Buyer Looking to Back Out

[Greg D.]

I'm a first time home buyer (in NJ), and shortly after attorney's review I had buyer's remorse. I made a poor decision and rushed to put in an offer due to pressure from my agent. I met with a bank's mortgage specialist and realized that financially the deal does not make sense for me. I want to back out of the contract, but the seller is not willing to let me.

My attorney has suggested I proceed with a home inspection, in hope that gives me an out. I'm not confident this will provide an out because the house is a flip and has been re-done. If I breach the contract I can be sued for broker costs (which at that cost I might as well complete the deal)

I am considering writing a letter to the seller, explaining it was an honest mistake and that I'm willing to concede the deposit at the least. Is this a good idea or could potentially cause legal problems? Do I have any outs aside from hoping something comes up in the home inspection? Any words of advice would be greatly appreciated.