This is a most uncomfortable situation for everyone involved. An important thing to consider at this point, is how you got to the place of making a bid, when now you are reconsidering that very offer. If you are still in the negotiating stages, and the seller hasn't signed an agreement, it will be a lot easier for everyone.
A couple of questions to ask yourself:
WHAT TO DO: If you felt pushed into making an offer, whether it's by your spouse, significant other, a friend, a child, the seller, the market, or heaven forbid- your agent, TELL YOUR AGENT NOW! If you are having second thoughts about this particular home for any reason, the time to voice your concern is NOW. If the seller has accepted your offer in writing, it is time to call your attorney as well as your agent- do that NOW and forget about the rest of this article.
Yes, as I mentioned, this is an uncomfortable situation, but the best thing to do for all parties is to get it out in the open as soon as possible. I rarely come across a buyer client who changes their mind after placing an offer, but that comes with years of experience on my part, and being able to tell whether someone is truly ready to make the next step after viewing a home that they like. Your agent should ask appropriate questions so that you never get into this situation. I know I do, and that's why this type of thing very rarely happens when you hire me as your agent.
I don't push anyone into making any decisions, and if I ever get the feeling that my client is pushed by anyone into a decision that they are not quite ready to make, then I will kindly and gently do my best to handle the situation so as not to put anyone in any kind of uncomfortable position. Need a trustworthy advisor? Contact me