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You can, but it would be professional and courteous to let the first buyer know you're considering a higher bid and that he should get a contract to you right away. Because you made a verbal agreement, it would be the classsy thing to do to go with the first buyer. A contract for land may not be binding until there is some writing providing evidence of agreement on the important terms. However, it is the nature of contracts that they can be "broken" if there is sufficient advantage to doing so. As long as the new opportunity will cover any damages, then it makes economic sense to go for the higher offer. Of course, if you value your reputation, it must be done fairly and openly with the other bidders. Similarly, claiming to have a higher offer (when you don't) will risk the entire deal AND your reputation.

2007-03-28 17:04:45
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