Short Sale SellersDon’t Accept My Bid
So, can you pull out of a short sale offer before it is officially accepted? (Meaning, accepted by the bank or lender).
Well, you’ve got to look at the details.
Some contracts bind the buyer to the offer for some time period, and during that period of time, the buyer cannot cancel, withdraw or rescind their offer. Although, if your contract doesn’t state that language, you will need to send a written notice to your sellers, the listing and closing agent to withdraw the offer to buy the home.
To protect your $3000, you may want to have a real estate attorney review the contract and send the notice to the sellers.
If you have a contingency clause in the contract, then you may be entitled to terminate the contract if the you find things are wrong with the home and the seller refuses to fix those items.