Im sure you would need a good valid reason.
Consult your attorney with out wasting any other day.
I'm terribly sorry that you're going through this. I would consult a Real Estate Attorney for legal advice. What is your reason for wanting to back out of the contract?
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You probably need to get with a real estate attorney.
Some things I can think of, but no guarantee is:
1. Offer buyer some cash to release you.
2. No or limited negotiations on repairs.
3. No flexibility on closing date if buyer's lender can't close on time.
4. If you have a good case for not selling, plead with them. Tell them your story
maybe they'll have a heart.
Why do you want out now?
You need to speak to a Real Estate attorney for this one.
One thing that may help you though, is if the buyer or buyer's lender requests repairs refuse to do them. Sometimes that may be enough for the buyer to cancel the sale (in the case of the lender required repairs, if they are not completed the lender will not loan) and make sure that you disclose absolutey everything with the property.
The purchase contract is legally binding & typically doesn't include a rescission period for the seller's change of heart, only for non-performance by the buyer so make sure that you agent is on top of the deadlines for contingency removals & that the buyer closes on time (if they are going to be even a day late closing, you possibly could cancel for that reason).
But why the sellers' remorse?
Only your contract will tell you what rights you have. However, typically once an offer is signed by all parties, the seller is obligated to sell but the buyer is not obligated to purchase IF the buyer has a termination option. There are actually many ways for a buyer to terminate a contract, but unless you as the seller specifically added language to your contract, you may not have a way out.