Backing out of Purchase Agreements

Hi, I was having zero success with my offer letters a few months ago. I decided to raise my offer price and now my response rate has increased significantly. I am thinking my offer prices are now too high. Could I be open to legal risk if I back out of a purchase agreement that I initiated? Any advice on what to say? Thanks- David

@dtj0119 are you not using any sort of cancelation clause? Most people who flip/wholesale have one. I know Seth had his contract template available somewhere on the site.