Of course you can but only if you do not have an executed contract of sale!
An accepted offer is only the beginning of a sale transaction. In order for a transaction to be completely successful, ALL of the following should happen.
1- Have an accepted offer
2- Sign the contract and deposit a 10% in escrow.
3- Have a fully executed contract, signed both by both parties; seller and buyer.
4- Have gotten the right appraisal to the property, appraisal can come low and the buyer might not be able to come up with the cash difference, then more negotiation on both parties may result.
5- Have a clear commitment letter stating that both you and the building met all conditions and have been approved by the bank you are getting the loan from.
6- Have a successful interview with the co-op board or in some cases the condo management.
Number 4 and 5 will only happen if your purchase is contingent on getting a mortgage.
All of these points can be checked and further verified with your real estate attorney.
Best of luck.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax