If you are still one of several, it would seem that you should be able to withdraw your offer. On the other hand, in the event the bank has accepted your offer and there is agreement, you could have a financial responsibility to them. As explained, the information isn't clear enough to provide good advice.
As always, buyers should consult their personal agent or attorney as the best source of reliable information.
Tammy Hayes, Realtor
Green Lion Realty
If you do not have a fully accepted contract you can simply have the agent write a withdrawal of offer and receive return of your deposit. I don't see why your agent would have asked for a deposit without an accepted offer.
James Mulligan, Broker / Owner
Suncoasteam Realty, LLC
Po Box 380503
Murdock, FL 33938
4055 Tamiami Trail
Port Charlotte, FL 33952
Why would you want to play games like that with the realtors and seller if you're not ready to complete the deal if your offer is accepted?
You put up a Good Faith deposit for a reason, its your promise to complete the deal if your offer it accepted and to Fulfill your contractual obligations of that money if forfeited.
Make sure you are ready to close on any offer you make that is accepted, if not move on. There properties in Florida are going up 6% in price, so do your due diligence, but be ready to follow thru with any offer.
If you need a loan, you need to get fully qualified with letter in hand to make offers of youâ€™re going into battle riding a crippled donkey, swinging a dull butter knife.
You need to have a solid Pre-Approval Letter and have deposited Good Faith money in a title co. or realtorâ€™s escrow account and have an Escrow Letter and make sure BOTH are sent with your offer.
If the bank has not accepted your offer in writing you do not have a contract yet. Have your Realtor do a withdrawl of offer before the bank accepts your offer in writing. You should get your earnest money deposit back.
Now, if the bank has accepted your offer in writing, you can cancel and get your earnest money deposit back as long as you are cancelling for an 'acceptable' reason (which would be stated in your contract).
There is no difference in cancelling a contract whether it is a standard sale, short sale, or bank owned property.