Backing out of offer not inked yet
So my SO and I put in an offer on a house the other day that was accepted. We did negotiating on price and contingencies via email with their listing agent. No purchase agreement has yet been signed.
Anyway, a house we had been trying to see with no luck is now available to us for viewing tomorrow night. I feel it is in a slightly better neighborhood and is a bigger house at a lower price. It is a short-sale, though, so it does have that strike against it vs. the first house.
I am expecting to like the second house better and want to know what the ramifications would be of backing out of the offer on the first house?
Yes, we were stupid to have put the offer on in on house No.1 so quickly but got worried we would lose it if we didn't act fast, as has been the case with so many houses we've seen this summer.