Trying to back out of a contract. Help!

[Timothy VanWingerden]

Guys, I recently signed a contract on a 4plex and I am now having second thoughts. I got in touch with a landlord in the area, and he is willing to sell me his 4plex in the same street for 20,000 less than the one I am under contract with. My contract has an inspection contingency that states the following: The buyer accepts the property and its improvements in its present as is condition; with no warranties, expressed or implied by seller and/or realtors. Buyer may have the property inspected and may declare the contract null and void, with earnest money returned to seller after 12 days from contract acceptance. Does that mean as long as the inspector inspects the property, I can, in writing say that I do not want the property? Or do I need to give a legitimate reason? In your experience, how legitimate does this reason need to be? I’m assuming it depends on how much push back is received from the seller, but I appreciate any advice you may have on this. Thanks