Fannie Mae question...

[Shannon Cannon]

We just put an offer in on a Fannie Mae home. After some negotiating, they accepted our offer, and we signed the contract and put 2500$ earnest money down. We are now getting cold feet and not sure if we've made the right decision. With the amount of work needing to be done, we wished that we had stayed at our original starting price and not increased price when they asked for our "highest and best." Question now is- I'm assuming we can back out after inspection is done this week, but can we ask for lower price at that time? Or can we back out after inspection and resubmit an offer? The house has been sitting awhile, so not too concerned with multiple buyer situation. Just not sure what to do. This would be for our personal residence, so has been a harder (and more expensive) decision than our flip purchases. Any advice would be much appreciated!! Thank you!!