Belt Auction

Is bidding on a short sale a binding contract?

I'm looking to finance a house sometime between now and the fall. I'm interested in a short sale property but I heard these can take over a month to process and see if the bank will approve and all. If I were to put in a bid, and then a month down the road I find something better and the bank is still dragging their feet, can I just retract the bid or does the process keep me tied down from pursuing other purchasing alternatives?

Public Comments

1. It is a binding contract UNLESS you include language in your offer to purchase which requires a bank approval in X amount of time, or you have the rights to terminate your offer. I would NEVER recommend writing any short sale offer without such language included.
2. Also add subject to house inspection. You don't want to put a blind bid on a house where the roof or foundation is not structurally sound.