If I make an counter-offer to seller and it's accepted, later on I change my mind, can I still back out?

What will be the potential losses to me?

To be exact, I should say I made a "Counter seller's counter-offer".

You could (and should) lose your deposit.
You could be sued for performance of the contract.
You could be sued for damages to the seller.

DISTINY is wrong: there is no "grace" or cooling off period in real estate. There are contingencies in a real estate contract, that are based on specific actions: financing, inspection, etc. But once the contract is ratified (agreed to in writing) by all parties, it becomes a binding agreement.

No u cannot. U have a contratual agreement there, whether it is is written or not.
Check for any clauses - eg: a return or refund clause.
Most contracts have a 7 day cooling of period.

Potential loses would be a loss in money

I'm sorry, a counter offer to the seller? Did you make an offer, the Seller went ahead and countered your offer, then you did another offer?

Any which way you look at it, if the seller accepted it, you're under contract. If you find another problem with the property and wish to cancel out of the contract at that point, it should be a valid cancellation of contract. Shady, but legal.

The main out you probably have is if the home appraises lower than what you're under contract for. If so, you can either cancel the contract or renegotiate the sales price. At least that's how it works here in Colorado.

Consult your Realtor and find out what to do. If you didn't make this offer with a Realtor, it may be time to consult and attorney to ask what your options are.

I am not a lawyer, just a real estate agent.

It is my understanding that if you sign and initial the whole contract and make a few changes and initial them and send it back---and the other principal involved in the transaction agrees and initials then it is a binding contract. You could get sued to force you to preform on the contract and for damages.

It it is not signed and initialed then I don't think it is binding.

A lot of people "counter" verbally. If they accept a verbal counter and you back out then you might be a crumby person and everyone might lose all trust in your word, but I don't think a verbal contract is binding. That is why no one does a deal on a handshake.

I'll save myself a lot of typing. Real Estate Guy covered it fully and succinctly in three simple lines. He's right on the target.

Once an offer or a counter-offer or a counter-counter-offer or a counter-counter-counter . . . . . etc., offer is accepted, it creates a valid and binding contract. You can't back out unless the other party agrees to let you.