Putting in a offer (then backing out)

[Stephen Wiater]

Hi all,

I am curious how it works when you put in a offer on a house.

I am currently looking at a condo for 74k

I want to make an offer of 62K and negotiate the closing cost with the owner.

My question is:

After I put in that first offer, am I locked in? or how does that work? because I obviously want to get the property inspected and everything and if there was a problem can I back out? or if I just have a sudden change of heart about buying it, can I back out? any advice will be much appreciated!

Thank you!