'Uqba bin 'Amir said on the pulpit that Allah's Messenger (ﷺ) said: A believer is the brother of a believer, so it is not lawful for a believer to outbid his brother, and he should not propose an engagement when his brother has thus proposed until he gives it up.
Explanation & Benefits
Shaykh Maulana Abdul Aziz Alvi
Hadith Commentary: Benefits and Issues: The explanation of rulings related to transactions (buyu‘) will come ahead in the Book of Transactions (Kitab al-Buyu‘). There is consensus among the majority (jumhur) that when the proposal (message) of the proposer is accepted, then after that, sending a proposal and contracting marriage (nikah) is impermissible. If someone does contract the marriage, he will be sinful, but the marriage will be valid. According to Imam Dawud rahimahullah al-Zahiri, this marriage should be annulled. According to Imam Malik rahimahullah, if it is discovered before consummation of relations, then the marriage will be annulled; if it is discovered afterwards, then it will not be annulled.
Source: Tuhfat al-Muslim: Commentary on Sahih Muslim, Page: 3464