multiple offers?

Until a contract is signed and executed by both parties, there is nothing binding, so either party is free to whatever.

ok, but is this considered ethical? common practice? thanks.

Until there is a contract in place, you need to get the best deal for you. Total common practice - industry standard. I can't help but wonder what qualifies as a "blow away".

there are no ethics in NYC real estate.

Ethics + New York real estate= ha!

touche!

Ethics aside, there is no deal until a signed contract.
Smart standard practice is to require a contract in 5 business days after acceptance or you rescind your offer.

just to get all of the documents that some lawyers want, review of the board minutes (need to schedule with management company) and negotiation of the contract take more than 5 business days. 10-15 are more common.

Ok, seriously, you have a few choices:
1- accept the higher offer, get the deal sheet to your lawyer to draw a contract right away, and keep the other party in the dark as a fallback
2- accept the higher offer, inform the other interested party you have accepted a higher offer with better terms for you
3- call for a best and final offer from your 2 bidders. This can backire with both bidders walking away.

Either way, don't dilly-dally. Until you have an executed contract, you have nothing.

ab11218
Er no, that is after you have the contract and is the due dilligence period.
The negotiation of the contract such as closing dates, deposit amount, etc...should be done in 5 days, 10 if you are generous.
There is absolutely no reason not to have signed contracts after verbal agreement within two weeks.

truth, misunderstood your comment. thought you meant a fully executed contract.

i know of cases where the contract was negotiated, the buyer signed and the contract with the check was sent. in 4 weeks the check was returned without any call backs/explanations.

ab11218
That's the fault of the attorney not putting an execution date.
Ultimately, people will always do what they can get away with. People need to stay away from "my cousin vinny" the lawyer if they want their affairs handled properly.

And actually, no I meant an executed contract. All those things you mentioned can be done while "in contract."
A clause can be, "closing date cannot be earlier than 14 days from receipt of board minutes, survey,etc."
If a seller says "I need more time," and if acceptable by the purchaser, than the purchaser can say I need more time to close.
A contract is for setting terms, performance schedule, and obligations by all parties.

I had one contract take longer than 14 days but that was a commercial development deal with a lot of obligations including zone change parameters.

We are talking here about single family condos and coops. It is very standard (for a proper nyc RE attorney). Just fill in the blanks on dates and dollar amounts.