Multiple Offer Question

[alligatorob]

Florida

We have two offers on our home but the realtor tells me she cannot show us the second until we decide what to do with the first. This doesn't make sense to me, but I've never been in this position before.

I'd sure like to know what the second offer is for.

 

[quincy]

Florida

We have two offers on our home but the realtor tells me she cannot show us the second until we decide what to do with the first. This doesn't make sense to me, but I've never been in this position before.

I'd sure like to know what the second offer is for.

Are you in the middle of negotiations with the buyers who presented the first offer (i.e, did you present the first buyers with a counteroffer)? If so, you must complete these negotiations. The first buyers can accept your counteroffer.

 

[alligatorob]

Are you in the middle of negotiations with the buyers who presented the first offer (i.e, did you present the first buyers with a counteroffer)? If so, you must complete these negotiations. The first buyers can accept your counteroffer.

No, I have made no response to the first offer, and in fact told my agent I wanted to wait a day or so and see what else might come in.

 

[LdiJ]

No, I have made no response to the first offer, and in fact told my agent I wanted to wait a day or so and see what else might come in.

In that case I can see absolutely no valid reason why your realtor will not show you both offers. Your realtor works for you, you need to insist on seeing both offers.

 

[quincy]

No, I have made no response to the first offer, and in fact told my agent I wanted to wait a day or so and see what else might come in.

Odd. Real estate agents must present to the seller all purchase offers and all counteroffers received on the property. In fact, failing to do so can lose the agent his license.

The only possible reason I can think of for the agent not presenting an offer is if the second purchaser has for some reason directed the agent in writing not to present his offer until a decision is made on the first offer.

Did your real estate agent tell you WHY you cannot see the second offer?

Here is a link to the laws: http://www.leg.state.fl.us/Statutes...ute&URL=0400-0499/0475/Sections/0475.278.html

 

[justalayman]

Florida

We have two offers on our home but the realtor tells me she cannot show us the second until we decide what to do with the first. This doesn't make sense to me, but I've never been in this position before.

I'd sure like to know what the second offer is for.

Unless there is some reason the prospective buyer has said to wait the agent is obligated to show you the offer ASAP. In fact he would not only be derelict in his obligations he may be in breach of his fiduciary duties.

Is your agent an actual Realtor or are they not a Realtor?

If it was me I would call your agent and ask them why they are not presenting the second offer. Unless it is something the buyer specified tell them to present it post haste. If they fail to do so, if this agent is not the managing broker for the firm, contact the managing broker and speak with them about the situation.


I have to disagree with Quincy on one point though. Even if you are in negotiations with one buyer you can still receive and review other offers. In fact it is in your best interest to do so. If you can engage in a bidding war between multiple buyers you generally end up with a better deal from your perspective. What you need to avoid is making multiple counter offers concurrently. You do need to wait for your counter offer to either self terminate or you withdraw it before making a counter to another buyer.


But even if you are in the midst of a counter offer situation you can still review additional offers. Doing so allows you to consider if there is a better offer in the wings so you know when to quit with one buyer.

Do pay attention to any offer termination dates and times. When I would write an offer I usually put a day or two max self termination date on it unless there was some reason to allow a longer time (such as I knew the seller was not available in that short of a time). Any offer you receive is active until that self terminating date/time or until the person making the offer withdraws it. Make sure any counter you make does have a self terminating time

 

[quincy]

... I have to disagree with Quincy on one point though. Even if you are in negotiations with one buyer you can still receive and review other offers. ... But even if you are in the midst of a counter offer situation you can still review additional offers. Doing so allows you to consider if there is a better offer in the wings so you know when to quit with one buyer.

Why do you always think you are disagreeing with me, justalayman? Reread my post.

Any counteroffer made by a seller to a buyer's offer to purchase legally binds the seller to that counteroffer, unless or until the purchaser does not accept the seller's counteroffer or counters the seller's counteroffer (or the counteroffer expires).

But, you are right and I did not say differently. Although the seller would not be able to accept any other offers while a counteroffer is pending, they should be able to look at other offers. And the real estate agent is required (under all circumstances save one that I can think of) to present these offers to the seller as soon as reasonably possible.

I think alligatorrob needs to have a discussion with his real estate agent.

 

[latigo]

. . . . . . . .
Any counteroffer made by a seller to a buyer's offer to purchase legally binds the seller to that counteroffer, unless or until the purchaser does not accept the seller's counteroffer or counters the seller's counteroffer (or the counteroffer expires). . . . .

Talking in circles as above gives good reason to disagree with you.

 

[quincy]

Talking in circles as above gives good reason to disagree with you.

That is not called a circle. That is called a complex sentence.

 

[latigo]

That is not called a circle. That is called a complex sentence.

No big deal. It just seemed that placing a critical dependent clause in (parenthesis) and at the very end of the "complex sentence" - might be viewed with less emphasis regarding a condition required to substantiate the independent clause.

