Need suggestion, I want to back out off the offer, can I ?

[Daniel Wang]

So I saw a duplex on the market and put it under contract for 312k, I thought it was a good investment.

Fast forward, now the appraisal came out and was priced at $280k, after I did more research I realized that I was too optimistic about the rent I can get for that property. Now even with the apprisal price, I won't be able to get a good C on C return as I expected. My mistake of course. 

So my question is can I back off the deal at this point without losing my deposit? 

[Lori Williams]

I would say that unless there are issues with the property that are major that came up on inspect, and you had an inspection contingency, probably not.

If the seller agrees to go down to the appraised amount , you're probably still on the hook. You overestimating the rents you could get is on you, not the seller. Meanwhile, you've kept it off the market for him when he probably could have sold it by now. 

The EMD is made precisely so someone doesn't take the house off the market and then just change their mind willy nilly costing the seller time and money