Backing out of an accepted offer without a contingency
Now this is where things can get tricky — and ugly. If you’re backing out of an offer without a contingency, you risk losing your earnest money. Since you put that money down based on the promise you’ll follow through with the contract, backing out for any reason that’s not outlined in the agreement means the seller is legally permitted to keep your money.
Not only do you risk losing your earnest money, but the seller could seek further legal action. You could be sued for what’s called “specific performance,” where the court forces the buyer to close on the home.
“It’s pretty rare that this happens,” says John Graff, CEO of Ashby and Graff Real Estate in Los Angeles. “You’re more likely to see the courts ordering a seller to close a sale, not the other way around.”
https://www.bankrate.com/real-estate/back-out-of-accepted-offer/
