We put an offer in on a SFH which has been on the market for over 200 days. Everything went fine at the beginning and the seller's Realtor was able to answer all questions and we were able to set up a showing of the house (it has renters). We put in an offer and all of a sudden everything has gone silent on the seller's end. It's been about a week and according to our Realtor, the seller's Realtor hasn't heard back at all from their client.
I know that with the holiday thing lag, but if they were truly a motivated seller, they would have jumped all over our offer. We're going to give it another week and then withdraw our offer. My question is if there is a formal process to withdraw an offer.
Yes. There is a termination form to complete (at least for the state I am working in). Best to document all talks using email records if you want to cancel, etc.
I would put in writing to the sellers agent a letter stating either move forward or the contract is terminated at a particular date. If you dont have an agreement in writing- there is no contract. You can withdraw your offer.
@Ryan Haase Yes. Ask your realtor for a release of contract. The seller will need to sign it in order for you to get your deposit back. But if the property is a good deal don't give up on it. Seller are often motivated because their lives are in disarray. They may be too overwhelmed, in reality or psychologically to keep on top of this. Some patience may get you a good deal on this property and ultimately help the seller, too.
Thanks everyone, that's what I figured, I just haven't had to withdraw an offer before.
Based on your post, it sounds like you don't have a contract...only an offer. As such, you should give notice to both the seller and his/her agent that you are withdrawing your offer. There is no state recognized or special form for withdrawing an offer...just use Word doc titled Withdrawal of Offer with language describing the offer (buyer and seller), date of the offer and the property on which the offer was made. Then send to seller and his/her agent. Make sure you get a confirmation that at least one of them received it to evidence notice was given.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!