Yes you can get your earnest deposit back. Just rescind your offer. There is no contract in place since they didn't accept.
The others are correct in that Short Sales are NOT "Short". One can easily wait 1-3 months or more before you get any reply at all. It is what it is. There may also be more than one lender involved and they may not have made you aware of that. If there is more than one lender then things take forever.
Short Sales are anything but as I am sure you have come to realize. Go over your contract and that's something you should be asking of your realtor. It is not unusual for banks to take a month or two to give you an answer.
I do agree with you that the wait is excessive. Wish it could be done in 48 hours wouldn't that be good.
Good luck and hope you find the home you want.
The answer is yes. Purchasing a short sale can be a trying experience and you must be patient and hope that those negotiating with the bank for their approval are communicating with you. If after three weeks you are already getting anxious a short sale transaction is probably not for you; unless you find one where the third party approval process has already started. Short sales can drag on, and on, and on; I just closed one last week that was about 6 months in the approval process mainly due to two lenders being involved than anything else.
Your offer is contingent on third party approval and you are free to withdraw your offer at any time before that approval is granted. Be sure to have a Release and Cancellation form executed and ensure that any earnest money deposit money you have deposited is returned to you.
If you would like any additional nformation on short sales, or I can help you in any way with the search for the perfect home (and negotiating the right price) just let me know. I am easily reached at 561 308-0175 or via e-mail at email@example.com. After one call you will know what "Results Driven Real Estate" is all about!
At Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
You need to ask that question of your Realtor. A lot will depend on the way the contract is written. Is this a bank owned property or a short sale?
If you are dealing with a short sale, it is not unusual to wait 3 - 4 months for the bank to give an answer. If it's a short sale you should also have signed a Short Sale Addendum to go with the purchase offer.
Good luck with your situation.
Realty Hub, Inc.