Legal Question in Real Estate Law in Florida

We submitted an offer on a bank-owned property on Friday. Monday our real estate agent contacted them to verify that the offer had been received and was told we were the only offer submitted at the time and that we should have a response by the 28th.
Today (Thursday) our agent called to notify us that another offer had been submitted and that it was higher than ours, and asked if we wanted to up our offer.
I thought that a seller, even if it is a bank, could only accept one offer at a time in order to prevent them from playing one buyer against the other to jack up the selling price. Isn't that illegal? It is certainly unethical.
We submitted an offer for purchase, not a bid at an auction. Can the bank really play us against each other like this?

Asked on 7/22/10, 9:33 am

2 Answers from Attorneys

Lesly Longa Longa Law P.A.

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If I understand correctly, the seller had until the 28th to accept your offer and called your agent on the 21st to let you know that a higher offer had come in. You are correct that if the seller accepts your offer first, then you have a deal and he cannot ask for a higher amount because once the seller accepts your offer you have a contract. But, you say here that the seller confirmed that they received your offer, not that they ever accepted the offer. Did they communicate acceptance to your agent? If they had not accepted your offer, they can reject your offer or ask you to make another offer if you're interested. It's not illegal for the seller to tell you that they got a higher offer, so you can think about whether you want the property enough to offer more. They have no obligation to accept your lower offer just because it came in first. If you think there was an acceptance, then I think you should consult with an attorney in your area. Regards,

Answered on 7/22/10, 1:18 pm

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