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Home was for sell by owner and offer made w/out agent. Seller accepted offer but later tries raising price.?

Offer was accepted verbally after 24 hours and the actual contract signing was scheduled 5 days later so attorney could have time to write contract. The seller received another offer and demanded 7 thousand more dollars the day before the contract signing. When it comes to real estate is a verbal contract binding? This is in Wisconsin. Is it open for interpretation by a judge?

If there was a deposit it's a deal. No deposit no deal.

Technically, a verbal contract is considered binding,
the problem is proving what was said.
Practically, unless you wrote it down, it never happened.
In Real Estate, it is customary to give a 'Binding Deposit' and sign a document attesting to it,
with the terms of the agreement detailed.
- Copies to both parties.
(It is also customary to try to jack up the price with a
false 'other offer'.)

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