Q: Purchasing in Wisconsin- Seller accepted offer to bump our offer
Seller accepted offer to bump our offer, which gives us 72 hrs to remove our contingencies per the original accepted offer. We have removed our contingencies and sent back this information, seller refusing to acknowledge although seller's agent has acknowledged. We have met all of the agreed upon terms in the offer which they accepted and now they are refusing to acknowledge that our contingencies are removed. Is this legal for them to do?
A: Assuming the offer provided that the bump clause could be waived by the buyer within the 72 hours and assuming that you provided the proper and timely notice of waiver along with any required supporting documentation per the terms of the offer, then you could enforce the offer. If seller will not honor the contract, then the buyer may proceed with a declaratory action asking the court to declare the rights and obligations of the parties. If an action is filed a lis pendens may be placed on the property to prevent the seller from closing with another party.
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