Backing out offer help

[Matt Ellis]

I made a verbal offer to a seller on a distressed property and I realize I didn't due my due diligence well enough.  The seller called me back and accepted. Its a very low offer but in a warzone neighborhood. I am supposed to call her back tomorrow and discuss the offer. She also needs the money by the end of the month.  How can I gracefully back out of this deal?

[Account Closed]

I agree with @Brandon Luke . You could say you reviewed it with your funding partner and he doesn't want to through with the deal at the price offered initially over the phone. Or you could simply say you went back to take look at your numbers whilst getting ready to write up the formal contract and noticed you had missed some items in your original calcs when you gave her your preliminary offer over the phone..  Having re-done the numbers, you realize you just can't make it happen at the price you originally gave her over the phone. She'll be somewhat upset and ask you, well what price are able to pay then? At which point you say, well, we need to be at... ($XYX) to make it happen. Worst case, you pass on the deal, no harm no foul. Best case, you get the deal at the price you need.