If you don't have a lawyer I'm happy to provide you with a list of reputable real estate lawyers in the area. Send me a private message and I'll provide you with their contact info. I can also recommend some lenders if you don't have one already.

To be more clear - The buyer mentions how much he/she plans to finance and signs on it, before it is accepted by the seller so you can't just arbitarily later increase that number.

However, in case you DO NOT get financing from the bank for the amount that you mentioned in the offer letter, signed and accepted, usually there is a contingency language around it for you to refuse the transaction. Check the offer letter.

Finance 100% - that's your out if any of the below doesn't work.

The first thing an attorney does in the 3 day period is make the offer null and void, which doesn't mean that the offer is cancelled but that now there is no timeline for buyers and sellers to align on any outstanding issues. It can be done within 2 days or 20 days . You get the idea.

Once that process is over, you are stuck unless you find something in inspection and do not align with the seller on who should pay.

Once your offer was accepted, you should've retained an attorney. Both attorneys will review initial contract and draft riders to that contract. During this time you are in attorney review and can cancel at any time during that period.

Don't go by the 3 day rule, I just sold my property and was in attorney review for almost 10 days. I wasn't happy the the rider the buyer's attorney drafted, so I cancelled the contract during the attorney review period and accepted another offer.

Agreed get a lawyer. Also, you are in acceptance and attorney review for 3 days. Once in contract could get tricky.

I strongly suggest you get an attorney indeed, if you haven't got one. You have 3 working days to change your mind post contract. Your attorney will usually send a letter to the seller attorney stipulating that the sale is contingent upon the property passing the inspection and the buyer finding a mortgage based on similarly appraised value. This usually offers you some levy. If the property is in good shape, is within your estimated appraised value, then there is no reason to hold and the seller could make your life difficult. If there are general issues with the property or the bank appraisal significantly deviates from the contract value, then your attorney should be able to pull you off that deal.

Did you actually sign anything yet? That is largely what establishes whether and when you can withdraw. Furthermore, people usually make offers contingent on whether or not they qualify for the financing... if they don't the offer is dead.

I strongly suggest you get a real estate lawyer before you go much further. It is well worth it. This is not the place you want to be getting your legal advice with regard to buying real estate.

In my experience contracts are only as good as the good will of the parties. I had a seller take another offer while we were in review and perhaps technically beyond depending on where you count from. Was it worth me suing them? No. Presuming your contract is inspection dependent, there's your out.

I hope you have a lawyer.

Google "attorney review".

A contract of sale is a legally binding document that sets forth the terms of the home purchase. If you started the negotiating process with an offer to purchase, the contract of sale will include the contents of the offer to purchase, as finally agreed upon by the parties, plus any additional details and terms. If the contract of sale is prepared by a real estate licensee, it must contain a provision known as the ?attorney review clause,? which provides that the buyer and seller have three (3) business days from the date that the completely signed contracts are delivered, to consult with an attorney. During this three-day period, if you choose to use an attorney, he or she may propose revisions to the contract on your behalf or render it null and void.

http://www.state.nj.us/dobi/division_consumers/pdf/buyingahome.pdf

I came across an interesting property in jersey city and I placed my first offer ever.As a buyer will I still have the freedom to withdraw my offer if the seller accepts my offer?appreciate any feedback from the forum members.