Appraisal / mortgage /sales contract

You could back out of the contract only if you had a financing contingency clause, otherwise you are subject to loss of the deposit.

You should ask your lawyer about this...he/she can advise you accordingly

http://www.urbandigs.com

No Finance Contingency Comeback?

"A: Say it ain't so! In a clear sign that the Manhattan real estate market is in full frenzy mode, I just experienced my first deal where the seller is requesting a removal of the 'finance contingency' that is part of the contract of sale. This type of tactic was very common in the months of JAN-APRIL of 2005 when bidding wars were everywhere and a good product was very difficult to find. While I won't go out and say that today's market is exactly like it was 2 years ago, it is active enough that one seller is risking a deal by asking for a No Finance Contingency contract."