An attorney I work with a good bit put it very well - he advised to think of being under contract as entering a room with 2 doors for exit - one the inspection contingency door and the other the mortgage contingency door. Exiting a deal through either of those two deals can happen. But trying to leave the room in other ways, like jumping out of a window, ie, just wanting out because of a change of heart, can be trickier. In the later case, the seller may argue for some of the deposit monies. After all, he has taken his home off the market and lost time and in a declining market, the passage of time generally is not kind.
Whatever the case, unwinding a contract is best handled by a real estate attorney - please talk with yours to get good advise on how to proceed.
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The worse case scenario is you may have to give up your earnest money.
I wish you good luck.
An offer that is accepted is not really an offer anymore but a contract that has been formed? If you do not wish to go through with the purchase, you need to be advised by an attorney, who can review the contract and let you know of available option for your specific situation. There is the possibility of contingencies as mentioned above, or perhaps there has not been a properly formed contract afterall. Please seek out an attorney with real estate experience if possible. You may be able to receive a referral from a local bar association.
If you find you need to get out of the contract, then you need to talk with your agent. They will know the specifics about your situation.