That's not how it works here in NC. No attorney review. Agents write the offers and buyers and sellers ratify. What happens if both sellers sign off? Buyer could lose due diligence monies for pulling out.

Wow..not how it works here!! Any buyer making an offer on two homes at the same time is not getting good advice from their buyer's agent.

I hope they can afford to buy two homes.

It works differently in every state I assume.  Here in AZ if a buyer makes a offer on more than one home and can't qualify to purchase both that is fraud unless it's disclosed. What seller wants to find out after the fact that the buyer is messing around with others? I would want to know so that I could either accept the offer knowing the situation or walk away.

Not how it works here - if a buyer puts in 2 offers and both are accepted, that buyer better be prepared to purchase both proprties or suffer the consequences

I am sure it will depend on the contract.

I'm not familiar with your contract so can not answer.  In Texas the buyer can negotiate for an option period.  They pay x number of dollars for y number of days to terminate the contract for any or no reason.  If they terminate within the y number of days they will lose the x dollars they paid but they will be entitled to any earnest money they may have deposited.

I can't support that action unless the Buyer can afford both. For a Seller every effort will be made to retain it.

In my state yes. But then I've had attorneys say that they cannot 'kill' a deal in attorneys review. 

I'd confront that buyer. Why'd that agent let her buy 2 houses?

The buyer had poor advice here. If they have two accepted offers, they are on the hook for both subject to the inspection language as a possible out! Earnest Money refund in question!

I've seen buyers walk at all stages of the process & I can honestly say I have never seen a buyer lose a deposit. 

Depends on the terms of the contract

Perhaps the buyer is planning to purchase both?

I don't know how an attorney review would work and how the small print of the contract allows for that. I suggest pulling the contract out and reading every word. It may be the buyer could be obligated for 2 houses.

What Jennifer Mackay said.  That Buyer had better have deep pockets; they may have to buy both houses.

Wayen and Jean,

I agree with Nina Hollander 

I would read the contract...in detail.

Eve

if you are talking EM then it's what the contract says.  In GA if they are still in the negotiated due diligence days (also a negotiated number) then they can withdraw and get their EMD back.

The contract is very specific about when a buyer can get their deposit back, out here at least.  I doubt your seller will be able to keep any of the money.

They should not!

How many days are they into both transactions? They are past the attorney revew on sale #1 and kept marching forward? Seems like if more then a week passed and they made second offer and are now at contingenciessay day 17 they owe seller #1 for the days off market HOWEVER I don't know New Jersey law and I'm not an attorney. Other thing-- How did lender handle this? Typically lender might not run both as live transactions and buyer would pay for 2 appraisals 2 inspections. Seems not well planned

No attorney review here but my guess it depends on what a contract says. Seems to me if they do not pull out within the appropriate time fram and provisions of the contract then their deposit is at risk.

No idea.  But a very wise Broker told us a long time ago, any buyer getting into two contracts to purchase real estate better be ready, willing and able to buy BOTH.

In Oregon we don't deal with attorneys.  Perhaps the buyer is purchasing two properties? Or looking to back out on the first property. In our state, there are a number of "outs" templated into the contract for the buyer. Nothing illegal about using these.

Follow the terms of the contracts. 

I'd say the attorneys could fight over that one!!

It all boils down to what the contract says.  In my state, CA buyers can release and get their deposit returned prior to removing contingencies.  Ditto Ryan Huggins - Thousand Oaks, CA comment.

That seems like fraud unless they intend to purchase both. I'd hold them to the contract terms, hold their EMD in escrow (don't sign the release) and seek the advice of my local real estate attorney on how to proceed. You can cancel for any reason in CA during contingencies, but not sure how it works where you run your business.

Your laws are different than here in Florida, so I don't know.

There are two dynamics in Real Estate at work all the time: 1. negotiations and 2. silent threat of litigation. The one you feed goes to work more

Wayne and Jean Marie Zuhl - in MA, there are contingencies and the deposit is minimal until the purchase and sale agreement is signed.

Depends on how the contract is written, but not likely

Wayne and Jean Marie Zuhl They must be writing something in their offers to let them out of the contract easily. Otherwise they could end up owning two homes. If they do get out of an offer and with seller approval, they are entitled to their EMD back.

I wish they will submit one at a time.

Legal question.

ask the broker

Consult an Attorney or your local board or your local board's Attorney.

It doens't work like that in Virginia.

We do not have attorneys involved in our state, so some buyers, especially investors submit multiple offers for different properties. 

The contract terms and related addend apply. No assumptions allowed.

• It depends