Home Buying in 34668>Question Details

Dale, Home Buyer in 34668

can a home seller in florida accept two offers to buy the same home at the same time?

Asked by Dale, 34668 Sun Feb 14, 2010

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Proper acceptance is when a offer has been agreed upon and the two parties have signed a contract. There can never be two signed contracts on one property at the same time! This means that a sale is to take place at a certain time, that a price has been set and that the offer is in motion to be completed. You may have offers in the background, in waiting, in hopes that the contract can not be executed due to home not passing inspection, or financing not materializing! A seller may not sign two contracts, this would be fraud! a seller may hold the contract of a seccondary offer, but can not sign it until the first contract becomes void!
1 vote Thank Flag Link Mon Jul 19, 2010
they can entertain two offers at the same time or even more, but they can only sign one contract binding the seller to sell to the buyer.
0 votes Thank Flag Link Fri Oct 15, 2010
they can entertain two offers at the same time or even more, but they can only sign one contract binding the seller to sell to the buyer.
0 votes Thank Flag Link Fri Oct 15, 2010
Dear Home Buyer,

Several people may" bid "on a property at the same time this is perfectly legal. The best example to this is an auction. A competition between buyers who outbid each other to win the rights to the property.
In this process the seller has the right to refuse bids until the one meets his criteria. Selling by auction has become very popular in recent years . I provides the seller with the opportunity to promote the sale of his property within a reasonably short time and receive at times a higher and better price than on a conventional market place. I will be glad to provide your more information if you contact me directly. As an auctioneer I will be glad to show you how multiple offers or bids work in practice . Auction is not for everyone. As in all sales the buyer must be motivated and be realistic. Buyers that participate are well informed of market value and they come qualified. Most auctions the buyer pays cash and buys the property as is.
0 votes Thank Flag Link Wed Feb 17, 2010
You can be presented with multiple offers at the same time. BUT you can and should only accept one (the strongest offer) and leave the other "lesser" offers as backups in the order that is deemed most reasonable to you and your Realtors assessment of those offers.

In the end, it is always one party that buys. That buyer should always be the strongest offer. Simultaneous offers being accepted together is not only unethical and in many cases illegal it is not really in your best interest as it can expose your transaction to legal issues if the party that does not get the property feels they were in some way slighted or handled unethically.

Shoot straight and choose what is strongest.
Good Luck!
Adrian
Web Reference: http://www.emh3.com
0 votes Thank Flag Link Wed Feb 17, 2010
I am also an agent in the 34668 area, I agree fully with Deborah's answer.
0 votes Thank Flag Link Wed Feb 17, 2010
Dale,

I am in agent in the Port Richey, Florida area, the anwer is No a seller can only accept one signed offer on his or her propery, it can be put on the property active with contract and back ups requested if the seller feels its not a strong offer and there are chances that it could not make it to closing.
0 votes Thank Flag Link Sun Feb 14, 2010
This could happen. It shouldn't happen. It creates issues between the buyers and sellers that could become frustrating and expensive. It's a slippery slope - one to stay away from.
0 votes Thank Flag Link Sun Feb 14, 2010
Is one of the offers a back up offer I wonder--the only way it would make sense--what is your agent suggesting.
0 votes Thank Flag Link Sun Feb 14, 2010
Yes, you can accept two offers if you own the home; however, one must be "Primary" and the other must be "Secondary" or a "Backup Offer" and must have language to reference that fact. That way if the first Offer falls through for some reason, you can proceed with the "Backup" offer.

Two "Primary" offers would be illegal. Question: Can you sell your car to two different Buyers? You get the point.
Web Reference: http://www.lexre.com
0 votes Thank Flag Link Sun Feb 14, 2010
Not in Florida - no were in the United States that I am aware. This is basic UCC law. What the seller can do, is to accept one and take the other offer, disclosing same as a back up offer should the first one FAIL.
0 votes Thank Flag Link Sun Feb 14, 2010
Second contract is possible, if it is a back up contract or has escalator clause, however I do not know where the agents hide this information in the second signed contract, where naïve buyer's does not discover it until too late. An escalator clause is where the first buyer has written in his/her contract that his purchase price will increase by X thousands if the seller accepts the second contract. For example the first contract is for 100K, the next contract is for 102K. The seller signs second contract while first contract with escalator clause is in place. The first buyer increases the purchase price to 103K with an addendum. The second contract will be declined (although could be a few days or a couple of weeks later) while the second buyer is thinking that they have a valid contract.
Flag Sat Jan 25, 2014
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