Buyers with multiple options?
Question came up recently in another discussion - seller has house under contract but still in the option period - learns during the option period that buyer has another option on a different house.
Now, I know legally the buyer can get out during the option period for the price of an option fee (usually negligible - 100 bucks) for any reason. But it's my understanding that the use of the option period is for a serious buyer to perform due diligence tasks on home (kick the tires so to speak) and negotiate repairs with seller (if warranted).
I've also heard that in tight markets an unscrupulous buyer may put out multiple low-ball offers hoping one might hit.
But to date I haven't seen a buyer treat the option period as essentially a "free look" while they shop the market and look for other homes.
One person suggested this wasn't an abuse - but I maintain that it is abusive of the intention of the option period and that if I, as a seller, knew the buyer's intention to shop around during the option period I would not consider that offer to be a serious one. It seems to me that if more buyers did this - the risk of transactions falling through would rise dramatically and the cost of options would have to rise accordingly.
Are there actually realtors who allow clients to go under contract on multiple properties during the option period?