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Legally, real estate contract has to be in writing
so until you have a written contract
either side may walk away
you can ask that the agreement be honored but legally it is not binding
I am a NJ lawyer
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if i get out bid do they have to tell me by how much
They do not
But many will since they prefer you outbid that bid
they want the highest bid in other words
so in their interest to keep all bids open and known
as in an auction