This allows you to back out if you cannot sell your current home within a specific timeframe. Potential Consequences
Read every clause to identify which contingencies are still active and what the penalties are for a breach. backing out of buying a home
The seller could sue you for damages or, in rare cases, "specific performance" to force the sale. This allows you to back out if you
Explain your concerns to your REALTOR® immediately. They can help draft a formal cancellation letter and advise on the safest exit strategy. in rare cases