financeable (sp?) than others -- which you would want to know before making your bids -- are you going to have your lender pre-clear five buildings for you?

If you're a cash buyer I don't see any problem at all with it.

ali r.
{downtown broker}