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Right to Withdraw Offer if Multiple Offers Received
  Right to Withdraw Offer if Multiples
Multiple Offers in the current real estate market are extremely common. Not every Buyer wants to participate.
What it really means is that in order for your Offer to be selected you likely had to have a firm Offer. That meant “no conditions”. So, financing and home inspection just got eliminated.
Let’s presume that Bob is looking to purchase a property in a specific area. He submits an Offer on Sam’s property with his two conditions: 1) financing and 2) inspection. His Offer is open for acceptance until 10:00 pm.
Bob’s agent receives a telephone call from Sam’s agent:
“thanks for your Offer, another Offer has been received, would you like to improve your Offer?”
This type of communication occurs frequently. Bob is annoyed and doesn’t wish to proceed.
What can Bob do:
Withdraw his Offer in its entirety, Resubmit the Offer, this time with a $1.00 purchase price? What can Sam do:
Accept Bob’s first Offer anyways, Ignore the attempted price reduction, Leave it in the pool of other Offers, so that it will be included in the count? In most situations an Offer may be withdrawn prior to acceptance since there is ... more

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