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A practicing New York Realtor would be best suited to answer your question as they are more likely to be familiar with real-estate sales contracts for your state, provided a "standard form" contract for your state was used.
I assume it is similar to North Carolinas. If so, there is a financing and appraisal contingency on all Offer to Purchase standard form contracts. These basically state that if the house does not appraise for the asking price, the contract is cancellable by the buyer. If the buyer is unable to secure financing, again the contract is cancellable by the buyer.
However both of these may be subject to time limits and "Time is of the essence" provisions.
Well for starters if your getting a mortage, your bank won't lend you the money. Is your purchase and sales agreement contingent on approved financing. if you do get out of this deal, next time you should add in the contract, house must appraise for x as part of the contract.
Good Luck
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the house i am buying is 730k. it appraised much lower, i don't want it. can i get out of the deal?
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