You can always withdraw any offer. But be careful if you sign a contract and put up escrow money. If you change your mind after that you could loose some of your deposit money.
Georgia Westcott
Licensed Real Estate Broker
The Westcott Group Real Estate Company
631-661-8888

The agent you're working with on the verbal offer should have (in my opinion) advised you better. Your verbal offer on one of my listings would have carried very little weight in today's market. My homeowners need to see the written offer accompanied with your bank pre-approval. Everyone else here has answered correctly, until your in full contract, either party can back out.

dear suzanne..
as a realtor i always want an offer to be in writing, accompanied with a preapproval from
a reputable mortgage company verifying either my buyers credibility as a buyer or confirming to my
seller that the offer presented is in fact from a buyer who is ready, willing and most importantly able..
hopefully you have discused financials with a mortgage rep or at minimum with your realtor if you are
being represented by one.
second, for short sales, it is still the homeowners home, they are the person who will have to accept your offer, then there is a formula that the banks work with to make a decision if the offer is within their paramaters.
if you have any further questions regarding the procedures i am a certified short sales specialist.

back to your question,
the bank does not accept a deal based on an offer they require full contract..
until you are in full contract with either party you have the right to change your mind either way..

hopefully this helps?

i am also a resident of west islip...

Lisa Palermo
Coldwell banker residential
631-921-9979

You can do what whatever you like until contract--are you working with a Realtor, isn't he/she guiding you along.

Anna
917-576-5376
abrocco@laffey.com

People rescind short sale offers all the time. Until you are in contract, you are not in contract.