Unfortunately, Real Estate in New York is practiced quite differently than in any other state and advice should be looked for within our state lines.

Until you are fully in contract in NY, anything goes. If I were the seller, however, and the buyer changed the deal, unless I was in desperate mode I would think twice about staying in a deal with an unpredictable buyer.

Simone,
It will depend of the details of the contract - I would recommend talking with your Agent ASAP or Attorney to find if any contingencies are in the contract such as: inspection, neighborhood review, septic inspection so you can terminate if you don’t want to move forward with the transaction. Also, ask your Agent to provide a market analysis of the neighborhood to review the solds and revisit how much more you offered. However, this research is usually provided before tendering an offer. Hope this helps.

If you already have a signed, mutually accepted offer I don't believe you would be able to arbitrarily "change" your offer to a reduced amount. However, once your building inspection is performed; depending on issues that arise from the inspection--you should be able to adjust the price you are willing to pay based on the condition -- ie: repair issues that come to light from the inspection. Also; if the appraisal does not support the agreed on price -- an option for the seller is to then reduce the price to the appraised value. Susann E. Hendrickson, Realtor, Windermere Real Estate, Lake Stevens, WA

If the contract is accepted and bound, and you feel like you are getting the house you want at the price you offered, I'd be thrilled if I were in your shoes.