Paul F. Esq.
If you have signed a contract, you could potentially get sued for specific performance.
You want to refer back to your contract.
It could be tough for them to force you to buy the house if you don't have the cash to do it yourself.
They may not want to tie the house up in litigation long enough to do it.
The question is do you want to take that chance.
Can you still get a loan in the future, if seller's are suing you or have judgements against you?
Is your realtor involved? What is their advice?
We also would be curious to know what happened for you to change your mind since you are fairly well along in the buying process.
As others have indicated, "walking away" does have definite drawbacks that could be costly. Since most contracts involve contingencies that include but are not limited to financing and inspections, it may be beneficial to explore these as avenues by which to legally exit your agreement.
As always, in matters involving contracts and possible legal issues, individuals would be well advised to consult an attorney.
You are making a big step by buying a home... It almost sounds like buyer's remorse, which is a very common thing. Kind of like the second thoughts you had right before you got married. Are you ready? Is it the right one? Do you really want to be tied down with this mortgage?
Take a couple of deep breaths. If nothing significant has changed since you decided you were ready to buy a home, then you are ready. You are just letting nerves and emotion cloud your good judgement. If something has changed, talk to your real estate agent about what your options are.
Best of luck to you,
B&B Realty Group - Keller Williams Elite Dallas Park Cities
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
email@example.com | http://www.AustinListed.com
Too many unanswered questions so your best bet is to seek the advice of counsel prior to making a decision to intentionally breach the contract.