Retract bid?

ermaderma

Has anyone ever retracted a bid on a home? We put a bid in on a short sale and are waiting to hear back, but we are still looking in case it doesn't pan out. There also was another offer submitted to the bank the same day.

A house that looks great just came on the market and we are going to see it tomorrow. This home looks great on paper and from the outside - great location (even better than the first home), priced well, and it is a regular sale. If this house looks good on the inside and doesn't need any work to be done except cosmetic, we will probably want to move on it.

I'm just thinking about what would happen if the bank does get back to us before going to see this other home and accepts our bid.

julygal

We know a lot of people that have backed out of short sales with no consequence to them.  I also know our neighbor had an offer fall through after bank approval because the buyer no longer wanted it.  In both instances it was due to the bank taking too long and they buyer finding something else in the meantime.  I don't know what the buyers had as contingencies, etc in their offer to let them out, but it happens.  I would imagine that you might risk losing any earnest money you might have put down, but I'd talk to your realtor.

ermaderma

Thanks. We have it in the contract that earnest monies will be paid upon bank acceptance. I just learned that the sellers accepted our bid over the other, but of course, it is up to the bank. Our realtor seems to think that it shouldn't take very long because this house went contigent and back on the market within a couple of weeks with the first accepted bid.

 

CaitS07

If the bank hasn't accepted yet, you can pull your bid at anytime, you just need to submit a cancellation and withdrawal request. Both you and the sellers have to sign and that's it. My H and I just pulled our offer on a short sale a few weeks ago because it was taking longer than usual (already on month 7 and the bank hadnt even looked at the paperwork!) and found a house we liked better. We submitted the cancellation and had our escrow check within a week. Talk to your realtor, they should be able to prepare all of it for you. HTH!

ermaderma

Thanks Cait!

did you have to have an attorney pull the bid, or did the realtor handle everything? Also, did you do the inspection? We have seller's acceptance and we still only have 5 days to do the inspection.