Contracts
In Washington, a buyer submits an offer with a 72-hour bump clause. The seller then accepts a back-up offer with a 72-hour notice period. The first buyer receives the notice. The first buyer must:
AAutomatically lose the property to the backup buyer
BWaive or satisfy any remaining contingencies within 72 hours or step aside✓ Correct
CRenegotiate the purchase price
DHire an attorney to contest the bump
Explanation
A 72-hour bump clause (right of first refusal) requires the first buyer to waive or satisfy their contingencies within 72 hours upon notice that the seller has accepted a backup offer. If they don't, the seller may proceed with the backup buyer.
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