Can I back out my contract?

[Simon Obas]

Peace! I got an offer accepted & I, and the seller signed the purchase agreement. After crunching some numbers, the deal doesn't make sense for me. I'm trying to BRRRR. I'm supposed to send the earnest deposit money tomorrow. I plan on telling my agent that I am not going through with this deal. I feel awful however, it just doesn't make sense to me. Can I back out of the deal or do I have to go through with it now? I don't wanna wait for an inspection etc. I just want to back out now and not waste anyone's time. 

[Mike Cumbie]

Hi @Simon Obas

Your contract and local laws will dictate. Some states require an attorney approval and some do not. Depending on where you are that may...or may not... be a way out. Either way do it sooner than later. Let the seller re-market their property (Or hopefuly not ever take it off). An offer should be made with good faith. The good faith is that you will buy if what you know is true. Sounds like you haven't even sent in EMD yet.

Not sure what changed your mind, but if it was something you should have known with the information you had, then you should not have put an offer in. Plenty of people shotgun offers and then run when accepted. An offer means something, if you get known for offering and backing out before sending in an EMD, it will get known quicker than most people think.

Good luck on whatever you decide.