Buyer made and offer but no longer sees value

[Tiago N Dos Santos]

I made an offer on a property but after the seller accepted the offer in 24hrs with a signed contract from the offer. I realized that this is probably not the best for investment. I have not paid earnest money yet on the property. Am I obligated to purchase go forward with this deal? From my research online, seems absurd that if I made multiple offers I would need to be obligated to do all of them. This location is in NJ.