Can I back out of a MI standing building agreement on a spec home that I felt pressured in buying 30K over market value? Is there a 24h time limit for MI contracts in real estate?

What is the terms written into the contract. And if it is over priced why did you agree?
Most sales people pressure.

Has it been signed by both parties ?

There is a federal 3 day right of rescission for real estate transactions. This may come under that.

Yes, signed by seller and buyer. Some upgrades added to home like finished basement. Wondering if there is a consideration period after signing of 24h to back out if necessary. Also, noticed that builder license number is lapsed on these documents. They say they are current licensed and insured builders. Or, does this make all documents invalid?

To respond to federal day right of rescission, this specifically does not cover purchase mortgages. However, this is a standard building agreement. Is this not a purchase agreement?

there is a federal day right of rescission for real estate transactions. This may come under that.

Wrong.

The federal 3 day right of rescission applies to mortgage loan refinances, home equity loans and home equity lines of credit.

To the OP:

There is a 3 day attorney review period for contracts for the sale of real estate if the contract was prepared by a licensed realtor or if the contract was signed in your home. If the 3 day review period applies to you then it will be clearly stated on the front page of the contract and again near the signature lines. If there is no review/cancellation period stated in the contract then there is no other review/cancellation period provided by law.