Legal Question in Real Estate Law in Florida
Who gets first dibs
I would like to know what the protocol is on multiple
offers on a piece of property? If a full price offer
is made to the selling agent on Friday and the listing
agent receives 3 more offers on Sat, one being higher than a full price offer, what is the legal protocol to be followed. Should the first offer received first
be submitted without the seller having knowledge of other, higher offers or are they all presented to the seller at one time?
1 Answer from Attorneys
Re: Who gets first dibs
All offers should be presented as soon as practicable upon receipt. Since there is no contract until an offer is accepted and consideration is paid, the seller has the right to review all offers and the seller's agent has the obligation to present them all. Once one has been accepted and a contract created, then subsequent offers can at most be treated as becoming back-up in nature. The issue of when the real estate broker has earned his/her commission as a result of a full price offer is different and subject to review of the listing agreement. I would recommend that you contact a real estate lawyer in your area and fill in the rest of the facts.
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