How are you? The home buying process isn't always the easiest to navigate, especially if this is your 1st time making a major purchase of this type. A contract if different than an offer so if it is in fact an "offer" then you're not really 100% committed yet. Once you've signed a contract and received the countersigned copy back in your possession then your pretty much stuck like glue. Not sure what you're looking for but please feel free to check out a great 1bdrm coop that I have listed on my website below in Brooklyn for only $145,000. I wish you the best in your search for a new home & would be glad to assist if you'd like.
Licensed Real Estate Salesperson
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
I believe you refer to a "Binder," where along with your written offer, financial statement and credit report, you leave a very minor deposit and sign off indicating intent to move forward to a Contract signing. Yes, you can always recind your offer any time prior to an actual signing of a Contract of Sale.
Every situation had it's own merits and negotiation is part of any deal to whatever extent. Timing may be an issue of any resultant consequences. If you recind your offer in writing through your broker or Atty before you recieve the countersigned Binder, I would see no problem there. If the offer is accepted and the binder agreement is countersigned it is conceivable that your binder deposit may not be refunded. Still, the agreement would have language that you would have read before signing it in the first place. Hence, the importance of a buyers Broker and an Attorney for this and other aspects of purchasing real estate. Good luck.
Unlike other parts of the country, in New York, offers are not binding contracts. You are able to back out until you sign a contract of sale.
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I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
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De Vonte Williamson , LSA
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