[SUP]Now how about that for a literal "round about[/SUP]"?

 

[anteater]

No big deal. It just seemed that placing a critical dependent clause in (parenthesis) and at the very end of the "complex sentence" - might be viewed with less emphasis regarding a condition required to substantiate the independent clause.

[SUP]Now how about that for a literal "round about[/SUP]"?

I'm developing a migraine.

 

[FlyingRon]

Any counteroffer made by a seller to a buyer's offer to purchase legally binds the seller to that counteroffer, unless or until the purchaser does not accept the seller's counteroffer or counters the seller's counteroffer (or the counteroffer expires).

Bullpoop. The offer can be withdrawn at any time up until the other party accepts it. I've certainly made counteroffers that the other party has not responded to that I've withdrawn (though usually because the other party hasn't responded one way or another).

 

[quincy]

Bullpoop. The offer can be withdrawn at any time up until the other party accepts it. I've certainly made counteroffers that the other party has not responded to that I've withdrawn (though usually because the other party hasn't responded one way or another).

The "bullpoop" part is not really necessary and is not very dignified.

The counteroffer can be withdrawn by the seller IF it is withdrawn BEFORE the first buyer signs the counteroffer and IF there is nothing written in the counteroffer allowing for time to accept. If the counteroffer allows for, say, 72 hours to accept, counter or reject, the seller MUST give the buyer these 72 hours to sign the offer, counter the offer or withdraw any offer.

The problem a seller faces if he accepts another offer and he has NOT informed the first buyer that the counteroffer is withdrawn, and if he doesn't inform the buyer BEFORE the first buyer signs, and if he doesn't give the time allowed for in the counteroffer, the seller can be sued by BOTH the second purchaser and the first purchaser.

This has happened to sellers in the past.

But alligatorrob has said that there has been no counteroffer to the first buyer's offer to purchase. alligatorrob is sitting on the offer to purchase to see if other offers come in. alligatorrob has (under almost all circumstances) the right to see all other offers that come in on his property.

 

[FlyingRon]

The "bullpoop" part is not really necessary and is not very dignified.

My apologies.

The counteroffer can be withdrawn by the seller IF it is withdrawn BEFORE the first buyer signs the counteroffer and IF there is nothing written in the counteroffer allowing for time to accept. If the counteroffer allows for, say, 72 hours to accept, counter or reject, the seller MUST give the buyer these 72 hours to sign the offer, counter the offer or withdraw any offer.

Untrue. The offer can be withdrawn ANY TIME before it is accepted by the other problem. Even if it says the offer is void after 72 hours, it doesn't mean it can not be withdrawn before then. Basic contract law stuff.

The problem a seller faces if he accepts another offer and he has NOT informed the first buyer that the counteroffer is withdrawn, and if he doesn't inform the buyer BEFORE the first buyer signs, and if he doesn't give the time allowed for in the counteroffer, the seller can be sued by BOTH the second purchaser and the first purchaser.

Agreed (I think, your explanation is convoluted). An revocation of the offer must be properly communicated to the other party before it was accepted. It behooves you to make sure this has indeed happened before entering into any conflicting contracts with others.

But alligatorrob has said that there has been no counteroffer to the first buyer's offer to purchase. alligatorrob is sitting on the offer to purchase to see if other offers come in. alligatorrob has (under almost all circumstances) the right to see all other offers that come in on his property.

No argument there. Even if there was an accepted offer with the first party, I don't understand why he wouldn't be allowed to see other offers.

 

[quincy]

Yes, basic contract law requires that both parties have to agree to the terms of the contract and, for a real estate sale, that agreement must be in writing and signed by both parties.

With a counteroffer, though, the seller already has signed the agreement and, by signing, is agreeing to all of its terms (including the time allowed for acceptance or rejection of the offer). The seller waits for the buyer to sign within that time.

When a seller wants to withdraw a counteroffer, timing (and the contract itself) can be critical.

A lawsuit can easily result if the seller tries to withdraw the offer and the buyer tells the seller he has already signed the agreement. The buyer has the advantage by having a written sales agreement that has been signed by both parties.

And thank you for the apology.

I will post back with cases later today - maybe not Florida ones - to better illustrate my comments to date. Facts, as always in law, matter.

Here is one to start off (Dickerson v. Dodds, L.R. 2 Ch.D. 463 (1875-1876)), where the court held that a seller is free to withdraw an offer at any time before acceptance takes place if there is no consideration:
http://www.thomsonreuters.com.au/product/AU/files/720502512/contract_p2_dickinson_v_dodds.pdf

And here is one from Florida (Morrison v. Thoelke, 155 So.2d 899, Fla App 2 Dist, 1963), which speaks to the "mailbox rule": http://www.invispress.com/law/contracts/morrison.html

And here is one from Kansas (Berryman v. Kmoch, 221 Kan 304, 559 P.2d 790 (1977)), on option contracts and consideration: http://law.justia.com/cases/kansas/supreme-court/1977/48-106-1.html