Valid for 14 days why bother as this will not happen it takes that time for making sure all the parerwork is in order and a BPO to come back. Either you are serious that you want to buy the property or not. Playing around like this only hurts the seller who is counting on your willingness to stick it out and go to the end. If you want a quick and sure sale then do not offer on a short sale, pay more and buy a regular sale home.

So As I understand, in a normal situation, you can withdraw an offer before seller signs of on it and you get it back?
And in shortsale, you can withdraw before the seller signs and sends of to the bank? Or before bank accepts it?
For REO you can withdraw up until bank sends you the acceptance? AS i understand, in both short sale and REO banks will send you their own version of contract with their own addendums.
Can't you byer withdraw because they dont agree to bank's terms in both short sale or foreclosure?

For Homegood's answer If the date set for closing on the contract is not extended then you are out of contract and the deal is dead. Please do not let anyone looking at a commission strong arm you into buying a property for more than it is worth. Bear in mind even if you are in contract most likely all they can get is the ernest money deposit and if the property is less than what you are paying and the appraisal bears that out then you have the financing contingencies out, providede your realtor was wise to extend financing contingencies with the contract extensions

The answer for your particular situation may vary based upon several factors. First, I presume your offer was in writing. Most states require such in order for a binding agreement to take place on real estate transactions. If you entered a time limit of offer and that time has since expired, your offer has likely been voided unless there are other special stipulations elsewhere in the Agreement or associated exhibits that supercedes. When I list short sales, I instruct the buyer and buyer's agent NOT to specify a time limit of offer. Most approvals are taking between 30 to 60 days, and in some cases, longer. The buyer's offer remains valid until I notify them in writing that we have an accepted agreement. They have the right at any time prior to me furnishing written notice of an accepted contract of withdrawing their offer by giving me written notice of such.

I have the same issue here, please help! I heard a realtor saying that if the seller’s bank accepts the offer, the that’s a valid contract, then there’s not turning back, but for my case, what if the seller’s bank passes the deadline they set on their acceptance letter themselves?...here’s the brief overview of my issue..

I am still hanging in there since Oct. of 2008’s offer for this short sale property, the dates are all past deadline on the offer contract, but because the seller’s bank finally accepted my offer in Dec. 2008, my realtor’s explanation is that the offer contract comes back alive somehow without having any addendum with new deadlines on them. Ok, my loan is approved last week and we’re waiting now for the seller’s bank’s final yes, then we can close, but it seems like it’s dragging forever, and the offer price is no longer a good deal due to the market. Do I have the right to withdraw if the seller’s bank passes the deadline on reviewing my case for the final yes for closing? This deadline on the bank’s acceptance letter was set by the bank, that deadline was for me getting the loan in and everything, including the closing. But now that the ball is back to their hand and if they pass the deadline, can I withdraw? Please don’t tell me to go back to my contract, I don’t think anything addresses this and my realtor gets upset when I mention about withdrawing because of all the work she and the seller’s agent have put in. The only option is to hire a lawyer, but that cost a lot of money, that’s why I’m trying to get some input here first to see if anyone has experienced this before. Thanks for the help in advance.

You use the term "offer" ... In Florida offers are usually made in the form of a written contract.

PRIOR to any contract offer being accepted, it may be withdrawn with notice to the other party. Typically all it takes is a verbal withdrawal, provided it is made BEFORE the offer is accepted and the offeror has been notified of the acceptance. Most contracts have clauses stating that the offer is automatically withdrawn after a period of time if not accepted. (Typically 2 days)

Once an offer is accepted (with NO CHANGES) by the other party, typically the offer is in the form of a contract and therefore the accepted offer becomes an executed contract.

Once you have a contract, there is no "withdrawal", there is cancellation of the contract and that usually depends on the terms in the contract. You should always consult an attorney if you have questions about ending a contract, particularly if it seems there are no provisions to allow you to automatically cancel (such as an as-is inspection clause).

You should review the terms in your contract first. See the link below for a more detailed explanation of offers (useful but may not necessarily be the law as it applies to your situation).

Hello. As with any major purchase PLEASE make sure you are working with an agent that knows short sales and bank owned properties like the bank of their hand. You can get out of the contract depending on the way the contract is written. Please read over the addendums carefully, because every bank is different and there are NUMEROUS bank addendums that can change your situation. I hate to be so undescriptive, but honestly carefully read the contract and ask your agent for the addendum that will allow the buyer to withdrawl the offer once the seller has responded and the bank has not gotten back with the buyer. Depending on how your agent handled the transaction you might be able to withdrawl at anytime. Say that you wrote an offer with your buyers agent and your agent gave it to the other realtor (listing agent)who presenteed it to the seller and seller said send it to the bank, but the seller never signed off on the contract. Since seller never signed you can withdrawl, in most situtations. Some banks will not consider an offer until the seller has signed off on the contract and then others (like CIT) will allow it to be processed and send a BPO out, all without the sellers signature.
I hope this helps. Please let me know if I can be of any help.
Jessica Purvis - Coldwell Banker Tony Hubbard Realty
cbdonnawall@msn.com

Yes it is possible to withdraw an offer as long as the right to withdraw is specified in the initial offer. Usually a lender involved in a short sale will not even have had looked at the offer within the fist 14 days, so that would be fruitless. In a short sale or REO, the lender makes and set the rules of the transaction.

Of course, you can submit anything that suits you.

The time period would have to be specified on the original contract. You can specify 14 days, however short-sales can take 30 days or more. Bank owned properties can take a couple of days. If you want a quick answer I would recommend looking at 'bank owned' properties or privately owned.

My team can definitely helpy you find your dream home.