Yes, unless you have final initials/acceptance on the actual paperwork you may resend an offer. However, if you have provided the party with the final initials on your side of the transaction and they need to initial to complete the process and have done so then you become an executed contract then it gets a little more difficult to get out of the contract. Once you send the termination to cease negotiations notice to the other party you must be sure that they have not faxed or emailed the executed contract to you or your Realtor. Dates and times are crucial here. If you call the other party they can always say we have already signed off and zip it to you immediately before you send a retraction. Always, always communicate in writing. Also, even if you do have a final contract in the State of Texas, if you purchased an option period you may opt out within a certain period of time and not have to give a reason. Realize that you do not receive the Option Fee back from the Seller. However, that's why you purchased that option. I am not an attorney and do not practice law but these are some basic real estate premises. Be sure to consult your Realtor as they are specifically trained to protect you interests. Also, remember, if you opt out of a contract and you change your mind and decide you want this home after all, it will most likely be much harder to re-negotiate another contract with this Seller. Good luck to you in your home search.