The Wisconsin Administrative Code and the Code of Ethics regulate the sharing of information about pending offers on a property. If the offer is not accepted but the buyer remains interested in the property, the buyer can initiate counter-offer number 1 to extend the binding acceptance date, thereby informing the seller of his continued interest in the property. Once the binding acceptance date passes, the seller’s inaction may reflect either indecision about the offer or a knowing rejection thereof. Presuming the offer was presented, a seller is not required to respond to the offer. Licensees shall inform their clients and customers of the advantages and disadvantages of all submitted written proposals.” Code § REEB 24.13(3)(a) states: “Licensees shall present all written proposals in an objective and unbiased manner to their clients and customers. Licensees shall not withhold any written proposals from presentation pending the party’s action on a written proposal previously presented.” Additionally, Wis. Code § REEB 24.13(2)(b) states: “Licensees shall present promptly all written proposals received to the licensee’s client or customer. The listing agent did not let the first cooperating agent know that there was another offer. The seller accepted an offer from a second buyer. The listing agent received the offer on July 5 but did not present the offer until July 15. Timely presentationĪfter showing the home, the cooperating agent wrote an offer on July 5 and the binding acceptance date was July 8. Either the buyer or seller could initiate the new counter-offer to continue negotiations. See the instructions on lines 48-51 of the WB-44.

The new counter-offer does not incorporate the terms of the previous counter-offer unless rewritten into the body of the WB-44 or incorporated by reference. The new counter offer will be the same as the prior counter-offer except for an extended binding acceptance date at line 32. Because a contract has not been formed and the parties are still negotiating, the preferred method for a licensee to extend the acceptance deadline is by using a new WB-44 Counter-Offer. To create a contract, the counter-offer must be accepted and delivered before the deadline, therefore the late signature and delivery does not create a contract - at best it shows that the buyer would agree to the terms set forth in the seller’s latest counter-offer. The counter-offer is not accepted and not a part of the contract if and when the binding acceptance time lapses. Is there a contract? Does the broker use a counter-offer or an amendment to extend a missed acceptance deadline? The buyer signed it and delivered it after the deadline. The acceptance timeline on a WB-44 Counter-Offer gives the buyer until the 31st of the month. The only relevant deadline in the counter-offer is the acceptance date set forth in the counter-offer. The counter-offer may be written after expiration of the acceptance period in the offer and may be used even if the seller rejected the offer. The counter-offer is essentially a new offer that incorporates many, if not most, of the terms and provisions of the previous offer. Can the buyer initiate a counter-offer, or does the broker have to draft a whole new offer? The buyer wants to make a new offer with a different price. When the buyer made an offer on a property about a month ago, the parties could not come to an agreement, and the seller rejected the buyer’s offer.

Seller counter 1