Can you withdraw an offer once it has been accepted

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What ways can you withdraw an offer once it has been accepted with minimum penalities? I am just curious if I got an offer accepted, and I later realized that for some reason I am no longer interested in the property, is there any way I can back out of the agreement? I'd appreciate any input thank you.

Short answer, yes. You can put contingencies on the offer around inspections, appraisals,  financing, etc. If you do not put contingencies in the initial offer, you may lose you earnest money deposit for backing out. Make sure to have an agent/attorney look over any offers before you submit them if you are unsure of the process. The best way to do it is to run the numbers and make sure you are interested prior to writing the offer.