Multiple offers...maybe get one...

[Kyle Richter]

Jon,
I'm assuming you'll take a look at this post. I've asked this question before at the tail end of another thread....
I've seen you metion about making offers on 25 properties and possibly getting one. There's several things I'm missing about that..
1) that's a lot of earnest money checks to be floating around. (it would be a lot for me anyway)
2) Some people might feel like they got lucky to get accepted on more than one of the 25....I'd go into a panic!!! I can afford to invest. but at a more conservitive rate. but what I'm stuck with now, because of my fear of getting accepted for more than one at a time is this: I turn in an offer and wait for what seems like eternity. and end up with nothing....then try again....it seems like years pass before I get something with potential. what's the secret to multiple offers but not acutally getting stuck with more than I'm prepared to deal with?

[Jon Holdman]

I've never actually had 25 offers outstanding at once. When I'm in hunting mode, I'll typically look at 10-15 properties in a day, then make offers on whichever look like good candidates. I think five is about the most I've ever made at once.

As Jon & Scott mention, you don't need earnest money until you have an accepted offer. Just include in your offer "earnest money will be provided within 48 hours of mutually executed contract via certified funds." I've ended up with money floating around from "accepted" offers that weren't really quite accepted, so I'm a stickler at this point about no money on the table until I have actual acceptance from everyone involved.

I would also expect to hear something, yes/no/maybe, within a few days. I usually put a five day acceptance deadline in offers. Pretty common to hear something back well after the deadline, usually after another offer has fallen through, but that way you know you're not on the hook for anything.