Doubting a house that I am closing on

[Omar Hamza]

So my partner and I have finally put up an offer on a property that we saw, it's a rehab that's stretching our budget a bit (I think we fell for the trap of offering more than we should have) but based on the numbers can still make us a decent profit.

However, as I still have alerts on I've seen a number of house to come on the market that seem like better deals since we signed the purchase agreement. We have yet to get the home inspection done, but the earnest money has been sent to the seller and it seems like we are generally in it with this property unless we want to lose the earnest money.

That leads me to 2 questions;

1. Have you ever been a similar situation where you found a better deal than the one you are closing on, and felt the FOMO and decided to back out of the existing offer or soldier on with the deal you had in hand, and;

2. How did you back out of the existing offer with minimal penalties, if at all possible?

I appreciate any responses, and definitely looking for insights from someone who has done it before. Thanks!