I'm going to agree with Steve on this one. Your earnest money is a definite loss. Other costs could come up.
Depending on your reasons for 'backing out' you may have a valid reason to get out of the contract. I'm not sure if something came up with the inspection.. something else?
Without knowing more about the specific circumstances, it's a tough call.
If you need legal counsel, I can connect you with someone.
Let me know if there's anything I can do to help!
Certified Mortgage Planner
Four Legacies Mortgage
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