Hopefully you are working with a Realtor as you exclusive buyer representative. You should consult with your agent, your broker, and your attorney.
Generally, you could be at risk of the Seller canceling your purchase agreement, following the specific steps in your agreement. Unless otherwise specified in the agreement (usually not) after the Seller cancels, the Seller would be able to subsequently sell to someone else without regard to the new price.
Hope this is helpful!