You should have a Realtor represent you. Your Realtor will work in your best interest. In Texas, we have an "option period" that gives the buyer the unrestricted right to back out of the deal and get their earnest money back. If you are having to use the bank or mortgage company's contract form there still should be a place to document that you are wanting 10-15 days to inspect and back out should there be something wrong with the home that will cost you a lot of money (foundation, roof, etc.). On foreclosed properties, the banks will not repair anything, but they will usually negotiate price. One more note of caution....Be sure to get everything in writing. If it is not documented, you cannot prove someone agreed to it.