In my nearly four decades as a real estate professional, I have answered a lot of questions for my clients! Stop back often to check out more FAQ’s, or better yet, submit your questions to me at toddumbenhauer@realtor.com.
Can an offer be withdrawn at anytime before it has been accepted?
Yes - unless and until an Agreement of Sale is fully executed by and delivered to all parties, either party can withdraw their previously presented offer.
If an offer has been accepted, can it be withdrawn based on inspection findings? Can it be withdrawn for any other reasons?
Once an Agreement is fully executed, if the Buyer is unsatisfied with the outcome of the inspections, and the Seller is unwilling to make the corrections or provide a credit to the Buyer to compensate for the conditions discovered, the Buyer has the option not to proceed with the purchase and be refunded the deposit monies. If the Seller is not able to give clear title the Buyer can, of course, terminate the Agreement. If the mortgage the Buyer stipulated in the mortgage clause cannot be obtained, and the Buyer satisfied the Buyer's obligations in this regard (cooperated with the lender, made a formal application, etc.) the Agreement is terminated and deposit monies returned. These are the types of situations under which an executed Agreement can be terminated.
Both of the above responses presume the use of the Pennsylvania Association of Realtors’ Standard Agreement of the Sale of Real Estate that has been properly completed by a qualified professional.
The Information provided above is not intended as legal advice. You are advised to seek legal counsel if you have questions about legal matters.
