Robyn:

The answer is yes...but it's a qualified yes. You may choose to not "perform" your contractual duties, but there may be significant financial penalties for doing so.

I encourage you to discuss all of your concerns with your real estate broker. Should you encounter any resistance there, contact a real estate attorney.

If you still have a contingincy left that the sale is contingent on you obtaing mortgage financing, you should look at that. you should also seek the advise of your buyers agent and if you do not have one, you can always get a free consultation with a real estate attorney. if you just back out, you could be held financialy responsible on top of losing your deposit. Good luck Robyn

Robyn,

Your question is best possed to the real estate agent representing you in the purchase of the home since there are far too many factors to consider when answering this sort of question. The operative question for you to answer is whether or not you have any additional contingencies to exercise. If you don't I would start by offering the seller of the house your earnest money as liquidated damages, but would also be prepared for them to yell and scream. I know that this is tough, but please consider the fact that you made this agreement and that you owe it yourself and your inegrity to do what you can to hold it together.

Cameron Piper