Accepted Answer

Hello, and thank you for contacting the just answer team.

An offer sheet and acceptance of the offer on a landsale agreement isn't binding unless in writing. However, if both the offer and acceptance were in writing, an argument can be made that a binding agreement was formed, and that they would be liable to you for damages if they then tried to back out of your offer. The fact that the bank wants you to sign a release of your offer strongly implys that a binding agreement was entered in to, they know it, and are trying to get out of it without you knowing better. If you still want to purchase the house at the price accepted, you would be best served by not signing the release, and contacting a real estate attorney in your area of Wisconsin to send a demand letter to the bank stating that as far as you are concerned, their acceptance of your offer was binding, and thus they cannot now back out of the deal. You could also do this through your realtor, but my advice would be to work with an attorney. For a referral to an attorney in good standing with the Wisconsin State Bar Association, contact the Bar HERE.

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Expert:	SavyLawyer
Pos. Feedback:	97.3 %
Accepts:
Answered:	11/4/2009

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