If you've bid on a house, of course you always hope the seller picks your offer. But what if, when the brokers congratulate you, you still have doubts: haven't I paid too much, is the neighborhood nice enough, won't the renovation be too big? Doubts strike, in short: can you withdraw an accepted offer?
Acceptance of an offer
First, it is good to know that there are different statuses of a bid within a sales process. For example, an offer is valid if it is in writing, such as in a Bid Log. This way, the broker can present it in writing to the client.
Once the seller has reviewed all bids, there are a number of options: Reject, send a counterproposal, or award (accept). After an award from the seller, the real estate agent usually calls or emails with conditional congratulations. You may have then been chosen as a prospective buyer, but in order to clinch this, there are still some things to be put on paper.
In writing
After an award, or acceptance, both the seller and the buyer can still waive the purchase because of the so-called written requirement. This passage states that the purchase agreement is not binding until a purchase agreement has been signed by both parties and the cooling-off period has expired.
Conclusion: Can you withdraw an accepted bid?
Going back to the question: can you withdraw an accepted bid? There are a number of different answers based on your current situation:
- A purchase agreement has not yet been drawn up: The accepted bid may be withdrawn.
- There is a purchase agreement, but it has not yet been signed: The accepted offer may be withdrawn.
- There is a purchase agreement, it has been signed, but the legal three-day cooling-off period has not yet expired: The accepted offer can be withdrawn.
- There is a purchase agreement, it has been signed and the legal three-day cooling-off period has already expired: The accepted offer can no longer be withdrawn.
