There are two common ways. First, most offers have a clause stating the offer is only valid for a set amount of time – 48 hrs is common. If they accept your offer within those 48 hrs, see “Second” below. If they do not accept the offer within those 48 hrs or if they counter-offer in those 48 hrs, then you’re out – no sale!

Second, the buyer can pretty much back out of the sale without penalty for a period of time, typically 17 days which is also written into the offer, since the buyer must accept the results of the home inspection to complete the sale. The 17 days gives the buyer time to complete this inspection and review it. If there anything at all that you don’t like in the inspection report, you can back out. This inspection report is one of the contingencies FLU mentions – another is getting financing and a third is getting an adequate appraisal, usually.

Look at the paperwork you filled out with your realtor to see what these two timeframes and applicable contingencies are in your case.