If you have a contract with the seller (if you have both signed) then you are under contract which is a legal, binding agreement and only contingencies can get you out of the contract. It probably says it's contingent upon a third party (the bank) approval and maybe within a certain amount of time in which case you just have to see if the bank approves the purchase price. Your agent may have written a time frame into the contract. If so, then you have to wait until that time to void the contract IF the bank hasn't responded.
IF the seller has not yet signed a contract with you then you can withdraw your offer and make a new offer.
$2500 in the grand scheme of things on a home is not a great difference in the long run and it's probably still a good deal.
IF YOU DECIDE TO PURSUE THIS, do the following:
1. Document all repairs necessary with an inspection report, photographs, and contractor estimates
2. Submit all, with a signed addendum, to the seller
3. Have the seller submit the entire group of addendum and documentation to the short sale negotiator
4. Time is of the essence. It is easier to get bank approval PRIOR to acceptance of the original offer, rather than after.
Bear in mind that, if there is a backup offer behind you, you may price yourself out of the transaction.
Certified Short Sale Professional
Certified Home Retention Specialist
Blogging at: http://TheBremnerGroup.com/blog
With only $2500 at stake I don't think it's worth it. You can always resubmit an offer but at risk of losing the house over $2500 it really doesn't seem worth it. If you think you paid $2500 too much for a house then find another house.
The Carrabba Group
Keller WIlliams Hollywood Hills