Fm Americo... Hey John, my mommy says it doesn't hurt to ask. lol Besides, it is the typical buyer's remorse kicking in. At the moment there are lots of foreclosed homes to pick from. So, I found a few listings that look great and got tempted. Even though prices are still going down and will continue to fall all of 2009, I notice that the number of home purchases is on the uprise in Palm Beach County. I read it somewhere. Plus I noticed that the total number of foreclosed homes available at any one time has been steady (not increased in the past few months). That triggered me to buy. Has supply and demand levelled off? New home development has decreased dramatically. Thank God. That run-away train left us with more houses than there are families. Anyway, all this amounts to good news for yours truly. I am the lucky single guy that is buying a 5/3 for less than 100k a few minutes from downtowm Palm Beach with 3.5% down and no closing costs. With more people buying out that pool of foreclosed homes, eventually the supply of cheap houses will dwindle, people will start a bidding war, and the prices once again will start to climb. :-)

Americo
You need to discuss this with your Realtor.

The answer to a "Will I loose the downpayment" question depends on where you are in the purchase process.

The bottom line is that you are making a large investment, so buy smart.

Don't buy a property that you don't want to buy. And read your contracts, know the timelines for release of contingencies.

Good luck.

if there are no contingencies remaining then you may lose your deposit. I would contact a real estate attorney to discuss this with them. If you found the property with the agent, then you should also discuss with that agent. They should be able to help you - and transitioning them from one to the other property would at least allow them to capture the commission...

if you are with another agent, then they may be upset - and it may be their right to claim a commission from your deposits.

again - ask a Real Estate attorney

YOU MUST HAVE LIKED THE FIRST PROPETY BUY BOTH

Talk to your agent and express your concerns honestly. Ask the agent to review the contract to see what the remedies for breach are. He or she may refer you to an attorney.
An experienced agent doesn't want to see you make a mistake and should understand.
Still, when you enter into a contract, it is not to be taken lightly.
If you feel your agent is 'vested' in you completing a sale you don't want to, speak to their broker.
Considering that you are months into your transaction, I would suspect you may be forefeiting your deposit.
~
We sold a house in Florida a while back. One of our buyers who cancelled escrow on us, we learned from their agent, had bailed on 11 other purchases prior to that one. She lost 11 earnest deposits.
I wonder if she ever bought a house? :)