I made an offer on a short sale. The selling homeowners accepted, but the bank has not accepted the offer yet. Now I wanted to withdraw my offer but I am unsure of the process.
As far as the earnest money is concerned, the check has not been cashed yet as agent mentioned to me ,check will be cashed only when they have a ratified contract. Since the bank hasn’t accepted my offer until now, can I withdraw it? Can someone also please provide the text for “withdrawal”
Hi,
If there is an agent involved then you should contact that person because there is probable a state form for withdrawal and of course you are entitled to withdraw since your offer has not been officially excepted.
Put a stop payment on your check!
GR
There is a agent who is representing both seller and me.I just want to play safely while getting off from the contract. Do I need to give him a reason why I am backinhg off the contract? Please let me know.
Hi,
Just tell them (listing agent) too much time has passed and I am looking at other opportunities which are direct purchase or REO.
GR
you cam always withdraw from a offer as long as there is no contract was already made by both parties.
Normally if there is a contract with two signatures, then you have to have both parties agree to release the contract. Sometimes releasing the cotract can cost your deposit if that is the only recourse in your contract. Or you can be bound to the agreement unless the sellers decides to release you or you can’t fulfill the terms of the agreement.
There is no deposit involved. I sent out email to listing agent and stated that I am withdrawing my offer. However he did not reply back yet. Do I need confirmation from him. Please let me know
It would be good to have a conformation this way you are sure the deal is dead
I left him voice message and noted down time and day. What are options for me? Do I need to call lenders and let them know. Please let me know.
No you do not have to call the lender. Unless you have an authorization to release information they will not talk to you. I would fax a letter to the brokerage if you are really concerned, but if you emailed and called that should be enough.
Finally agent called back and also sent a note in a email that he received my withdraw offer.
Cool…If you need more advice send me an email