How to Withdraw a Real Estate Offer

Withdraw the offer as quickly as possible. You're free to withdraw an offer with no consequences if the offer has not been accepted and signed by the seller. In most cases, this gives you a window of opportunity of at least one business day and possibly longer.

Reject a seller's counteroffer. If the seller submits a counteroffer instead of accepting your offer, you may reject the counteroffer and not be liable for your initial offer.

Wait to see if all the contingencies in the real estate offer are met. If the seller has already accepted the offer, wait to see if the inspector finds a major problem or another term of the offer is not met. Depending on the problem, the seller may or may not have an opportunity to make the necessary repairs.

Forfeit the deposit money. If the offer has been signed by both parties, your only choice is to give up the deposit. If the deposit amount is worth getting out of the contract, this can be a viable strategy.

Prepare for a potential law suit. If you withdraw a real estate offer after it has been signed by both parties, the seller, in addition to keeping your deposit, may sue you for damages. Whether this potential threat is worth withdrawing your offer depends on what you stand to gain by breaking the contract.