Good Morning Michael,

As Vicky pointed out below all contracts differ slightly from state to state and I agree that those of us who do not live in VA really do not have a sound understanding of their contracts.
In saying that, I think it would be wise if you and your agent had a meeting with the Broker of his company and sat down and discussed the situation, that way you will both be on the same page and there will be an oppurtunity for you and the agent to gain some knowledge as to what needs to be done.
You can also speak to your legal advisor to make sure you will not be in breach of your contract.

Yes you should be able to withdraw your offer. As far as Ernest money this can take a bit of time to get back to you. If you have a contract that should be between you and your agent and your agent should have had contingencies around timing or he/she may have other things written in the offer that may allow you to walk away from the deal.

I think I was unclear when I used the term "contract". I made an offer on a short sale. The selling homeowners accepted, but the bank has not accepted my offer yet. My agent says that I do not have a "ratified contract" until the seller's bank accepts my offer. I have expressed my desire to withdraw my offer to my agent but he is unsure of the process. He said he will have to discuss this with his broker.

As far as for the earnest money, the check has not been cashed yet. I gave it to my agent, but he said it wouldn't be cashed until we had a ratified contract.

Since the bank hasn't accepted my offer, can I withdraw it?
Also, how long should this take? I have found another place i am interested in buying (traditional sale), but my agent is unsure how long the withdrawal process takes.

Thanks again to those offering their guidance. I truly appreciate it.

Just have your agent submit the withdrawl in writing. I don't know of many listing agents handling short sales who don't recognize that buyers get tired of waiting for a lenders approval. The lender approval is a contingency just like any other contingency in our Virginia Contract. Your earnest money should be returned to you without any issues.

The person that answered below is not familiar with our standard forms, I am sure. If you have a CONTRACT (not an offer - these are different) and used the standard Short Sale form, you must wait until the date on the addendum. Your agent knows your contract and should be the one advising you.

Best of luck,
Vicky

The short answer is YES. You can do a WOO (withdrawal of offer). In the future I do not recommend putting up a deposit for a Short Sale, instead you should try to do an increased deposit at the time of short sale approval whenever possible. As far as the time it will take to get your money back, this will vary, but you should get it back within a week (or the time it takes to mail out the check) of the seller acknowledging your cancellation. Cancellation prior to approval is very common with short sales and you should not have a problem with it.