Once its transferred, its transferred. There is no "return policy" equivalent because its tied to an employer and your past employer wont necessarily keep the position open just in case you need to come back.
another company applies to transfer it to them
you continue working at the first company
when the transfer goes through, you give notice at the first company and go to work for the new one
if it fails, you continue working for the first one like nothing happened.
Its a risk one must take but you don't just wake up one morning and 'fail' ... you see it coming, and you should be able to line up interviews and at least make an attempt at getting a gig before that happens .... thats what I'd do, but that's just me.