Can I retract if put an offer for a short sale home?

Question

I want to put an offer on a house but they told me that it can take too long in order to approve, and I want to see more properties

I want to know if I can retract and say i don't want this house and put another offer if I find another better deal?

Answer 1

You can ALWAYS retract ANY offer for ANY reason....as long as it's before the seller accept it.

It must be done in writing.

That's it....simple as that.

PS:  A counter offer is technically a rejection of an offer...so let's say you made an offer on a short sale and the bank counter-offered....then no retraction of an offer is necessary because by the nature of a counter-offer, your first offer has been rejected.

Answer 2

Who are they?

Yes, you can retract your offer as long as you protect yourself by including a way out in the contract such as the bank giving you a written approval prior to acceptance and making sure there are contingencies for a home inspection, etc.. in your Purchase Offer.

Most offers on Short Sales are retracted by the time approval happens because the buyers find something else.  Short Sales can take up to 7 months.  Make sure you are working with someone who knows what they are doing when it comes to Short Sales and since they are such a long shot to begin with, continuing your home search is the smart thing to do while you are playing the waiting game.