Is there a penalty for retracting an offer?We recently put an offer on a short sale. The owner approved just waiting on their bank. We want to retract our offer. How do we do so? Also will there be a penalty for doing so?November 04 2013 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.