Zillow Advice: Buying Process - Is there a penalty for retracting an offer? http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ Zillow Advice | Zillow Real Estate If you don't have bank approval, ... http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ If you don't have bank approval, you don't have a fully accepted offer.<br/><br/>Ask for a mutual rescission of the purchase agreement. If you have submitted an earnest money check, you should be able to get the money returned.<br/><br/>In my state (MN) we no longer need to provide earnest money until there's bank approval. This can eliminate the hassle of getting earnest money returned should the buyer change their mind. Mon, 04 Nov 2013 16:53:00 GMT http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ 2013-11-04T16:53:00Z Do you have a due diligence ... http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ Do you have a due diligence period, where you can withdraw for any old reason that you choose.&nbsp; Please go to your agent and discuss any penalties, if any, for withdrawing...hopefully you will lose nothing. Mon, 04 Nov 2013 15:59:00 GMT http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ 2013-11-04T15:59:00Z Normally there is a document ... http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ Normally there is a document called something like the Short Sale Addendum that basically says the whole contract is contingent upon the bank agreeing to any sales price and until they sign it the contract is contingent. You should just have to sign a withdrawal agreement and get the seller to sign it and you are done.<br/><br/><br/>tim Mon, 04 Nov 2013 15:24:00 GMT http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ 2013-11-04T15:24:00Z Have your agent draw up a ... http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ Have your agent draw up a withdrawal of offer form, sign it and have it sent to the seller.&nbsp; Shouldn't be a penalty - at least not from what you are saying. Mon, 04 Nov 2013 15:20:00 GMT http://www.zillow.com/advice-thread/Is-there-a-penalty-for-retracting-an-offer/517856/ 2013-11-04T15:20:00Z