Can a home buyer back out of a purchase contract?
The general answer is yes.
But the reality is about risking the earnest money deposit. Depends on your tolerance to risk. This is why contingencies are so important in the contract. And must be discussed and drafted properly with your Realtor to protect your rights but also to be acceptable to the seller so that both sides can live with the specific contingency.
A contingency does not serve you if it is unacceptable to the seller so that you cannot get into contract in the first place.
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